Bitget has announced an additional $100 million towards the growth of ecosystems.
The announcement comes after a $100 million fund was established in April with a focus on funding cryptocurrency companies in Asia.
Bitget, a cryptocurrency derivatives platform, has announced the launch of a new fund aimed at expanding its ecosystem and investing in regional exchanges, analytics firms, media organizations, and other entities that might help it grow.
In a press release, Bitget disclosed the Bitget EmpowerX Fund, which will commit $100 million to enhance the company’s “long-term impact” in the cryptocurrency industry. Bitget believes broadening services to meet worldwide consumer needs is the key to increasing the native crypto ecosystem, according to the statement.
Gracy Chen, Bitget’s managing director, stated that the company anticipates more investments, mergers, and acquisitions in the coming months as the centralized exchange landscape evolves in response to regulatory developments.
Chen calls the fund “another major step” in Bitget’s ambition to become a holistic platform for crypto customers’ shifting demands. “We want to empower other people in our industry because a rising tide lifts all boats,” Chen added.
Crypto derivatives exchange announced a $100 million Web3 fund for Asian crypto startups this year. Bitget announced on April 10 that it would fund Web3-friendly projects worldwide, focusing on Asian ventures with experienced teams solving real-world problems.
Meanwhile, multichain wallet BitKeep recently relaunched as Bitget Wallet after the crypto derivatives exchange purchased a majority stake in the company for $30 million in March. On August 10, BitKeep changed its name to Bitget Swap and launched an in-wallet feature called Bitget Swap.