As part of its efforts toward becoming a force to reckon with in the Hong Kong virtual assets market, Bitget has launched a Web3 fund in the region. As revealed, the prominent cryptocurrency exchange launched the fund with an initial investment of $100 million during Hong Kong Blockchain Week.
With the fund, Bitget will invest in Web3-friendly venture capital and project. The crypto exchange is attempting to aid the growth and development of the new generation of virtual asset projects. More so, the latest effort of Bitget is part of its ‘Go beyond derivative’ which surfaced early this year. Under its ‘Go beyond derivative’ the cryptocurrency exchange acquired some Web3 solutions. Also, the initiative saw Bitget emerge as a sponsor of Italian Domestic Football League giant, Juventus FC.
The initiative is targeted to enhance a positive atmosphere in the virtual assets sector and as well aid the development of the Web3 space. Thus, establishing Bitget as a strong advocate for the mass adoption of cryptocurrency.
Accordingly, Bitget gave insights into some criteria that will aid it in picking beneficiaries of the fund. The firm will investigate VCs and projects across the globe, however, those in Asia are the most preferred. Also, the crypto exchange will consider the clarity of each project’s roadmap, the team’s experience, and the kind of innovative solutions they are offering to real-world issues.
Meanwhile, notable VCs are already making inquiries on how to become beneficiaries of the Bitget Web3 funds. As revealed, VCs like Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capitals have shown interest in the initiative.
Reaction to the development and sidenote about Bitget
Meanwhile, Gracy Chen, the Managing Director of Bitget has reacted to the development. The executive explained that the Web3 space is growing rapidly and it is on the course of becoming a global phenomenon. Chen said the firm will strive to see most of its supported projects contribute to the growth of the industry.
Additionally, the managing director emphasized the role of accountability when investing in innovative projects. Chen said Biget is taking a conscious and responsible approach regarding its support for the industry. Lastly, the executive indicated that the firm will abide by its stipulated criteria in deciding the beneficiaries of the fund.
Recall that on February 20, 2023, Bitget through its managing director revealed plans of venturing into the Hong Kong crypto market. In preparation, the exchange hired legal practitioners to aid its compliance efforts in Hong Kong. With the launching of the Web3 fund, indeed, Bitget is committed to its pursuit in the Hong Kong virtual assets market.