Bitget announces further $100M fund for ecosystem development

Crypto derivatives platform Bitget has announced a new fund focusing on growing its ecosystem and investing in regional exchanges, analytics firms, media organizations and entities that can contribute to its growth.

In an announcement sent to Cointelegraph, Bitget revealed the Bitget EmpowerX Fund, which will invest $100 million into maximizing the company’s “long-term impact” in the crypto space. According to the announcement, Bitget believes that diversifying services to reach the needs of the global user base is the key to expanding the native crypto ecosystem.

Gracy Chen, managing director of Bitget, said the company expects more investments, mergers and acquisitions in the coming months as the centralized exchange landscape evolves with changes in regulations.

According to Chen, the fund is “another major step” in the company’s mission to make Bitget a comprehensive platform that caters to the ever-changing needs of crypto users. “We also want to empower other people in our industry, because a rising tide lifts all boats,” Chen said.

The crypto derivatives exchange launched a $100 million Web3 fund for crypto projects in Asia earlier this year. On April 10, Bitget said that it would target funding Web3-friendly projects worldwide while focusing on Asian projects with experienced teams working on solving real-world problems.

Bitget’s fund will target Web3-friendly venture firms and projects worldwide, with a focus on Asian projects offering a clear roadmap, an experienced team, and working on real-world problems. https://t.co/QE7lIjDa3A

— Cointelegraph (@Cointelegraph) April 10, 2023

Meanwhile, multichain wallet BitKeep recently rebranded into Bitget Wallet after the crypto derivatives exchange bought a controlling stake in the company for $30 million in March. On Aug. 10, BitKeep changed its name as it launched an in-wallet feature called Bitget Swap.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in