Bitget, the derivatives exchange provider, yesterday proclaimed the start of a $100 million venture capital fund aimed at web3. This fund will be global and will concentrate heavily in Asia.
“Go Beyond Derivatives” Strategy
In keeping with its “go beyond derivatives” strategy, Bitget has been intensely active recently, purchasing crypto wallet BitKeep in March after it devoted a further $30 million in the startup. On April 4, the crypto investment firm Dragonfly Capital made a $10 million strategic investment into Bitget.
Initial Expenditure and Strategic Partners
A spokesperson for Bitget revealed the $100 million is an “initial disbursement” and that the fund is predicted to expand in time. It is also “self-funded, exploiting Bitget’s solid fiscal status,” they answered in response to queries from The Block. They also affirmed that the $100 million has previously been assigned to the venture account.
Bitget is eager to cooperate with venture capital firms Dragonfly Capital, SevenX Ventures, DAO Maker, ABCDE Capital, and Foresight Ventures as likely associates. Its spokesperson stated these firms “will share their money related and scientific proficiency, and give advisory assistance.”