Bitget, one of the big shots in derivative exchanges launched $100m to fund the next generation of crypto projects. According to Bidget, this is an initial payment for the start-up of this project.
Asia will be the first to benefit from this investment as Bidget is looking to fund web3-friendly project-invested firms with experienced technical teams.
These Web3 projects are believed to solve real-world problems.
According to Gracy Chen, the managing director of Bidget,
“We can see that the Web3 domain is developing quickly, and many projects need funding to continue this development and turn Web3 into a really worldwide phenomenon, much like Web2 had once done. The Bitget Web3 Fund will therefore make an effort to find projects that have the greatest influence on this procedure.”
In other news, the exchange claims that the venture capital firms Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker, as well as Dragonfly Capital, which just announced a $10 million investment in Bitget to support its ongoing worldwide expansion, are among the prospective partners in the endeavour.
According to Bitget, it has attracted over 80,000 traders and 380,000 copy traders since its 2018 inception. In 2023, the exchange intends to increase spot trading, the launchpad, and Bitget Earn offerings. For $30 million, Bitget just purchased the BitKeep wallet, a Web3 access gateway with over 9.5 million users.
The exchange also launched a $200 million fund during the bear market of last year to protect user assets and win back investor trust. Bitget promised to preserve the value of the fund for three years. Additionally, the exchange asserts that in order to prevent unscrupulous actors from using its services, strong Know Your Customer (KYC) and Anti-Money Laundering (AML) rules were put in place last year.
Bigdet is not the only company making moves on the next generation of cryptocurrency projects. Last month, China disclosed a goal to upgrade blockchain by 2025.
The details are from a draft of the ministry’s rules that was made available online, along with a request for public feedback on blockchain development from all areas of life.
The People’s Republic of China’s 5-year National Economic and Social Development and Vision 2035 plan, and set a 2025 target for several technological advancements, is consistent with this progression.
These advances include blockchain, which is cited as a goal to become stronger, and the integrity of such sectors as communication systems, core electronic components, and vital software will be strengthened in the digital industries.
This new development is an indication of a new generation in the crypto industry. While this development might be slow, these investments in years to come are likely to solve a larger audience, and a user-friendly ecosystem as well as bring along with it reliable security as they unfold.
If you are a newbie or an investor in the industry, it is best to keep abreast of happenings in the industry. So keep your eyes sharp as we shun out news on development from the editors’ table.
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