Quick take:
- Bitget has launched a $100 million Web3 fund to invest in the next generation of crypto projects.
- The fund has already received inquiries from VCs seeking to be partners.
- Bitget Web3 fund will back projects and VCs across the globe with a key focus on Asia.
Bitget on Monday announced the launch of its Web3 fund. The crypto exchange and market-making company also revealed an initial $100 million investment for the new fund as it seeks to accelerate the transition from web2 to web3.
Bitget offers a variety of crypto services through its community-based cryptocurrency and digital assets trading platform including crypto deposits, P2P trading, third-party payments, and copy trading.
According to Bitget Managing Director Gracy Chen, the Web3 fund will be used to accelerate the onboarding process by supporting venture capital firms and projects that seek to “make Web3 a truly global phenomenon, as Web2 had once become.”
“We are taking a fully conscious and responsible approach in this regard and know how important accountability is when dealing with any innovative project requiring investments. We strive to support financial innovation in Asia and believe that our platform can act as a reliable, convenient, and secure link between the worlds of DeFi and CeFi,” added Chen.
The company is moving beyond its Web3 strategy as it seeks to back the next generation of crypto projects. Although the fund will look to invest in Web3 VCs and projects globally, its main focus remains in Asia. The company wants to foster a positive attitude towards the digital currencies economy and support the development of the Web3 environment.
According to Chen, the Bitget Web3 Fund has already “outlined the criteria for project selection and will adhere to them strictly.”
Projects and VCs with a clear roadmap and an experienced team will be prioritised. Bitget is also looking at projects that offer innovative solutions to real-world problems.
The fund has already attracted interest from leading VCs including Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital for potential partnerships.
The new fund is being launched on the heels of Bitget’s $30 million investment in Bitkeep, which effectively made the derivatives trading platform the majority shareholder. Bitkeep has since rebranded to Bitget Wallet as a part of its post-acquisition restructuring.
In May last year, Bitkeep raised $15 million at a $100 million valuation. The company did not disclose the actual valuation at the time of Bitget’s investment last month.
The company said the integration of Bitkeep wallet into its ecosystem will boost stability and security as it handles multiple assets across several blockchains. At the time of Bitget’s investment, Bitkeep had more than 9.5 million users according to the press release on Monday.
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