Foresight

Ethereum

Pacific

DappRadar

Meta

<p>Bitget, the cryptocurrency platform, has recently announced its new $100M Web3 Fund to support Asian startups in the crypto and blockchain space. This move is significant for several reasons, including the increasing importance of Asia in the cryptocurrency industry, the potential for further development of Web3 technologies, and the opportunities this fund provides for emerging startups in the region.</p>



<p>This post goes into the details of Bitget&#8217;s decision to launch this fund, what it means for the future of Web 3 startups in Asia, and how grants in Web 3 work.</p>



<h2 id="what-is-bitget">What is Bitget?</h2>



<p>Bitget is a cryptocurrency exchange platform that is built with the latest cutting-edge blockchain technology. The platform offers a wide range of features, such as competitive trading fees, various investment tools, market analysis, price alerts, and fast and secure withdrawals.<br><br>Bitget has a mission to lower entry barriers to crypto markets. Hence, their product design and social philosophy cater to users from 100+ countries and regions, with an 8 million strong user base developed in less than five years.<br><br>Its innovative flagship product, Bitget One-Click Copy Trade, is the industry&#8217;s first-ever copy trading tool that enables aspiring traders to access expert tips and strategies, thus reducing the learning curve. Seasoned players can share in their copiers&#8217; revenue, which motivates them to continue upping their game, creating a win-win situation for all.</p>



<h2 id="bitget-8217-s-100m-web3-fund-for-asian-startups">Bitget&#8217;s $100M Web3 Fund for Asian Startups</h2>



<p>Bitget has recently launched a bold initiative to fund innovative blockchain and Web 3 projects in Asia. The Bitget Web3 Fund has a whopping $100 million in initial investment, aiming to connect industry stakeholders across sectors for true widespread adoption of Web3 technologies.</p>



<p>Bitget has been a major player in the crypto derivatives industry and has previously made headlines with its innovative $200 million Bitget Protection Fund in August 2022. The fund&#8217;s value was increased to $300 million in November of last year. Similarly, after the collapse of FTX, another Bitget Builders Fund worth $5 million was established. While these two funds were mostly user-focused, the newly launched Bitget Web3 Fund is dedicated entirely to funding blockchain and Web3 projects in Asia.</p>



<p>The platform has already initiated discussions with several prominent venture capitalists, including Dragonfly Capital, Foresight Ventures, ABCDE Capital, DAO Maker, and SevenX Ventures, for potential partnerships. The Bitget Web3 Fund seeks to collaborate with inspirational founders, as well as fund managers with profound knowledge of the local startup landscape, combined with an eye for excellence.</p>



<p>Bitget is uniquely positioned to champion Web3 technologies. Their flagship product, Bitget One-Click Copy Trade, is the industry&#8217;s first-ever copy trading tool, helping aspiring traders shorten learning curves by laying bare expert tips and strategies. Beyond being a centralized exchange platform, Bitget has also served as a bridge between centralized and decentralized platforms, supporting crypto startups through fundraising on its Bitget Launchpad and listing on its Bitget Innovation Zone.</p>



<p>Given the Asia-Pacific region&#8217;s leading position in crypto regulations, the Bitget Web3 Fund aims to prioritize Asia-based VCs and projects.&nbsp;</p>



<p>With the launch of the Bitget Web3 Fund, Bitget has further cemented its position as a vital player in the Web3 ecosystem, poised to unlock innovation and drive the adoption of emerging technologies.</p>



<h2 id="why-is-bitget-launching-a-100m-fund-for-asian-startups-br-bitget-s-web3-fund-aims-to-foster-widespread-adoption-of-web3-technologies-by-connecting-contributors-across-sectors-the-goal-is-to-work-with-inspirational-founders-and-fund-managers-with-profound-knowledge-of-the-blockchain-startup-landscape-and-an-eye-for-excellence">Why is Bitget launching a $100M Fund for Asian Startups?<br>Bitget’s Web3 Fund aims to foster widespread adoption of Web3 technologies by connecting contributors across sectors. The goal is to work with inspirational founders and fund managers with profound knowledge of the blockchain startup landscape, and an eye for excellence.&nbsp;</h2>



