Bitget Announces $100M Investment For Ecosystem Development

Bitget plans to invest $100 million in the EmpowerX Fund to develop its ecosystem, including regional exchanges, analytics firms, and media organizations.

Sep 12, 2023 - 13:21
Sep 14, 2023 - 15:50
Bitget Announces $100M Investment For Ecosystem Development
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Bitget has unveiled its plan to invest $100 million in the EmpowerX Fund. Bitget affirms that the objective of this investment is to strengthen its ecosystem, focusing on the expansion of regional exchanges, analytics entities, and media outlets.

Bitget, originally based in Seychelles, has been on a trajectory of aggressive growth. Earlier this year, the company initiated a series of funding rounds, launching a whopping $300 million to support the development of Web3 and decentralized applications (dApps). The recent announcement of the EmpowerX Fund further underscores Bitget's commitment to diversifying its services and catering to a broader global user base. The company's vision now extends beyond just trading, encompassing areas like decentralized finance, research, and various other ventures.

Gracy Chen, the Managing Director of Bitget, has been vocal about the company's aspirations. She envisions a significant operational evolution for centralized exchanges, driven by changing regulations and the rapid growth of layer-2 blockchain networks and DeFi technologies. 

Chen believes that the EmpowerX Fund is a monumental step towards transforming Bitget into a platform that meets the dynamic demands of crypto enthusiasts. Chen stated:

"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."

Bitget's commitment to strategic growth is evident in its past endeavors. Before the EmpowerX announcement, the company had already launched two significant funds earlier in the year. These funds were directed towards supporting global Web3 initiatives, with a particular emphasis on projects based in Asia. Bitget's dedication is primarily towards teams that leverage blockchain technology to address real-world challenges. Their funding efforts have encompassed notable venture capitalists and global projects, including partnerships with Foresight Ventures, Dragonfly Capital, and SevenX Ventures.

In addition to these investments, Bitget has also shown a keen interest in the decentralized space. A testament to this is their $30 million investment in the BitKeep multi-chain wallet, leading to Bitget becoming its largest shareholder.

Bitget's innovative streak doesn't end with investments. The company recently introduced a unique savings plan for popular cryptocurrencies, including Bitcoin, Ethereum, and Ripple. This savings plan offers an attractive 24.5% APR with the principal protection, showcasing Bitget's commitment to providing cutting-edge financial solutions in the crypto sector.

Recently, Bitget found itself at the center of controversy after implementing a mandatory Know Your Customer (KYC) requirement for all its users, effective from September 1st. The decision sparked debates within the crypto community. Adding fuel to the fire, Bitget went on to advocate that all cryptocurrency exchanges should make KYC obligatory, asserting that only individuals involved in illicit activities like money laundering would have reservations about such protocols.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.