Bitget starts a new $100M fund targeting Asian Web3 startups

• Crypto projects are seeking non-US jurisdictions
• There has been a surge in crypto-targeted crackdowns by authorities in the US.
• On the contrary, East Asian countries have been making strides to promote crypto in the last few months.

Seychelles-based crypto exchange Bitget has launched a new $100 million Asia-Focused Web3 Fund. The cryptocurrency exchange aims to take advantage of the recent strides by a majority of Asian countries to promote cryptocurrencies over the last months as opposed to the recent crypto crackdowns in the United States according to recent crypto news.

The exchange seems to follow in the footsteps of the Huobi cryptocurrency exchange, which IN February intends to expand into Hong Kong by seeking a license to operate in the country.

Hong Kong is seemingly easing its crypto regulations while Japan recently approved a whitepaper for Web3 development.

In a statement sent to media outlets, Gracy Chen, the Managing Director of Bitget, said:

“Despite the bear run, Bitget has always been supporting promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our ‘Go beyond derivative’ strategy in 2023.”

A self-funded fund

According to a spokesperson at Bitget, the newly unveiled fund will be self-funded. The spokesperson said:

“Bitget is debt-free with adequate cash flow, thanks to its steady development and fast-growing business.”

Bitget exchange seems to be on an investing spree since the launch of this fund comes days after the exchange made another $30 million investment into the decentralized multi-chain wallet BitKeep.