With the new fund, Bitget hopes to expand its reach and influence in the crypto world.
Bitget, a well-known crypto derivatives platform, has unveiled the launch of its $100 million EmpowerX fund.
The substantial financial commitment aims to expand its ecosystem, fostering growth and targeting strategic investments in regional exchanges, analytics firms, and media outlets.
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Revealed via an announcement on September 11th, the fund's goal is to extend Bitget's reach and influence within the crypto world. The company believes that diversification of services is crucial for both its success and for meeting the global crypto community's varied needs.
The strategic move comes as the company anticipates further investments, mergers, and acquisitions in a landscape shaped by evolving regulations.
Bitget isn’t a newcomer to earmarking large sums for ecosystem development. Earlier this year, the derivatives exchange set up a $100 million Web3 fund focused on crypto projects in Asia. The platform expressed its intent to support Web3-compatible projects across the globe, with a particular focus on initiatives in Asia.
In another significant development, Bitget acquired a controlling stake in multichain wallet BitKeep for $30 million. Following this acquisition, BitKeep underwent a name change and is now called Bitget Wallet. An in-wallet feature, Bitget Swap, was introduced simultaneously with the rebranding.
Bitget’s new $100 million EmpowerX Fund is the latest in a series of strategic investments boosting the crypto exchange's ecosystem. By targeting regional exchanges, analytics firms, and media organizations, Bitget aims to diversify its services and accommodate the ever-changing demands of the crypto market.
