Bitget, a platform for crypto derivatives and copy trading, recently announced the opening of a $100 million Web3 fund million. During Hong Kong Blockchain Week, the Bitget Web3 Fund was officially announced to the public. The goal of the fund is to encourage an optimistic view of the digital currency economy and to aid in the progress of the Web3 ecosystem.
Bitget Web3 Fund will actively seek for venture capitalists and international enterprises. Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital are just some of the VC firms that have expressed interest in forming partnerships with the company so far. Bitget, however, says it will give preference to Asian partners who have a well-defined strategy, a strong team, and novel approaches to solving challenges in the real world.
The allure of the Asian market
Bitget’s decision to focus on Asia is understandable, given the recent progress East Asian governments have made in promoting cryptocurrency. The regulators in Hong Kong and Japan have led the way in Asia by introducing crypto-friendly policies.
Many companies dealing in digital currencies and assets have opened up shop in Hong Kong recently. In addition, several branches of Chinese state-owned banks have opened shop in the area, providing services to local crypto businesses. More than 80 enterprises from overseas and Mainland China have shown interest in Web3’s Hong Kong hub.
A document outlining plans for Web3 development has also recently been authorised in Japan. According to the whitepaper, the Japanese government should collaborate with the Japan Virtual Currency Exchange Association (JVCEA) to establish a self-regulatory agency to promote compliance and simplify the approval procedure for new tokens.
It also proposes looking into digital trading methods to boost liquidity and setting laws for trading security tokens. In addition, it has been reported that NTT Docomo, a leading Japanese mobile phone company, intends to invest some 600 billion yen, or about $4 billion USD, on Web3 infrastructure development. Bitget says it will back financial innovation in Asia and that its platform can bridge the gap between the DeFi and CeFi spaces in a secure, convenient, and trustworthy manner.