In a move marked by ambition and forward-thinking, Bitget, a crypto exchange company, has announced an injection of $100 million into its ecosystem. Its main targets include regional exchanges, analytic firms, and media organizations, placing a firm emphasis on the potential of Web3 and decentralized applications, following the launch of a $300 million fund earlier this year.
This newly minted fund, called EmpowerX, is Bitget’s clear signal to the industry: the exchange is stepping out of its comfort zone, trading, and venturing into uncharted territory. The vision is exciting. De-centralized finance, research, media, and more; avenues to be explored, untapped markets to be broken into, all for a wider global user base.
The Managing Director of Bitget, Gracy Chen, has expressed excitement about the potential of these ventures and potential mergers within the existing centralized exchange conglomerate. Fundamentally, this comes as a response to the changing regulatory landscapes that are keeping the industry on its toes.
Gracy Chen puts it perfectly. The EmpowerX Fund is not just an investment; it’s a catalyst to transform Bitget into a comprehensive platform. As the demands of crypto enthusiasts morph, Bitget aims to keep up, focusing on strategic investments that promise long-term growth.
The crypto sphere is rapidly evolving. Tightening regulations, the proliferation of layer-2 blockchain networks, and the expansion of DeFi technologies necessitate a major operational overhaul for centralized exchanges. Bitget is ready to take on the challenge, marking a critical phase in its journey to shape the future of crypto exchanges.
This isn’t Bitget’s first foray into strategic investments. Prior to EmpowerX, two other funds were launched this year to support global Web3 initiatives, with an emphasis on projects in Asia. The company has cast its net wide, extending its funding to venture capitalists and worldwide projects, highlighting names like Foresight Ventures, Dragonfly Capital, and SevenX Ventures.
A strategic partnership between Bitget and Core DAO was followed by a substantial fund of $200 million to support the dApp ecosystem. The company also has under its belt a $30 million investment in the BitKeep multi-chain wallet. Following this investment, Bitget rebranded to Bitget Wallet reflecting the company’s progressive approach.
Finally, to demonstrate its unwavering commitment to providing innovative financial solutions, Bitget rolled out a novel savings plan for cryptocurrencies offering an enticing 24.5% APR with principal protection. Innovation is on the horizon, and Bitget, with its strategic investments and expanding ecosystem, looks poised to lead the charge.
Source: Cryptonews
