Bitget’s new fund will provide $100 million in seed investment to support new phases of Web3 projects.
Crypto exchange Bitget has launched a new fund to support next-generation Web3 projects. According to reports seen by Cointelegraph, $100 million will be invested in the fund as new capital.
Bitget says its goal is to fund Web3-compliant venture companies and projects on every continent. He brings all his efforts to Asian projects by experienced teams with a clear direction, working on existing challenges.
Potential partners in the initiative include Foresight Ventures, SevenX Ventures, and DAO Maker, as well as Dragonfly Capital, which recently invested $10 million in Bitget.
Bitget plans to expand products as it surpasses 80,000 copy merchants
Bitgate revealed that since its launch in 2018, it had attracted over 80,000 and 380,000 copy merchants. The exchange plans to add spot trading, launchpad, and Bitget Earn products in 2023. Bitget recently acquired BitKeep wallet, a Web3 go-to space for more than 9.55 million interested users, for $30 million.
Last year, the exchange launched a $200 million fund to protect user assets and restore investor confidence. Bitget has committed to providing the fund’s value for three years. Strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies were introduced last year.
The price of BTC rose
Bitcoin price briefly advanced to $28.5K in a thin market. Analysts are predicting that the price will continue to move, with a break above $29K paving the way to $35K, and a break below $27.5K could pave the way for a decline to $25.5K.
The latest Bitcoin mining difficulty survey showed a new record, up 2.24% to 47.89 tons. The average hash rate in the roughly two weeks since the last poll was a record 342.17 EH/s. A 25% improvement in speed since the beginning of the year indicates increased confidence in the network.
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