Bitget Makes a $100M Move to Diversify Crypto Business

Bitget Makes a $100M Move to Diversify Crypto Business

Time Stamp: September 11, 2023 9:40 PM
Bitget Makes a $100M Move to Diversify Crypto Business PlatoBlockchain Data Intelligence. Vertical Search. Ai.

After
launching two funds in April aimed at supporting the development of Web3 and
decentralized applications (DApps) with a total value of $300 million, the
cryptocurrency exchange, Bitget has introduced another fund called EmpowerX with
a capital base of $100 million. The fund is designed to accelerate the
platform’s ecosystem by investing in various sectors, including regional
exchanges, data analytics firms, and media organizations.

The
EmpowerX Fund aims to strategically allocate its $100 million capital to
maximize Bitget’s presence in the digital asset space. The company wants to offer
a variety of services that cater to the diverse demands of users worldwide. As
a result, the exchange no longer wants to focus on trading alone, but also on
investment, research, decentralized finance (DeFi) and media activities.

Gracy Chen,
the Managing Director of Bitget, stated that the crypto exchange landscape is
constantly evolving due to factors like regulatory changes and the rapid growth
of Layer 2 and DeFi technologies. As a result, the vision of the exchange “goes beyond the present.”

“With
the launch of the Bitget EmpowerX Fund, we take another major step in our
mission to develop Bitget into a truly comprehensive platform for all needs,”
Chen added. “Through strategic, targeted investments that foster long-term
growth, we aim to continually expand our ecosystem of services to better serve
the evolving needs of users. We also want to empower other people in our
industry, because a rising tide lifts all boats.”

According to the press release shared with Finance Magnates, the newest fund was established to celebrate the company’s fifth anniversary.

Bitget’s Previous
Investments and Future Directions

Bitget is
no stranger to strategic investments. Earlier this year, the company launched a Web3 Fund of $100 million to identify venture capital firms and global projects, particularly emphasizing Asia-based partners. Some notable
Venture Capitalists the Web3 Fund has invested in include Foresight Ventures, Dragonfly
Capital, and SevenX Ventures.

Just a few
days later, the company announced a strategic partnership with Core DAO to
establish another fund worth $200 million to support the DApps growth.

The company
is further making strides in the decentralized space, having invested $30 million
in the BitKeep multi-chain wallet, which was later rebranded as the Bitget
Wallet. This investment made Bitget the controlling stakeholder in the wallet,
marking a significant step in its decentralized strategies.

Seeking to
capitalize on the popularity of long-term investments in cryptocurrencies , such
as Bitcoin, Ethereum, and Ripple, Bitget has introduced a new savings product
that, according to press materials, is designed to offer up to 24.5% APR with
principal protection.

After
launching two funds in April aimed at supporting the development of Web3 and
decentralized applications (DApps) with a total value of $300 million, the
cryptocurrency exchange, Bitget has introduced another fund called EmpowerX with
a capital base of $100 million. The fund is designed to accelerate the
platform’s ecosystem by investing in various sectors, including regional
exchanges, data analytics firms, and media organizations.

The
EmpowerX Fund aims to strategically allocate its $100 million capital to
maximize Bitget’s presence in the digital asset space. The company wants to offer
a variety of services that cater to the diverse demands of users worldwide. As
a result, the exchange no longer wants to focus on trading alone, but also on
investment, research, decentralized finance (DeFi) and media activities.

Gracy Chen,
the Managing Director of Bitget, stated that the crypto exchange landscape is
constantly evolving due to factors like regulatory changes and the rapid growth
of Layer 2 and DeFi technologies. As a result, the vision of the exchange “goes beyond the present.”

“With
the launch of the Bitget EmpowerX Fund, we take another major step in our
mission to develop Bitget into a truly comprehensive platform for all needs,”
Chen added. “Through strategic, targeted investments that foster long-term
growth, we aim to continually expand our ecosystem of services to better serve
the evolving needs of users. We also want to empower other people in our
industry, because a rising tide lifts all boats.”

According to the press release shared with Finance Magnates, the newest fund was established to celebrate the company’s fifth anniversary.

Bitget’s Previous
Investments and Future Directions

Bitget is
no stranger to strategic investments. Earlier this year, the company launched a Web3 Fund of $100 million to identify venture capital firms and global projects, particularly emphasizing Asia-based partners. Some notable
Venture Capitalists the Web3 Fund has invested in include Foresight Ventures, Dragonfly
Capital, and SevenX Ventures.

Just a few
days later, the company announced a strategic partnership with Core DAO to
establish another fund worth $200 million to support the DApps growth.

The company
is further making strides in the decentralized space, having invested $30 million
in the BitKeep multi-chain wallet, which was later rebranded as the Bitget
Wallet. This investment made Bitget the controlling stakeholder in the wallet,
marking a significant step in its decentralized strategies.

Seeking to
capitalize on the popularity of long-term investments in cryptocurrencies , such
as Bitcoin, Ethereum, and Ripple, Bitget has introduced a new savings product
that, according to press materials, is designed to offer up to 24.5% APR with
principal protection.

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