During the Hong Kong Blockchain Week, Bitget, a crypto derivative and copy trading platform, unveiled its Bitget Web3 Fund with an initial investment of $100 million. The fund aims to invest in Web3-friendly venture capital firms and Web3 projects to support the growth of the new crypto initiatives.

Bitget Launches Web3 Fund

The Bitget Web3 Fund is a part of the company's 2023 ‘Go Beyond Derivative’ strategy, which focuses on fostering a positive outlook on the digital currency economy and promoting the development of the Web3 ecosystem.

Although the fund will consider venture capital firms and projects worldwide, it will prioritize Asian partners with a clear roadmap, an experienced team, and innovative solutions to real-world challenges.

Bitget has already received inquiries from notable venture capital firms, such as Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital for potential collaborations.

Gracy Chen, the Managing Director of Bitget, commented on the launch, stating that the Bitget Web3 Fund would strive to identify projects that significantly impact the Web3 space's ongoing evolution.

“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. Our team of analysts has already outlined the criteria for project selection and will adhere to them strictly,” Chen added.

Bitget’s Managing Director also emphasized the importance of accountability when dealing with innovative projects requiring investments.

Bitget Focuses on Expanding Cryptocurrency Adoption

In recent months, Bitget has supported numerous initiatives to foster crypto adoption. As part of its 'Go Beyond Derivatives' strategy, the company has acquired several Web3 applications, pledged support as a sleeve sponsor to Juventus, and acted as a general sponsor for the Juventus Women's Team during the 2022-2023 season.

Recently, Bitget acquired the BitKeep wallet, a Web3 access gateway with almost ten million users, to further improve the Web3 browsing experience for its users. In December, the company presented a new DeFi feature called MegaSwap, allowing investors to swap or trade digital assets for more than 10,000 crypto assets in the decentralized finance space.

However, Bitget's recent activities have not been without controversy. Japan's Financial Services Agency (FSA) issued a warning concerning four international cryptocurrency exchanges allegedly conducting business in the country without proper local registration. The exchanges in question include Bybit, BitForex, MEXC Global, and Bitget.