Bitget Unveils $100 Million Asia-Focused Web3 Fund

UTC by Steve Muchoki · 3 min read
Bitget Unveils $100 Million Asia-Focused Web3 Fund
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According to the company’s spokesperson, Bitget is debt-free and has adequate cash flow due to its steady development.

Bitget, one of the leading crypto derivatives exchanges, has announced the launch of a $100 million fund to help well-structured Web3 projects worldwide. However, Bitget will pay more attention to Web3 projects in Asia through the $100 million fund. Following the announcement, Bitget’s native token, BGB, edged 2 percent higher during the early Asian market session to trade around $0.466.

Notably, Bitget is involved in several venture capital firms including Foresight Ventures, ABCDE Capital, SevenX Ventures, DAO Maker, and Dragonfly Capital. Reportedly, Dragonfly Capital announced the support of Bitget’s Web3 fund with about $10 million. As a result, Bitget will help Web3 crypto projects with promising future growth prospects to obtain market recognition. Moreover, the prolonged bear market has severely affected even top crypto-ranked crypto companies due to low trading volume and non-performing loans.

“Despite the bear run, Bitget has always been supporting promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our ‘Go beyond derivative’ strategy in 2023,” Gracy Chen, managing director of Bitget, noted.

Bitget takes pride in global recognition with over 470 coins listed for trading. According to market data provided by Coingecko, Bitget reported a 24-hour trading volume of approximately $534,406,549. With over 8 million registered users, Bitget has announced that it is well-positioned to tackle future crypto volatility at ease. According to the company’s spokeswoman, Bitget’s Web3 fund is self-funded.

“Bitget is debt-free with adequate cash flow, thanks to its steady development and fast-growing business,” she said.

Bitget and the Market Outlook

Bitget is a Seychelles-based crypto derivatives exchange that has users spread all over the world. Following the adverse effect of last year’s crypto bear market, Bitget announced the launch of its protection fund. With the protection fund, Bitget users can apply for a refund if their trading account is hacked and assets are stolen without their consent. As of today, Bitget’s protection fund is currently valued at around $300 million. In particular, the protection fund consists of 6500 Bitcoins, 160 million USDT, and 40 million USDC.

Launched in 2018, Bitget has amassed over 80k professional traders from more than 100 countries. As a result, the company’s traders can copy trade from the professional traders and register high streaks of winning through products such as One-Click Copy Trading and Grid Trading.

The company launch of Web3 focused fund comes at a time when Bitcoin has rebounded to $30k for the first time since June last year. According to Bitget’s market data, Bitcoin exchanged around $30,135 during the early Asian market on Tuesday.

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