The Seychelles-based crypto exchange Bitget has announced the ‘Bitget Web3 Fund’ — a $100 million fund to support the development of Web3 startups and projects focused in Asia.
Bitget will use the fund to invest in Web3-friendly Venture Capital (VC) and top Web3 projects as it aims to support the next generation of Web3 startups and crypto projects. Although the fund will seek VCs, startups, and projects globally, it prioritizes Asian partners with experienced teams, detailed roadmaps, and projects that solve real-world problems.
VCs that have already expressed interest for partnerships include Dragonfly Capital, DAO Maker, SevenX Ventures, Foresight Ventures, and ABCDE Capital. The move comes as more Web3 and crypto projects look for non-U.S. jurisdictions to do business amid crackdowns in the space from the SEC.
According to Gracy Chen, the managing director of Bitget, despite the bear market, the space is evolving quickly and “many projects deserve support.” Bitget can be a “reliable, convenient, and secure link between the worlds of DeFI and CeFI.” She added that Bitget’s analysts have a clear set of criteria for selecting projects.
Bitget also said the fund is self-funded, and that the company is “debt-free with adequate cash flow.”
The move is a continuation of Bitget’s ‘Go beyond derivatives’ marketing strategy that aims to advance crypto adoption around the world. The exchange was founded in 2018 and serves over 8 million users in over 100 countries and regions. It has acquired several Web3 apps recently, including the $30 million acquisition of Bitkeep wallet, a Web3 access gateway with nearly 10 million users.
Web3 Funds Roll In Despite the Bear Market
Bitget’s $100 million Web3 fund is exciting news, especially for Web3 startups and projects in Asia. But Bitget isn’t the only platform that’s been raising large amounts of capital to fund the next iteration of the internet. At Rarity Sniper, we’ve covered several stories about large investments in Web3 recently. Here are some of the top headlines.
First, two months ago, Hub71, the global technology ecosystem of Abu Dhabi, launched a $2 billion fund for Web3 startups called “Hub72+ Digital Assets.” Some of the fund’s investors include Binance Labs, Ton Foundation, and Venom Foundation.
Next, around the same time, Prisms VR, a virtual learning platform dedicated to improving students proficiency in math, raised $12.5 million in a Series A funding round led by a16z. The funds will be used to improve math literacy with VR headsets and to increase Prisms’ reach throughout the U.S.
Finally, on January 19th, Neopets, a classic video game that first debuted in 1999, raised $4 million in a funding round led by Polygon Ventures. Neopets will use the funds to create a play-to-earn (P2E) game based off NFTs and blockchain technology.
Though many Web3 supporters are still feeling the chill of last year’s crypto winter, 2023 has shown that plenty of investors are still willing to put their money where their mouth is. We’ll have to be patient to see what sort of Web3 projects are founded through the Bitget Web3 Fund. At Rarity Sniper, we’ll keep an eye out for any developments in the story.