New Web3 fund for crypto projects in Asia

Bitget’s new fund will provide $100 million in seed investment to support the new stages 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 the new capital.

Bitget says its goal is to fund Web3-friendly venture firms and projects on every continent. It brings all its efforts to Asian projects from experienced teams with a clear direction, working on existing challenges.

Potential partners of 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 traders

Bitgate revealed that since its launch in 2018, it had attracted more than 80,000 and 380,000 copy traders. The exchange plans to add spot trading, launchpad, and Bitget Earn products in 2023. Bitget recently acquired the BitKeep wallet — a Web3 access space for more than 9.55 million interested users — for $30 million.

Last year, the exchange launched a $200 million fund to protect users’ assets and regain investor confidence. Bitget has pledged to provide the value of the fund over three years. Strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies were introduced last year.

BTC price rose

The Bitcoin price briefly advanced to $28.5K in a thin market. Analysts predict that the price will continue to move, with a break above $29K opening the way to $35K, and a break below $27.5K could pave the way for a decrease 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 survey was a record high of 342.17 EH/s. A 25% improvement in speed since the beginning of the year indicates increased confidence in the network.