Bitget Crypto Exchange Disburses IDR 1.49 Trillion To Support Web3 Projects In Asia

JAKARTA - Bitget, a derivative crypto exchange, launched new funds focused on supporting next-generation Web3 projects. According to a Cointelegraph report, $ 100 million (equivalent to Rp1.49 trillion) will be invested as an initial investment in the fund.

Bitget said it would target funding for venture companies and Web3-friendly projects around the world, focusing on Asian projects from experienced teams with clear roadmaps working on real-world issues.

We can see that Web3 space is growing rapidly and many projects deserve support for further advancing the development and making Web3 a truly global phenomenon, as has happened with Web2. That's why Web3 Fund Bitget will seek to find projects that have the greatest impact on this process," said Gracy Chen, as Bitget's managing director.

Bitget revealed potential partners in the initiative included several venture capitals such as Foresight Ventures, ABCDE Capital, SevenX Ventures and DAO Maker, as well as Dragonfly Capital which recently announced an investment of 10 million US dollars (Rp149 billion) to Bitget to support its continued global expansion.

Since its launch in 2018, Bitget has attracted more than 80,000 traders and out of 380,000 trading. The exchange plans to expand spot trading products, launches of Bitget Earn products, and launchpads by 2023. Bitgets recently acquired the BitKeep wallet, Web3 access gateway with more than 9.5 million users, for 30 million US dollars (IDR 447 billion).

During the bear market last year, Bitget also launched a $200 million fund to protect user assets and restore investor confidence. Bitget promised to guarantee the value of the funds for three years.

In addition, the exchange claims to have implemented a strict policy of Know Your Customer (KYC) and Anti-Money Laundering (AML) since last year. This is intended to prevent bad actors from entering and leaving their services.

Through this new initiative, Bitget demonstrates its commitment to developing and supporting promising Web3 projects. In an era where the use of blockchain and crypto technology is growing, support like this can pave the way for projects to expand reach and get the funding needed to achieve success.