Gate.io: Crypto Winter is a Good Time to Accelerate Web 3.0

*June 21, 2022, article reprinted from PortalCripto.

Despite a cold crypto winter approaching. The global summits on Web3 continue to draw throngs of visitors.Confidence in Web3 seems to be maintained despite the bear market. So is Web3 more than just a trending idea? Maybe yes maybe no.

Last May, Google responded to the growing need for services that support Web3 developers by forming a new team within its cloud computing arm to meet the demand. Additionally, several major cryptocurrency exchanges and venture capital firms are pursuing Web3 technologies. For example Gate.io, a top 5 cryptocurrency exchange, is establishing a dedicated Web3 fund, aiming to share the platform's success in the digital asset space with innovators looking to build the future of the internet.

So why are so many companies, startups and developers focusing on Web3? Let's take a look at what it has to offer.

giving power to the people
Web3 refers to the next iteration of the web.Simply putWeb3 is the internet with decentralized blockchain technologies at its core. User data will no longer be controlled by centralized entities. Instead, users will own their data and decide its use in accordance with its terms. Furthermore, content creators can own what they create, and users can transparently govern the web and conduct financial transactions freely, without intermediaries.

Putting power back in the hands of users is a very promising prospect. This appeals to both users tired of the Web2 status quo and developers who aim to build a digital world better suited for the many rather than the few. However, Web3 startups face challenges in turning next-generation ideas into reality. They are competing with tech giants and must integrate early Web3 technology into an
internet built for Web2. Gate.io recognizes these challenges and the promises of the future of the web, providing opportunities for Web3 builders to reach their full potential through multiple startup channels.

Building cryptocurrency ecosystems during the bear market
Gate.io seems to have set itself up to be a cultivator and builder of Web3 long before it was a hot topic, believing in a fairer and more open digital world.

Throughout 2021, Gate.io has set in motion a number of initiatives to accelerate blockchain development, creating pathways for promising Web3 projects to gain critical funding, resource support, and listing opportunities.

Gate Grants is a channel that accelerates Web3 startups through funding, but the program goes beyond monetary support. Recipients are exposed to the operational, technical and marketing features of Gate.io. Additionally, a comprehensive DeFi ecosystem built on top of the GateChain blockchain provides developers with a secure, cutting-edge chain to build on. The combination of industry-leading expertise supported by a developer-friendly blockchain environment is a petri dish for innovation. However early startups still face challenges in the cryptocurrency market.

A project's ability to innovate and build in the crypto space is highly dependent on success in the crypto market. Unfortunately, excessive market saturation can be a barrier to projects getting off the ground. Gate.io launched its startup incubator program, Gate Labs, to address this, focusing on connecting projects with traders around the world. The program provides more funding and provides an accelerated ramp to listing on Gate.io, exposing projects to millions of investors worldwide. As one of the leading exchanges with millions of users, listings help consolidate projects in the market.

Gate.io strongly emphasizes its rigorous evaluation and selection process across all of its startup channels. Potential designs undergo a rigorous review process to assess reliability, feasibility and key development challenges, with only the highest quality designs selected. Gate.io is committed to supporting high quality projects that take Web3 to the next stage.

Discreet sowing in anticipation of spring
Expanding its efforts beyond smaller startups, in Q4 2021, Gate.io launched its $100 million venture capital fund, Gate Ventures raising the bar for injecting capital into innovative tier-1, tier-one solutions. 2 and cross-chain, many of which are forging the early stage of Web3. The fund extends the resource support
provided by the aforementioned startup channels, but on a much larger scale, with investments amounting to several million.

Earlier this year, Gate Ventures participated in an initial $6.5 million round for SOMA.finance, a hybrid multi-asset exchange and decentralized issuance platform backed by an SEC and FINRA-approved license the first for decentralized space. The fund is involved with several other technologies that are expanding the dominance of Web3, such as Subspace Network, a blockchain and Web3 application enabler that targets the blockchain trilemma, offering scalable and fast solutions for multi-chain dapps without compromising security. or decentralization. Other Gate Ventures Web3 investments include WOO Network. Pyth Network, 1inch, ssv.network, Perion and Oasys, which are building innovative solutions for the infrastructure of Web3, GameFi, MetaVerse, DeFi and more.

Gate.io's interconnected portfolio of ecosystems is starting to take shape, with the aim of accelerating blockchain, finance and the web on a better path. Although the market is in a strong downtrend, the value of Web3 remains a beacon of hope for the future of the blockchain industry, with developers coming together to innovate and iterate on an antiquated internet that needs all the support they can get.

Whether Web3 is just a trend or the next iteration of the web, these investments and initiatives are designed to accelerate innovation and contribute to a more decentralized, equitable and free future.

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Article Source：PortalCripto
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.