Bitget, a Seychelles-based cryptocurrency exchange, has established a new fund worth $100 million, aimed at supporting startups that operate in the Web3 space.
This move comes as East Asian nations work to build a regulatory framework for the development of Web3, with Japan having recently approved a whitepaper on the subject and Hong Kong appearing to be loosening its crypto regulations.
In a statement to CoinDesk, Gracy Chen, Bitget’s Managing Director, said that the launch of the Bitget Web3 Fund is a continuation of the exchange’s efforts to drive crypto and Web3 adoption.
A Bitget spokesperson confirmed that the fund is self-funded and that the exchange is in a financially strong position due to its growth and development. The fund’s launch follows Bitget’s investment of $30 million into the decentralized, multi-chain wallet BitKeep.
