Bitget Launches IDR 1.4 Trillion Funds To Support Next Generation Web3 Projects

Bitget has just launched a new fund with a focus on funding future generations of Web3 projects. (photo: twitter @bitgetglobal)

JAKARTA - Crypto derivatives exchange Bitget has just launched a new fund with a focus on funding next-generation Web3 projects. According to a statement published by Cointelegraph, USD 100 million (IDR 1.4 trillion) will be invested in the fund as an initial investment.

Bitget says it will aim to finance venture companies and Web3-friendly projects around the world. Bitget will focus on Asian projects from an experienced team with a clear roadmap in solving real-world problems.

"We can see that the Web3 space is growing rapidly and many projects deserve support to advance the development and make Web3 a global phenomenon like Web2 was in the past. That's why the Bitget Web3 Fund will strive to find projects that have the most impact on the process this," said Gracy Chen, CEO of Bitget.

According to the exchange, potential partners in this initiative include venture capitalists such as Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker, as well as Dragonfly Capital—which recently announced a USD 10 million (IDR 100 billion) investment in Bitget to support its global expansion.

Bitget reveals that since its launch in 2018, it has attracted more than 80,000 merchants and 380,000 copy traders. The exchange plans to expand spot trading, product launches Bitget Earn and Bitget Launchpad in 2023. Bitget recently acquired the BitKeep wallet—a Web3 access gateway with over 9.5 million users—for USD 30 million (IDR 450 billion).

During last year's bear market, the exchange also launched a USD 200 million (IDR 2.8 billion) fund to protect user assets and restore investor confidence. Bitget promises to secure the value of the fund for three years.

Additionally, the exchange claims to have implemented strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies last year to keep bad actors off its services.