Core DAO collaborates with Bitget and MEXC to establish a $200 million ecosystem fund.

Core DAO, an entity dedicated to advancing the Satoshi Plus ecosystem, has launched a $200 million Ecosystem Fund designed to accelerate the development of decentralized applications and protocols on the Core layer-1 blockchain.

As per two press releases reviewed by Cointelegraph, one from CoreDAO and another from Bitget, the Ecosystem Fund—backed by strategic partners including cryptocurrency exchanges Bitget and MEXC—intends to offer financial assistance to early-stage initiatives. This support will cover a range of areas such as research and development, recruitment, marketing, community-building initiatives, and other vital growth efforts.

Alongside the investment, the collaboration also includes the listing of Core projects and the establishment of a new Core Trading Zone on Bitget and its integrated BitKeep wallet. Bitget also aims to become one of the validators for the Core network and facilitate Core staking on its exchange. With a user base exceeding 8 million, Bitget can provide significant staking capabilities to the Core DAO ecosystem, ensuring essential liquidity.

The Ecosystem Fund of Core DAO asserts that it sets itself apart from industry counterparts by not implementing a grant-based model where a project’s main requirement for financial backing is the commitment to build on a specific protocol. Instead, the Ecosystem Fund will motivate each project to meet pre-established customized benchmarks that deliver tangible benefits to the Core community.

Rich Rines, the initial contributor at Core DAO, remarked: “Frequently, grant programs appear to be crafted to attract attention and create short-term momentum rather than nurturing projects that align with the ecosystem’s long-term success.”

“Core DAO has consistently emphasized the importance of developing the highest quality technology in the blockchain sector rather than being the ‘first’ or the ‘fastest’ to achieve something. That’s why our Ecosystem Fund will reward projects for their capacity to both provide value and maintain success,” he added.

Gracy Chen, the managing director of Bitget, stated:

“This investment further demonstrates our commitment to supporting the blockchain sector from multiple perspectives. We must remember that the goal of blockchain is to connect the real world with the Web3 space, and that is precisely what we are advocating through this partnership and our backing of the ecological fund.”

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Crypto derivatives exchange and strategic partner of the Ecosystem Fund of Core DAO, Bitget, has also recently introduced a $100M Web3 fund for crypto initiatives in Asia. Bitget has announced its plan to allocate funding towards Web3-compatible venture firms and projects on a global scale. The company indicated that it will concentrate on Asian projects led by experienced teams with clear roadmaps that address real-world challenges.

During the unveiling of its Web3 fund, Bitget managing director Gracy Chen underscored the rapid evolution of the Web3 landscape and highlighted the necessity to support worthy projects that can advance its development and establish it as a global phenomenon akin to Web2. Chen emphasized that the primary aim of the Bitget Web3 fund is to identify projects with the highest potential to drive this transformation forward.

The other strategic partner of the Ecosystem Fund of Core DAO is MEXC, a cryptocurrency trading platform that provides users with access to a variety of digital assets and trading functionalities, including spot and margin trading, derivatives trading, and staking services.

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