Bitget, a Singapore-based crypto exchange, recently announced the launch of its Web3 funding at the time of Hong-kong Blockchain Week. The major aim behind launching Web3-focused funding is to support budding Web3 and crypto-focused startups.
The crypto exchange initially announced allocating $100 million for Web3-friendly venture capital firms and supporting next-generation crypto projects. According to Bitget the crypto exchange received dozens of inquiries from leading investment firms such as Dragonfly Capital, ABCDE Capital, and Foresight Capital.
The most recent event concerned a strategic raise of $10 million that Dragonfly Capitals led. Gracy Chen, the Managing Director of Bitget, said at Hong Kong Blockchain Week, “ We all can see that the Web3 industry is developing constantly and several products are trying to contribute to the advancement of Web3, but due to lack of funds developing companies are lacking behind.” He further added, “the funding initiative of Bitget will help the developing companies so that Web3 can become popular as Web2 was.”
Bitget announced football superstar– Lionel Messi as its brand ambassador, and the strategy behind the announcement aims at promoting cryptocurrency adoption in the sports industry. As of April 10, Bitget claims to function in 40+ regions globally and is planning to establish operations in Indonesia, Vietnam and the Philippines.
According to CoinMarketCap, Bitget is ranked as the 14th best crypto exchange in the context of the trading volume. The 24-hour spot trading volume of Bitget is $437,420,050.20.
On April 04, TheCoinRepublic reported that Japanese financial authorities had issued a warning letter against four crypto exchanges for not functioning according to the rules and regulations of the country.
Bitget, Bybit, BitForex and MEXC Global were the crypto exchanges that received warning letters. However, the country is working on structuring a new and favorable set of rules and regulations for crypto and Web3.
On January 31, Kraken, a U.S.-based centralized crypto exchange, was delisted from the Japanese market. Post this– Coinbase halted all its operations in Japan in light of the action. According to a Coinbase Executive, the reason behind seizing operations in Japan is the uneven and imbalanced market conditions.
Kraken is currently operating in 60+ countries. By the first quarter of 2022, the crypto exchange secured a trading license in the UAE.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/04/10/crypto-exchange-bitget-allocates-100-million-web3-fund-for-asia/