Bitget, a crypto exchange based in Seychelles, has launched a $100 million fund to target Web3 startups. This is as Asian countries create a framework for the development of Web3.

In the past few months, East Asian countries have made strides in crypto promotion. Hong Kong seems to be relaxing its crypto regulations. Japan approved a white paper last week for Web3 development.

“Despite the bear market, Bitget has always supported promising and innovative projects as well as the development of the Web3 ecosystem with a focus in BUIDL. Bitget Web3 Fund was launched as a continuation to our ongoing efforts to promote crypto adoption and Web3 development. This is in line with our “Go beyond derivative” strategy for 2023, Gracy Chen, Bitget’s managing director, stated to CoinDesk in an interview.

Bitget spokeswoman said the fund is self-funded. She stated that Bitget has a steady growth and a fast-growing company, which means it is debt-free and has adequate cash flow.

After Bitget invested $30,000,000 in BitKeep, a decentralized multi-chain wallet, the launch of this fund is possible.

Read more: Japan approves Web3 White Paper in order to promote industry growth

Edited and spelled out by Parikshit Moishra.