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Established Web3 Fund
Crypto asset (virtual currency) exchange “Bitget” announced on the 10th that it has established a 13 billion yen ($100 million) investment fund “Bitget Web3 Fund”.
The fund will invest in Web3-related venture capital (VC) and projects. Geographically, the aim of the fund is to support the development of next-generation cryptocurrency projects, prioritizing Asia.
#Bitget Launches $100M #Web3 Fund to Support Next-Generation #Crypto Projects in Asia
— Bitget (@bitgetglobal) April 10, 2023
What is Web3
Also known as the “Next Generation Internet,” it refers to a decentralized network based on blockchain. Specifically, it includes NFTs (non-fungible tokens) and virtual currencies.
Cryptocurrency Glossary
The fund was launched during Blockchain Week in Hong Kong. Bitget says the fund has an initial investment of $100 million, which could increase in the future.
connection: ‘Great Opportunity’ Hong Kong Finance Minister Willing To Help Develop Web3
He explained that VCs and projects to be invested in should have a clear roadmap and consist of experienced teams. He requested that we provide innovative solutions that can solve real-world problems.
The company has announced that it has already received inquiries from multiple VCs, including Dragonfly Capital and DAO Maker.
Bitget Managing Director Gracy Chen commented on the fund as follows:
The Web3 space is evolving rapidly and there are many projects worth supporting. We set up a fund for that purpose.
From now on, we would like to support financial innovation in Asia, safely bridge DeFi (decentralized finance) and CeFi (centralized finance), and improve convenience.
connection: What is DeFi (decentralized finance) | A thorough explanation of the advantages and disadvantages that even beginners can understand
What is Bitget
Bitget is a cryptocurrency exchange founded in 2018. It is well known for offering derivative trading and “copy trading” services that allow you to trade the same as other traders with a proven track record.
Currently, Bitget is used by over 8 million users in over 100 countries and regions. The company has so far sponsored the prestigious Italian soccer club “Juventus FC” and entered into a partnership with one of the world’s top professional soccer players, Lionel Messi, and has also contributed to the spread of virtual currency. I have tried.
connection: Cryptocurrency derivatives exchange Bitget partners with global soccer player Lionel Messi
Meanwhile, the Financial Services Agency issued a warning to Japan last month for offering cryptocurrency trading services without registration.
connection: Warning to 4 overseas virtual currency exchanges such as Financial Services Agency and Bybit
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