Bitget Launches New Fund to Boost Growth and Support Regional Investments
Bitget introduces a $100 million EmpowerX Fund aiming to support and expand its crypto platform and related ventures.
Fri, 15 Sep 2023, 10:44 am UTC
Bitget, a prominent platform in the cryptocurrency derivatives sector, recently unveiled its initiative to bolster its growth and actively invest in related businesses across different regions. Known as the Bitget EmpowerX Fund, this initiative allocates $100 million with the goal of enhancing the platform's significant presence in the cryptocurrency world.
The objective is clear: to cater to the diverse requirements of a worldwide user base by broadening the range of services they provide. By doing so, Bitget aims to nurture and amplify the inherent potential of the cryptocurrency environment.
Gracy Chen, who holds the position of managing director at Bitget, expressed the company's anticipation of an increase in investment activities, coupled with strategic mergers and acquisitions in the upcoming months. This forecast is based on the evolving nature of centralized exchange practices, particularly with the changing regulatory landscape.
Chen further elaborated that the establishment of this fund represents a pivotal move in Bitget's overarching goal. The goal is to be a one-stop solution addressing the dynamic demands of crypto enthusiasts. She also emphasized the importance of supporting other stakeholders in the industry by explaining that this rising “tide” can “lift all boats.”
It's worth noting that earlier this year, Bitget initiated a $100 million Web3 fund, primarily dedicated to cryptocurrency projects in Asia. On the 10th of April, the platform shared its vision of financially backing projects worldwide that were inclined towards Web3, giving special attention to Asian initiatives steered by teams addressing tangible challenges.
In related news, the cryptocurrency derivatives platform expanded its portfolio by acquiring a majority stake in BitKeep, a multichain wallet, for a sum of $30 million in March. Following this acquisition, BitKeep transitioned its identity, culminating in a name change to Bitget Wallet on the 10th of August. This rebranding was accompanied by the introduction of a new feature within the wallet, dubbed Bitget Swap.
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