Bitget Confirms Additional $100M Fund for Ecosystem Development
- Bitget has confirmed a new $100 million ecosystem fund with the goal of increasing its presence in crypto.
- The fund will invest in regional exchanges, analytics firms, media organizations, etc. to increase growth.
- As per managing director Gracy Chen, multiple deals, including mergers and acquisitions, can be expected in the future.
- The platform has set up a “go beyond derivative” strategy set for 2023 and also debuted a $100 Web3 fund for Asia.
Bitget, a crypto derivatives platform that has continuously sought to increase its presence around the globe via marketing and expansion tactics, has announced a new ecosystem fund that seeks to invest in “regional exchanges, analytics firms, media organizations, and entities that can contribute to its growth.”
In the announcement, it was unveiled that the crypto derivatives platform’s Bitget EmpowerX Fund will invest close to $100 million into maximizing the firm’s “long-term impact” in the crypto space.
The confirmation of the new fund was sent to CoinTelegraph, which added that the crypto platform believes in diversifying services to meet the needs of its global user base. Bitget believes that this is the key to expanding the native crypto ecosystem as well as its presence in it.
More importantly, the managing director of Bitget, Gracy Chen, confirmed that multiple deals, including mergers and acquisitions, can be expected in the coming months as the centralized exchange landscape evolves with changes in regulations. The executive described the firm’s new initiative as “another major step” in the platform’s goal to create a comprehensive platform that is capable of catering 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.
It is crucial to note that in April, Bitget announced another $100 million fund to support Web3 projects in Asia. The fund sought to invest in those firms that are looking to expand their footprint in Asia or are offering Web3 projects with unique value in the region.
The crypto derivatives platform has set up a “go beyond derivative” strategy set for 2023, and the two ecosystem funds are part of this strategy.
According to earlier reports, in November 2022, Bitget registered itself in the Seychelles despite being a decentralized organization and confirmed plans to set up regional hubs in Africa and Asia. Moreover, Chen noted that the decentralized structure will help the exchange “attract talent across borders as we are hyper-focused on growth and scaling up.”
As reported earlier by Bitnation, Bitget partnered with football megastar Lionel Messi to figure out ways to integrate Web3 and crypto with football.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
