Seychelles-based cryptocurrency exchange Bitget on Monday said it had launched a Web3 Fund with an initial investment of US$100 million to support the development of cryptocurrency projects. The announcement comes ahead of the Hong Kong Web3 Festival on April 12 to 15, focused on the namesake development of the next internet built around decentralized blockchain technology. 

See related article: Chinese state-owned company launches crypto funds in Hong Kong

Fast facts

  • The Bitget Web3 Fund will explore projects globally, but prioritize partners in Asia with a clear roadmap and an experienced team, especially those projects that offer solutions to real-world problems, according to its press release.
  • Bitget said it received inquiries from venture capital companies, including Foresight Ventures, Dragonfly Capital and DAO Maker, for potential partnerships. 
  • “We can see that Web3 space is evolving rapidly and many projects deserve the support to further advance such development and make Web3 a truly global phenomenon, as Web2 had once become,” said Bitget’s managing director Gracy Chen in the release.
  • Bitget, established in 2018, is the fifth largest cryptocurrency exchange in the world, according to CoinGecko. Unlike many other exchanges that announced layoffs during the slump in crypto prices last year, the exchange said in November that it will expand its workforce by 50% in the first quarter of 2023.
  • Hong Kong will introduce a licensing regime for crypto exchanges from June this year to clarify rules and regulations. Over 80 companies from overseas have expressed interest in establishing a Web3 company in Hong Kong, said Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, in March.

See related article: Hong Kong to mandate stablecoin licensing as early as this year