<h2 id="given-asian-countries-8217-leading-position-in-crypto-regulations-particularly-hong-kong-and-singapore-the-bitget-web3-fund-will-prioritize-asia-based-vcs-and-projects">Given Asian countries&#8217; leading position in crypto regulations, particularly Hong Kong and Singapore, the Bitget Web3 Fund will prioritize Asia-based VCs and projects.&nbsp;</h2>



<h3 id="asia-is-dominating-web-3-gaming-and-metaverse">Asia is dominating Web 3 gaming and Metaverse</h3>



<p>A <a href="https://dappradar.com/blog/asia-has-potential-to-dominate-web3-gaming-market" rel="nofollow noopener" target="_blank">recent study</a> by DappRadar, conducted in partnership with Japanese crypto company Pacific Meta, suggests that most of the Web3 gaming market will be made up of gamers based in Asia.</p>



<p>More than half of the world&#8217;s annual gaming revenue, which is $72 billion, comes from Asia. This region also accounts for 55% of the global gaming population. This is surprising, particularly considering that some countries in the region have already imposed restrictions on gaming. For instance, under-18 gamers in China can only play for one hour daily.</p>



<p>Although there are legal limitations, DappRadar believes that crypto games are becoming increasingly popular. DappRadar also determined that the role-playing game category is highly favored in the Asian market. Some popular titles in this category include Final Fantasy, Phantasy Star Online, and Genshin Impact.</p>



<p>Pacific Meta conducted a survey on Web3 gaming and polled more than 1,000 adults in Japan. The survey found that 40% of the respondents were aware of blockchain games. Of those who had knowledge about such games, approximately 57% expressed interest in Web3 games, while roughly 10% found them uninteresting.</p>



<p>Around 33% of the respondents answered &#8220;neither,&#8221; which may indicate that they are uncertain about Web3 games or have not yet developed an opinion on them.</p>



<p>Out of 1,030 surveyed individuals, 773 responded that they prefer blockchain games that are free-to-play with no initial cost and consider this feature important. 538 respondents expressed interest in mobile phone compatibility for the game. Other factors such as player earnings, game quality, console, and intellectual property recognition were less important to the respondents.</p>



<h3 id="blockchain-gaming-and-metaverse-run-parallel-with-crypto-and-defi">Blockchain Gaming and Metaverse run parallel with Crypto and DeFi</h3>



<p>The development of the metaverse is keeping pace with various technologies that could potentially benefit platform holders and users through interoperability and creator economies.&nbsp;</p>



<p>A good example of this is non-fungible tokens (NFTs), which could be used to confirm ownership of metaverse items and avatars, and these assets could be traded on cryptocurrency exchanges.&nbsp;</p>



<p>Hence, Blockchain, NFTs, and crypto have supportive roles in the emerging metaverse economy. This means that the future of Web 3 startups in Asia can be bright.</p>



<h2 id="how-does-web-3-funding-work">How Does Web 3 Funding Work?</h2>



<p>When companies want to grow, fundraising is important. Startups need funds to make progress quickly and follow their plans. However, finding investors is difficult because they have to spend time and resources without being sure they will get enough money in return.</p>



<p>However, the structure of Web3 introduces new funding techniques that startups can leverage to scale quickly. While these new funding methods are highly beneficial, start-ups may eventually have to integrate them with some traditional funding processes to get better results.</p>



<p>Web3 funding methods allow startups to receive large-size funding without having built a product. With a whitepaper and a small community, a project can attract millions through a tokenized crowdfunding campaign. Investors are placing a bet on the community or track record of the founder/team.</p>



<h3 id="grants">Grants</h3>



<p>Grants can be beneficial for founders who are starting out as they don&#8217;t need to pay back the money or give up a share of their company. Many successful Web3 projects have gotten their start with the help of grants. Although grants may seem like charity, they are actually used by blockchain networks to support startups and increase on-chain activity within their ecosystem. However, these grants often come with specific requirements, like building on a particular blockchain network or addressing a specific use case.</p>



<h3 id="accelerator-incubator-programs">Accelerator/Incubator Programs</h3>



<p>New founders in the field of Web3 often struggle to secure funding due to their limited experience in crafting compelling pitches and business plans that can capture the attention of potential investors.&nbsp;</p>



