Bitget, a cryptocurrency exchange, has established a Web3 Fund to provide financial assistance to venture capital businesses and projects all over the globe that are Web3-friendly. The exchange will give priority to Asian initiatives that are headed by competent teams and have clear roadmaps, with an emphasis on finding solutions to challenges that exist in the real world. Gracy Chen, managing director of Bitget, has underlined the exchange’s dedication to make Web3 a worldwide phenomenon, just like Web2 was. Web2 was a sensation that spanned the whole globe. The objective of the Bitget Web3 Fund is to identify those initiatives that will have the greatest possible influence on the procedure.
Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker are just few of the venture capitalists that may be interested in participating in this endeavor as possible partners. Another prospective partner is Dragonfly Capital, which has just made an investment of $10 million in Bitget to assist the company’s continuous worldwide development.
Over 80,000 traders and 380,000 replica traders have joined Bitget since the platform’s inception in 2018. The exchange has ambitions to extend the goods it offers in 2023, including spot trading, launchpad, and Bitget Earn. Bitget has just just paid $30 million to purchase BitKeep, a Web3 access gateway that has more than 9.5 million customers.
Bitget established a fund with a capitalization of $200 million during the bear market that occurred in 2017 in order to protect the assets of its customers and regain the trust of investors. The value of the fund was guaranteed to be preserved by the exchange for a period of three years. Additionally, throughout the course of the previous year, Bitget instituted stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures in order to prevent dishonest individuals from using its services.
The fact that Bitget has decided to establish a Web3 Fund is evidence of the company’s dedication to fostering growth within the Web3 ecosystem. The exchange intends to discover and support initiatives that have the potential to have the most significant influence on making Web3 a phenomenon on a worldwide scale, and it will do this with the assistance of its possible partners. Bitget’s goals for development through the year 2023 demonstrate the company’s commitment to satisfying the ever-evolving requirements of its client base while also preserving its position as a market leader in the cryptocurrency exchange field.
The Bank of England (BoE) has stopped the operations of Silicon Valley Bank’s United Kingdom branch (SVB U.K.), citing its limited presence and no critical functions supporting the financial system. On March 10, the BoE declared that SVB U.K. would no longer be accepting deposits or making payments and that it would be placed into a Bank Insolvency Procedure. The decision followed the closure of SVB by the California Department of Financial Protection and Innovation.
The BoE explained that a bank insolvency procedure would enable eligible depositors to receive payments up to the protected limit of £85,000 or up to £170,000 for joint accounts through the Financial Services Compensation Scheme as quickly as possible. Bank liquidators would manage the remaining assets and liabilities of SVB U.K. during its insolvency proceedings, with any recoveries distributed to its creditors.
The announcement has raised concerns among several UK venture capitalists (VCs), who have expressed their support for SVB U.K. Index Ventures and Atomico issued a joint statement on March 12 endorsing SVB U.K., describing it as a trusted and valued partner that plays a pivotal role in supporting startups in the UK. The Coalition for a Digital Economy, a UK nonprofit that campaigns for policies to support digital startups, stated on March 11 that a large number of startups and investors in the ecosystem have significant exposure to SVB U.K. and will be very concerned.
Meanwhile, a Castle Hill report published on March 11 revealed that prominent blockchain VCs have over $6 billion in assets at the now-defunct bank. This includes $2.85 billion from Andreessen Horowitz, $1.72 billion from Paradigm, and $560 million from Pantera Capital.
The closure of SVB U.K. will have significant repercussions for startups and investors who have relied on the bank for financial services. Several prominent blockchain VCs have a substantial amount of assets at the bank, and their exposure to the insolvency proceedings could have a severe impact on the blockchain ecosystem. The closure also highlights the potential risks associated with relying on banks with limited operations and no critical functions in the financial system.
Silicon Valley Bank (SVB) has been a major player in the tech industry for over 40 years, providing banking and funding services to countless startups and established companies alike. However, recent reports have indicated that the bank may be facing financial difficulties and could be winding down operations in the near future. This news has sent shockwaves throughout the industry, as many tech companies rely heavily on SVB for their banking needs.
In response to these concerns, a group of over 125 venture capitalists and investors have banded together to support SVB and limit the potential fallout from the bank’s collapse. The investors, which include some of the biggest names in the industry such as Sequoia Capital and General Catalyst, have signed a statement pledging their support for the bank and offering to help it find new sources of capital if necessary.
The statement reads in part, “We, the undersigned venture capitalists and investors, recognize the critical role that Silicon Valley Bank has played in the growth and success of the tech industry. We believe that it is essential to support SVB during this challenging time, and we stand ready to assist in any way we can to ensure that the bank continues to serve the needs of tech companies for years to come.”
The investors’ support for SVB comes at a time when many tech companies are already struggling due to the ongoing COVID-19 pandemic and its economic fallout. Losing access to funding and banking services from SVB could be a major blow for many companies, and could even lead to some going out of business altogether.
To avoid this outcome, the investors are offering to help SVB find new sources of capital, whether through traditional financing or alternative methods such as crowdfunding or community fundraising. They also plan to work with the bank to explore new business models and revenue streams that can help it remain viable in the long term.
Despite the challenges that SVB is currently facing, the bank remains a critical component of the tech industry and has a strong track record of supporting startups and other companies in their early stages. By rallying around SVB and offering their support, these investors are demonstrating their commitment to the industry as a whole and their belief that together, they can weather even the toughest storms.