Seychelles-based cryptocurrency exchange Bitget on Monday announced the launch of a Web3 fund with an initial investment of $100 million to support the development of cryptocurrency projects. The announcement comes ahead of the Hong Kong Web3 Festival, which runs from April 12-15 and will focus on the eponymous development of the next internet built on decentralised blockchain technology.

Bitget Web3 Fund will be exploring projects around the world, but will give preference to partners in Asia with a clear roadmap and experienced team, especially those projects that offer solutions to real-world problems.

Bitget has received enquiries from venture capital firms including Foresight Ventures, Dragonfly Capital and DAO Maker for potential partnerships.

Bitget, founded in 2018, is the world’s fifth largest cryptocurrency exchange. Unlike many other exchanges that announced layoffs during the downturn in cryptocurrency prices last year, the exchange said in November that it would expand its staff by 50% in the first quarter of 2023.

Hong Kong will introduce a licensing regime for crypto exchanges from June this year to clarify rules and regulations. More than 80 companies from overseas have expressed interest in establishing Web3 in Hong Kong.