Last Updated on 2 weeks by Ameer Hamza
More cryptocurrency projects have begun operations in non-US territories, including the Middle East, Asia and Africa. Recently, Bitget, a Seychelles-based crypto exchange, has shown interest in the Asian Web3 cryptocurrency scene. The exchange’s $100 million investment in Venture Capital Firms will support Web3 projects in Asia.
Bitget’s Multi-million dollar fund
East Asian nations have been stepping up efforts to promote cryptocurrency in recent months, with Japan passing a white paper for Web3 development last week and Hong Kong appearing to relax its crypto regulations. In line with the “go beyond derivative” strategy, Bitget wants to evolve from a trading platform into a “reliable, convenient, and secure link” that joins the DeFi and CeFi worlds.
Gracy Chen, who is Bitget’s Managing Director, stressed the need for this project, stating that he says the Web3 space is rapidly evolving. Furthermore, many projects deserve the support to drive such development and ensure Web3 is a truly global phenomenon, just like Web2. Hence, this is why the Bitget Web3 Fund will aim to focus on projects that have the most influence on this strategy.
In addition, Bitget has shown its long commitment to supporting innovative projects around the development of the Web3 ecosystem centred on BUIDL. Chen added that the Bitget Web3 Fund would continue the exchange’s effort to promote cryptocurrency and Web3 following its ‘Go beyond derivative’ goal for 2023.
The Bitget Web3 Fund will focus on VCs and projects globally. Still, it will prioritize partners in Asia with a clear plan, a strong team, and innovative solutions to urgent problems. For instance, top VC firms, including Dragonfly Capital, SevenX Ventures, Foresight Ventures, DAO Maker, and ABCDE Capital, have expressed interest in collaborating with the Bitget Web3 Fund.
Asia’s Web3 Ecosystem
Bitget has assisted several initiatives aiming at accelerating the acceptance of cryptocurrencies globally. Asian governments have increased their speed on Web3-centric efforts, with hubs like Hong Kong and Japan taking center stage. However, the crypto exchange’s recent interest in the Asian Web3 space has brought more attention to the industry.
Web3 comprises cutting-edge technology like blockchain, cryptocurrencies, the metaverse, and non-fungible tokens (NFTs). It offers greater content ownership independence and greater transparency than the centralized and censorship-prone Web2. In July 2022, Bitget partnered with a leading consulting firm and Foresight Ventures to investigate the prospects for cryptocurrency expansion.
The results showed that genuine cryptocurrency growth was still to come. Furthermore, according to their projections, Latin America and the Asia-Pacific area have the most potential for the growth of the cryptocurrency industry.
Also, prominent cryptocurrency experts believe that Asia can lead the industry’s future growth. Jason Fang, the founder of Sora Ventures, spoke exclusively about Asia’s potential to be the primary driver of the upcoming cryptocurrency bull run.
He claims that Asia’s lenient restrictions make it simpler for companies to sign up customers. Additionally, different Asian countries have developed legislative frameworks and commercial models, giving Web3 enterprises even more flexibility and potential.
To participate in Brazil and Argentina’s central bank digital currency (CBDC) programs, Bitget teamed up with a Latin American fintech startup in February. Now, with the Bitget Web3 fund, it is expanding into the Asia Pacific region.