Bitget, a crypto exchange based in Seychelles, has recently announced the launch of a self-funded pool of capital worth $100 million for Web3 projects in Asia. This new fund is expected to aid and support promising projects in the Web3 arena and is part of the company’s “Go beyond derivative” strategy for 2023.
Web3 comprises of next-generation technologies such as blockchain, cryptocurrencies, metaverse, and non-fungible tokens (NFTs). This platform is designed to offer more independence and transparency than Web2, making it an attractive option for developers and investors alike.
Developers working in the sectors of blockchain gaming, metaverse design, and decentralized finance (DeFi) protocols can apply for funding. The amount of funding may vary depending on how many Web3 projects impress Bitget with their innovations and solutions.
Several Asian countries such as Japan, South Korea, and Hong Kong are exploring opportunities to grow their presence in the Web3 arena. The Web3 team of the Japanese government recently recommended the creation of a sustainable tech ecosystem to incubate up-and-coming fintech tools like crypto in an official whitepaper. Hong Kong’s financial secretary, Paul Chan, has also expressed interest in advancing Web3 development.
According to Nasscom, the Indian economy is expected to gain over a trillion dollars from the Web3 industry through the next decade. This growth potential has attracted heavy funding from companies such as Solana, Binance, and Animoca.
Japan’s ruling Liberal Democratic Party’s Web3 project team has also published a white paper laying out recommendations for boosting the crypto industry in the country. This project, called “Cool Japan,” is part of Prime Minister Fumio Kishida’s strategy for promoting technology.
In conclusion, Bitget’s new self-funded pool of capital is expected to further advance Web3 development in Asia, providing much-needed support to promising projects in this field. As the Web3 industry continues to grow and gain more attention from investors and developers, we can expect to see more innovations and opportunities in this space in the coming years.
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