BitGet Floats $100M Web3 Fund for Crypto Businesses

Derivatives crypto trading BitGet has launched a $100 million capital aimed at supporting Web3 projects. According to reports, the Web3 fund aims to seek Venture Capital and projects globally, but with a preference for Asian partners with innovative solutions.

More importantly, the fund aims to encourage a favorable perception of the digital currency market and accelerate the growth of the Web3 ecosystem. So far, Foresight Ventures, Dragonfly Capital, and DAO Maker amongst others have already inquired about possible collaborations based on the Web3 fund.

Interestingly, the establishment of the new fund aligns with BitGet’s “Go beyond derivative” plan, which witnessed the exchange purchasing multiple Web3 applications this year. Recently, the exchange acquired BitKeep, a Web3 access gateway to improving Web3 browsing for BitGet users. 

Subsequently, BitGet expanded its service offerings through direct integration with TradingView, a charting and trading platform. Through the TradingView integration, Bitget users can learn new trading techniques that have been verified by millions of active traders from the platform.

Gracy Chen,  BitGet’s Managing Director while commenting on the fund, stated that the promotion of financial innovation in Asia will help the exchange serve as a secure bridge between the DeFi and CeFi sectors.

Why the Asian Market is of Interest to Crypto Firms

There are a number of reasons why cryptocurrency companies are focusing on the Asian market. Firstly, a sizable and expanding market of crypto users and enthusiasts is found in Asia. Many people are interested in buying, selling, and trading crypto in nations including Japan, South Korea, China, and Singapore.

Notably, the government of Japan has been supportive of the crypto industry and is regarded as one of the most crypto-friendly countries. Therefore, many chances exist for crypto companies to grow their businesses in this big and expanding industry.

Secondly, Asia is renowned for its cutting-edge technology, and as a result, many crypto businesses are attracted to the continent to take use of the know-how and ability of its tech-savvy populace. For instance, South Korea is a pioneer in blockchain technology, and its businesses have led the way in creating novel applications for the technology.

Overall, the Asian market offers huge potential for crypto businesses because of its expanding user base, supportive policies, cutting-edge technology, and low transaction fees.