Bitget, a crypto derivatives exchange, has launched a $100 million Web3 fund to support the next generation of Web3 projects. The exchange will target funding Web3-friendly venture firms and projects worldwide, with a focus on Asian projects from experienced teams with clear roadmaps that are working on real-world problems.

The initiative seeks to seek out projects that have the most impact on the process of making Web3 a truly global phenomenon, as Web2 once became, according to Gracy Chen, managing director of Bitget. Potential partners in the initiative include venture capitalists such as Foresight Ventures, ABCDE Capital, SevenX Ventures, DAO Maker, and Dragonfly Capital.

Bitget plans to expand its spot trading, launchpad, and Bitget Earn products in 2023. The exchange also acquired BitKeep wallet, a Web3 access gateway with over 9.5 million users, for $30 million.