Bitget to Strategically Infuse $10 Million into Promising Indian Crypto Startups

This strategic investment, as per the company announcement, is aimed at identifying valuable initiatives and helping them survive the volatile market conditions.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 9 November 2023 14:39 IST

Bitget to Strategically Infuse $10 Million into Promising Indian Crypto Startups

Photo Credit: Pixabay/ WorldSpectrum

Bitget is based in Seychelles and has been showing a keen interest in Asian Web3 market

Highlights

Bitget was founded in 2018
Bitget is looking to establish itself as an incubator of Web3 projects
The firm is also exploring Web3 markets in Japan and South Korea

The Indian crypto ecosystem, that has been acclaimed for showing the fastest grassroot level crypto adoption in the world, is garnering the attention of prominent international industry players. Bitget crypto trading platform, for instance, has shown an inclination in funding promising crypto startups emerging from India. The latest edition of Chainalysis' Global Crypto Adoption Index showed that India ranked first out of 154 nations to show deepest and most rapid crypto penetration into its existing financial systems.

Bitget, to provide financial assistance to early-stage Indian crypto firms, has decided to infuse $10 million (roughly Rs. 83 crore) over the term of the next five years. This strategic investment, as per the company announcement, is aimed at identifying valuable initiatives and helping them survive the volatile market conditions. This funding decision comes under the trading platform's ‘Blockchain4Youth' project.

“India's resilience and relentless progression in the realm of blockchain and cryptocurrency position it as a premier investment destination in Asia,” said Gracy Chen, Managing Director at Bitget commenting on the development.

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As part of its startup pitch program, Bitget has laid out a set of eligibility criteria. Applying crypto projects must be based in India and display a working minimal-viable product that could be of a real use-case value. In addition, all of the applying projects must show that they are deploying multiple layers of security measures and that they are ready for regular auditing.

Developers working on DeFi, GameFi, Metaverse, NFT, and blockchain-AI solutions can also pitch to Bitget for their funding requirements.

This, however, is not the first time that the Seychelles-based exchange has shown a keen interest in investment into Asia's budding crypto partner. Back in April this month, Bitget initiated a self-funded pool of $100 million (roughly Rs. 819 crore) to help promising Web3 projects emerging from Asia.

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Along with India, the company is exploring the emerging Web3 markets in other Asian countries like South Korea, Hong Kong, and Japan among others.

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Further reading: Cryptocurrency, Bitget, Crypto Exchange, Crypto Funding, Crypto Startup

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More