Web3 Fund Worth $100 Million Launched for Asia Growth by Bitget Exchange

Web3-centric initiatives have begun to gather pace in Asian nations, with countries like Hong Kong and Japan grabbing spotlights. Bitget, a Seychelles-based crypto exchange, has decided to enter the situation with a proposal to offer $100 million (roughly Rs. 819 crore). The company has initiated a self-funded pool of capital to help promising Web3 projects emerging from Asia. The next iteration of Internet as we know today, Web3 comprises of next-gen technologies like blockchain, cryptocurrencies, metaverse, and non-fungible tokens (NFTs). Unlike the centralised and censorship prone Web2, Web3 boasts more independency of content ownership as well as better transparency status.

“The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our ‘Go beyond derivative' strategy in 2023,” a Coindesk report quoted Gracy Chen, Managing Director of Bitget, as saying.

The amount of this Web3 funding could alter, depending on how many projects impress Bitget with their Web3 innovations and solutions.

Developers working in the sectors of blockchain gaming and metaverse design could emerge as beneficiaries of this Web3-focussed grant. Protocols around decentralised finance (DeFi) could also apply for funding from this grant after clearing their pitching rounds.

“We can see that Web3 space is evolving rapidly, and many projects deserve the support to further advance such development and make Web3 a truly global phenomenon, as Web2 had once become,” a CoinTelegraph report quoted Chen as saying.

The development comes after Japan, South Korea, and Hong Kong have shown a keen interest in exploring opportunities to grow their presence in the Web3 arena, which is still in its nascent stages.

Earlier this month, the Web3 team of the Japanese government recommended the creation of a sustainable tech ecosystem to incubate the up-and-coming fintech tools like crypto in an official whitepaper.

Paul Chen, Hong Kong's financial secretary, has also said that this is the ‘right time' to move ahead in Web3 development.

“The digital economy and the application of the third-generation Internet (Web3) have great development potential and have aroused positive responses from the society. This week alone, at least four large-scale seminars or carnivals related to Web3, digital economy, financial technology, etc. have been held in Hong Kong, and some of these events are expected to be attended by more than 10,000 people. In order for Web3 to steadily take the road of innovative development, we will adopt a strategy that emphasizes both ‘proper regulation' and ‘promoting development',” an official blog post by Chen said on Apil 9.

Other Asian countries like South Korea and India have managed to gain the attention of institutional investors.

In a recent report, Nasscom said that the Indian economy is expected to gain over a trillion dollars from the Web3 industry through the next decade.

Striking the iron when it's hot, established Web3 firms have come forward to participate in the shaping-up of the tech ecosystem.

Companies like Solana, Binance, and Animoca among others are pouring heavy funding in Web3.

Japan's ruling Liberal Democratic Party's Web3 project team has published a white paper laying out recommendations for boosting the crypto industry in the country, which is part of Prime Minister Fumio Kishida's strategy of promoting technology, a project called "Cool Japan."