As per reports, Bitget, a crypto derivative exchange, has launched a fund supporting the future generation of Web 3.0 projects, stated Cointelegraph. Sources revealed the initial amount invested in this fund is about $100 million.
“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. That is why the Bitget Web3 Fund will strive to seek out projects that have the most impact on this process,” Gracy Chen, managing director, Bitget, added further.
As reported by Cointelegraph, several platforms will collaborate with this new project such as Foresight Ventures, ABCDE Capital, SevenX Ventures, DAO Maker and Dragonfly Capital. It is believed that Dragonfly Capital will be investing around $10 million in Bitget’s plan of global expansion.
Experts believe that Bitget might expand its launchpad, spot trading and the Bitget Earn products by 2023. Furthermore, Bitget has just bought the BitKeep wallet, a Web3.0 gateway, for $30 million, Cointelegraph concluded.
(With insights from Cointelegraph)