Bitget Fuels Crypto Ecosystem Expansion With $100 Million Empowerx Fund
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Cryptocurrency exchange Bitget is preparing to inject $100 million to support the growth of decentralized applications and Web3. It introduced a new fund, EmpowerX, with a capital base of $100 million for the project.
The EmpowerX funds will be used to invest in media organizations’ data analytics firms and expand to other regions. This investment was created to speed up the development of the platform.
The Managing Director of Bitget, Gracy Chen, commented on the development. “Our team of analysts has already outlined the criteria for project selection and will adhere to them strictly,” she said.
Funds To Be Deployed In Research, Defi, And Investments
The funds will be used to invest in areas that will make Bitget more prevalent in digital assets. The firm aims to offer many services to satisfy customers worldwide.
The exchange is shifting its focus. Instead of focusing on trading, it wants to concentrate on other sectors like media activities, decentralized finance (DeFi), research, and investment.
The cryptocurrency space is constantly changing because of issues like new rules from regulators and the speedy development of DeFi and Layer 2 technologies. As a result, Bitget’s vision goes beyond the present activities within the space.
Bitget has a track record of strategic investments, including the launch of a $100 million Web3 fund earlier this year. This funding aims at identifying global projects and venture capital firms, particularly partners based in Asia.
Prominent Venture Capitalists supported by the platform include SevenX Ventures, Dragonfly Capital, and Foresight Ventures.
Bitget Expands Operations With Core DAO Partnership
Bitget has recently entered a strategic alliance with Core DAO to establish a $200 million fund supporting Dapp’s growth. The firm is advancing in the decentralized phase, allocating $30 million in funds into the Bitkeep multi-chain wallet before renaming the Bitget Wallet.
This innovative move effectively made Bitget the primary stakeholder in the wallet, indicating a significant step towards its expansive decentralized strategies.
Bitget also rolled out a novel savings product designed to provide an attractive 24.5% APR with principal protection. This innovative feature is set to capitalize on the popularity of long-term cryptocurrency investments, like Ripple, Ethereum, and Bitcoin, and become a well-known platform catering to the dynamic needs of users worldwide.
The platform is expanding rapidly, and I hope to utilize the fund to offer more robust products within the DeFi and crypto space.
