Bitget Makes a $100 Million Move to Diversify Crypto Exchange Business

Tuesday, 12/09/2023 | 01:40 GMT by Damian Chmiel
  • Bitget announces an EmpowerX Fund aimed at diversifying its ecosystem.
  • The fund will invest in regional exchanges, data analytics and media organizations.
Bitget

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.

Bitget Launches $100 Million EmpowerX Fund to Expand Ecosystem

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.

Bitget Launches $100 Million EmpowerX Fund to Expand Ecosystem

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.

About the Author: Damian Chmiel
Damian Chmiel
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About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
  • 1588 Articles
  • 35 Followers

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