This strategic investment, as per the company announcement, is aimed at identifying valuable initiatives and helping them survive the volatile market conditions.
Bitget is based in Seychelles and has been showing a keen interest in Asian Web3 market
Photo Credit: Pixabay/ WorldSpectrum
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.
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.
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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