Cryptocurrency derivatives platform Bitget has announced the launch of a new fund focused 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 to maximize the company’s “long-term impact” in the crypto space. According to the announcement, Bitget believes that diversifying services to meet the needs of its global user base is 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 regulatory changes.
Chen said the fund is “another major step” in the company’s mission to make Bitget a comprehensive platform that meets the evolving needs of cryptocurrency users. “We also want to help others in our industry because a rising tide lifts all boats,” Chen said.
Earlier this year, the cryptocurrency derivatives exchange launched a $100 million Web3 fund for crypto projects in Asia. On April 10, Bitget stated that its goal is to fund Web3-friendly projects around the world, while focusing on Asian projects with experienced teams working on solving real-world problems.
Bitget’s fund will target Web3-friendly venture capital companies and projects around the world, with a focus on Asian projects with a clear roadmap, an experienced team, and a commitment to solving real-world problems. https://t.co/QE7lIjDa3A
— Cointelegraph (@Cointelegraph) April 10, 2023
related: Core DAO partners with Bitget and MEXC to launch $200 million ecosystem fund
Meanwhile, multi-chain wallet BitKeep recently changed its name to Bitget Wallet after acquiring a controlling stake in the company for $30 million in March. On August 10, BitKeep changed its name and launched an in-wallet feature called Bitget Swap.
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