- Crypto projects seek jurisdictions outside the US
- There has been an increase in crypto-targeted crackdowns by authorities in the United States.
- On the contrary, East Asian countries have made strides in promoting crypto in recent months.
Seychelles-based crypto exchange Bitget has launched a new $100 million Asia-focused Web3 fund. The cryptocurrency exchange aims to benefit from the recent progress of a majority of Asian countries to promote cryptocurrencies in recent months, in contrast to recent crypto crackdowns in the US according to recent crypto news.
The exchange appears to be following in the footsteps of cryptocurrency exchange Huobi, which in February intends to expand into Hong Kong by applying for a license to operate in the country.
Hong Kong appears to be easing its crypto regulations while Japan recently approved a white paper for Web3 development.
In a statement sent to the media, Gracy Chen, CEO of Bitget, said:
“Despite the bear run, Bitget has always supported promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of the Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our “Go beyond derivatives “-strategy 2023.”
A self-financed fund
According to a Bitget spokesperson, the newly unveiled fund will be self-funded. The spokesman said:
“Bitget is debt-free with adequate cash flow, thanks to its steady development and fast-growing business.”
The Bitget exchange appears to be on an investment spree as the launch of this fund comes days after the exchange made another $30 million investment in the decentralized multi-chain wallet BitKeep.