Seychelles-based crypto derivatives exchange Bitget has launched a USD 100 million fund to support future Web3 projects. The USD 100 million will be added to the fund as an initial investment, and the company plans to support Web3-friendly venture firms and projects around the world, particularly projects based in Asia that offer clear roadmaps as well as solutions to real-world issues.

Potential partners for the fund project include several venture capitalists such as Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker, as well as Dragonfly Capital. Dragonfly Capital has announced a USD 10 million investment into Bitget with the goal of supporting the exchange’s expansion around the globe. Bitget officials cited by cointelegraph.

com talked about the rapidly evolving nature of the Web3 space as well as the multitude of projects that require funding in order to support Web3 in its efforts to become a global phenomenon. They also revealed that the Bitget Web3 Fund will seek out projects that have the most potential to impact this growth process. According to Bitget, the company managed to attract more than 80,000 traders and 380,000 copy traders since its original 2018 launch.

The company has plans to expand spot trading, the Launchpad, and its Bitget Earn products in 2023. Bitget is the official crypto partner for Leo Messi, winner of a seven Ballon d'Or, and the sleeve sponsorship partner for Juventus, one of Italy’s most successful football (soccer) clubs. Bitget also launched the Bitget Protection Fund in 2022 In August 2022, Bitget launched a protection fund as a response to the volatility of the cryptocurrency market.

The Bitget Protection Fund houses 6,000 Bitcoin and 80 million Tether that were valued at around USD 200 million at the time of launch. Moreover, as the crypto winter showed no signs of letting off in the near future, the company pledged to secure the value of the fund for three years. The exchange opted to use a mix of stablecoin and BTC in the protection fund to counter the volatility of the crypto market.

Bitget also implemented strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies to disallow bad actors from using its services. The fund’s primary goal was to regain and keep investor confidence during a prolonged bear market. By launching this fund, Bitget joined a growing list of crypto companies, including Binance, that leaned on protection funds as a way to gain the trust of investors.

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