Seychelles-based crypto exchange Bitget has started a $100 million fund targeting Web3 startups as Asian countries build a framework for developing Web3.

East Asian countries have been making strides to promote crypto in the last few months, with Hong Kong seemingly easing its crypto regulations and Japan approving a white paper for Web3 development last week.

“Despite the bear run, Bitget has always been supporting promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. 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,” Gracy Chen, managing director of Bitget, said to CoinDesk in a statement.

A spokeswoman for Bitget said that the fund is self-funded. “Bitget is debt-free with adequate cash flow, thanks to its steady development and fast-growing business,” she said.

The launch of this fund comes after Bitget invested $30 million into decentralized multi-chain wallet BitKeep.