Hassan Maishera
TL;DR
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Bitget has launched a $100 million fund to support ecosystem growth.
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The crypto exchange wants to support projects in the DeFi and other media platforms.
Bitget Launches A $100 Million Fund
Crypto trading platform Bitget announced the launch of its $100 million fund in an email announcement late on Monday. According to the cryptocurrency exchange, the fund is designed to help boost ecosystem growth by investing in exchanges, data analytics firms and media organizations.
The company pointed out that it wants to broaden its business horizon by launching a trading ecosystem that incorporates investment, research, decentralized finance (DeFi), media and other functions.
The fund, called the EmpowerX Fund, comes a few months after the cryptocurrency exchange earmarked $100 million to boost Web3 startups in Asian countries. Earlier this year, the company also invested $30 million in the decentralized multichain wallet BitKeep, becoming its largest shareholder in the process.
While commenting on this latest development, Managing Director Gracy Chen stated that;
"Through strategic, targeted investments that foster long-term growth, we aim to continually expand our ecosystem of services to better serve the evolving needs of users. We also want to empower other people in our industry because a rising tide lifts all boats.”
The cryptocurrency exchange said it is anticipating tightened regulations and the growth of layer-2 blockchain networks and DeFi technologies to change how decentralized exchanges operate.
For this reason, Bitget is diversifying the services it offers and taking advantage of mergers and acquisition opportunities over the coming months.
