Bitget begins a brand new $100M fund focusing on Asian Web3 startups

• Crypto initiatives are in search of non-US jurisdictions
• There was a surge in crypto-targeted crackdowns by authorities within the US.
• Quite the opposite, East Asian international locations have been making strides to advertise crypto in the previous couple of months.

Seychelles-based crypto trade Bitget has launched a brand new $100 million Asia-Centered Web3 Fund. The cryptocurrency trade goals to benefit from the latest strides by a majority of Asian international locations to advertise cryptocurrencies during the last months versus the latest crypto crackdowns in the USA based on latest crypto information.

The trade appears to observe within the footsteps of the Huobi cryptocurrency trade, which IN February intends to increase into Hong Kong by in search of a license to function within the nation.

Hong Kong is seemingly easing its crypto laws whereas Japan lately accepted a whitepaper for Web3 improvement.

In an announcement despatched to media shops, Gracy Chen, the Managing Director of Bitget, stated:

“Regardless of the bear run, Bitget has all the time been supporting promising and revolutionary initiatives and the event of the Web3 surroundings with a deal with BUIDL. The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our ‘Transcend spinoff’ technique in 2023.”

A self-funded fund

In line with a spokesperson at Bitget, the newly unveiled fund will probably be self-funded. The spokesperson stated:

“Bitget is debt-free with ample money stream, because of its regular improvement and fast-growing enterprise.”

Bitget trade appears to be on an investing spree because the launch of this fund comes days after the trade made one other $30 million funding into the decentralized multi-chain pockets BitKeep.