<p>Employing traditional tactics may not yield the expected results in this emerging field. To overcome this challenge, founders should consider taking advantage of accelerator and incubator programs that offer tailored training, resources, and guidance to help them succeed in Web3.</p>



<p>While incubators may not offer direct funding, the skills and experience gained from participating can better equip founders for securing investment, developing marketing strategies, and cultivating leadership abilities. Effective utilization of accelerators can assist founders in overcoming common obstacles that startups encounter during fundraising and ultimately aid in scaling their projects.</p>



<h3 id="seed-funding">Seed Funding</h3>



<p>Both Web2 and Web3 rely on seed funding from venture capitalists, institutions, angel investors, and crowd funders. Startups typically use this money to rent office space, buy equipment, and hire employees. However, in Web3, equity comes in the form of a native token that provides unique utilities and experiences. Investors can cash out when the token&#8217;s value rises enough for them to make a profit.</p>



<p>To succeed in raising seed funding in the Web3 world, startups must fulfill certain criteria such as a well-structured whitepaper, clear tokenomics, realistic roadmap, vibrant community, reliable code base, and go-to-market strategy.&nbsp;</p>



<ul><li><strong>ICO</strong>: It is a way for crypto start-ups to raise funds through a process similar to crowdfunding. The start-up creates new tokens and sells them to investors in exchange for popular cryptocurrencies like Ethereum (ETH) or Bitcoin (BTC). The use of smart contracts in Web3 ensures a transparent process where the total sales are automatically calculated, and the tokens are distributed to investors.</li><li><strong>Venture capitalists</strong>: They invest in startups and provide support to help them grow. They aim to make a profit when the startup goes public or is acquired. In the case of Web3 brands, VCs typically receive a portion of the startup&#8217;s tokens as equity since a brand&#8217;s success is often linked to its tokenomics.</li><li><strong>DAO Funding</strong>: With DAO funding, Web3 founders can obtain funding without going through VCs and their requirements. Instead, a group of investors with various experiences can come together online and combine funds to invest in your project. By doing this, your project can operate with the community-minded approach of Web3, as the equity you offer in exchange would not be controlled by one person.</li><li><strong>IDOs</strong>:&nbsp; Many startup founders view IDOs as a more advanced and streamlined option compared to ICOs. This is primarily because IDOs rely heavily on blockchain technology, which simplifies the fundraising process. Founders can list their tokens on decentralized exchanges (DEXs) without requiring approval from any third party, making it easier for investors to buy and receive the tokens. Furthermore, the entire process, including selling and distributing the tokens, is automated through smart contracts.</li></ul>



<h2 id="conclusion">Conclusion&nbsp;</h2>



<p>The cryptocurrency industry continues to grow rapidly, with more and more companies exploring the potential of blockchain and Web3 technologies. Bitget&#8217;s $100M Web3 Fund is a clear example of this trend, offering a significant boost to Asian startups in the sector. With this level of funding available, these startups will be well-positioned to develop exciting new products and services and contribute to the ongoing evolution of the Web3 ecosystem.&nbsp;</p>



<p>As crypto and Web3 technologies continue to gain mainstream acceptance, it seems likely that more companies will follow Bitget&#8217;s lead and invest in the development of these innovative and transformative technologies. It is an exciting time to be a part of the Web3 community, and Bitget&#8217;s fund offers new opportunities for Asian startups to take the lead in the industry&#8217;s growth and evolution.</p>

How is Bitget’s $100M Fund Favorable to Web3 Asian Startups?

目錄

Cryptopolitan_News

在 2023年4月20日發表的其他文章

What is Shiba Inu (SHIB)? Here’s the Summary

MakerDAO Elects to Move Up to $500M USDC to Coinbase in Landslide Vote

Aspecta Teams Up with Shardeum to Boost Developer Community with AI-Powered Digital Identity Solu...

EU Parliament Approves “Markets in Crypto-Assets” Regulation (MiCA)

XRP Loses Critical $0.5 Support Level, Here’s the Next Bearish Target (Ripple Price Analysis)

Sotheby's to Auction NFTs Owned by 3AC

訂閱免費電子報，每天收取加密貨幣最新動態！