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Crypto derivatives platform Bitget has introduced a new fund aimed at enhancing its ecosystem and investing in regional exchanges, analytics companies, media outlets, and other entities that can aid in its development.
In a statement issued to Cointelegraph, Bitget announced the Bitget EmpowerX Fund, which will allocate $100 million to optimize the company’s “long-term impact” within the cryptocurrency sector. The announcement indicated that Bitget views the diversification of services to meet the demands of a global user base as essential for the expansion of the native crypto ecosystem.
Gracy Chen, managing director of Bitget, noted that the company anticipates an increase in investments, mergers, and acquisitions in the upcoming months as the centralized exchange landscape adapts to regulatory changes.
Chen remarked that the fund represents “another major step” in the company’s objective to transform Bitget into a comprehensive platform that addresses the evolving requirements of crypto users. “We also aim to empower others in our industry, as a rising tide lifts all boats,” Chen stated.
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The crypto derivatives exchange previously launched a $100 million Web3 fund for crypto initiatives in Asia earlier this year. On April 10, Bitget announced its intention to support Web3-friendly projects globally while concentrating on Asian initiatives with skilled teams dedicated to addressing real-world challenges.
Bitget’s fund will focus on Web3-friendly venture firms and projects globally, emphasizing Asian projects that present a clear roadmap, possess an experienced team, and are engaged in solving real-world issues. https://t.co/QE7lIjDa3A
— Cointelegraph (@Cointelegraph) April 10, 2023
Related: Core DAO partners with Bitget and MEXC to launch $200M ecosystem fund
In the meantime, multichain wallet BitKeep has recently rebranded to Bitget Wallet after the crypto derivatives exchange acquired a controlling interest in the company for $30 million in March. On Aug. 10, BitKeep adopted its new name as it introduced an in-wallet feature called Bitget Swap.
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