Bitget Announces Further $100M Fund for Ecosystem Development

Bitget, the crypto derivatives platform, has recently revealed its plans to establish a new fund. The primary objective of this fund is to foster the growth of Bitget’s ecosystem. Additionally, the fund will be utilized for investing in various regional exchanges, analytics firms, media organizations, and other entities that can contribute to Bitget’s overall expansion and development. 

Bitget has announced the Bitget EmpowerX Fund. The fund aims to invest $100 million in order to maximize the company’s long-term impact in the crypto space. Bitget believes that diversifying services is crucial for expanding the native crypto ecosystem. This will help meet the needs of the global user base. According to their announcement, they are committed to reaching a wider audience.

Gracy Chen, the managing director of Bitget, predicts that there will be an increase in investments, mergers, and acquisitions in the near future. This is due to the evolving landscape of centralized exchanges, which is being influenced by changes in regulations. 

Chen believes that the fund is a significant move for the company. It aligns with Bitget’s goal of becoming a comprehensive platform for crypto users. The fund aims to address the constantly evolving needs of these users. Chen said, “We want to empower others in our industry. A rising tide lifts all boats.”

Earlier this year, a crypto derivatives exchange launched a $100 million Web3 fund specifically for crypto projects in Asia. Bitget announced on April 10 that it plans to fund Web3-friendly projects globally. The company will specifically prioritize Asian projects led by experienced teams who are dedicated to addressing real-world issues. 

Multichain wallet BitKeep has recently undergone a rebranding. It is now known as Bitget Wallet. This change occurred after a crypto derivatives exchange acquired a controlling stake in the company. The acquisition took place in March and amounted to $30 million. BitKeep changed its name on Aug. 10. The reason for the change was the launch of a new in-wallet feature called Bitget Swap.