Bitget, the Seychelles-based derivatives exchange operator, has announced the launch of a new $100 million venture capital fund. The fund will be focused on supporting Web3 innovation globally, with a special focus on Asia.
According to Gracy Chen, the managing director of Bitget, the exchange is committed to supporting financial innovation in Asia, and the new venture fund will play a critical role in achieving this goal.
Chen also emphasized that Bitget’s platform will act as a reliable, convenient, and secure link between the worlds of decentralized finance (DeFi) and centralized finance (CeFi).
The exchange has already outlined the criteria for project selection, which will be strictly adhered to by the team of analysts responsible for managing the fund. The $100 million is an initial investment, and the fund is expected to grow over time, according to a Bitget spokesperson.
Bitget has been busy pursuing a “go beyond derivatives” strategy in recent months, which has included the acquisition of crypto wallet BitKeep in March, after investing an additional $30 million in the startup. The exchange also received a $10 million strategic investment from crypto investment firm Dragonfly Capital on April 4.
The spokesperson confirmed that the venture fund is self-funded, leveraging Bitget’s healthy financial status. They also stated that the $100 million has already been allocated to the venture fund.
Bitget is also planning to partner with venture capital firms such as Dragonfly Capital, SevenX Ventures, DAO Maker, ABCDE Capital, and Foresight Ventures, who will provide advisory support and share their financial and technological expertise.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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