Prominent cryptocurrency exchange Bitget has launched a $100 million fund to develop its ecosystem. Dubbed “EmpowerX Fund,” the fund will focus on investing in regional exchanges, data analytics firms, media organizations, and other platforms that can contribute to the growth of Bitget’s ecosystem.
Bitget Launches Ecosystem Development Fund
In a Tuesday blog post, Bitget noted that the newly launched fund will be “strategically and selectively invested to maximize the company’s long-term impact” in the crypto space and its ecosystem. As stated by the crypto exchange, diversifying services to meet the diverse demands of users is the key to expanding the native crypto ecosystem.
“From a strategic perspective, Bitget aims to broaden its business horizons, creating a comprehensive trading ecosystem encompassing trading, investment, research, DeFi, media, and other functions,” the exchange said.
Catering to Evolving Needs
According to Gracy Chen, the Managing Director of Bitget, the fund is part of the company’s goal to expand its ecosystem of services to cater to users’ evolving needs.
“We also want to empower other people in our industry, because a rising tide lifts all boats,” he added.
The newly launched fund follows a $100 million Asia-focused Web3 fund announced in April. The Web3 fund invested in venture capitalist (VC) firms, including Foresight Ventures, Dragonfly Capital, SevenX Ventures, Gitcoin Fund, DAO Maker, and ABCDE Capital.
Aside from the two funds, Bitget has expanded its decentralized strategies this year. In March, the cryptocurrency exchange acquired a controlling stake in BitKeep multi-chain wallet for $30 million to extend its range of services. BitKeep later rebranded into Bitget Wallet following the acquisition.
As revealed by Chen, Bitget expects more investment, meager, and acquisition in the coming months as the centralized exchange (CEX) landscape continues to evolve amid heightened regulations.
Known for its focus on copy trading and various innovative trading tools, Bitget is a Seychelles-based cryptocurrency exchange that offers services to more than 20 million users across 100 countries.
