Friday, March 1, 2024

Crypto trading platform Bitget has established a $100 million pot to fund growth of its ecosystem through investing in exchanges, data analytics firms and media organizations.

The Seychelles-based company said it wants to “broaden its business horizons” through creating a trading ecosystem that incorporates investment, research, decentralized finance (DeFi), media and other functions, according to emailed announcement.

The fund, called the EmpowerX Fund, follows just months after Bitget set aside $100 million to target Web3 startups as Asian countries. In March, it invested $30 million in decentralized multichain wallet BitKeep to become the largest shareholder.

“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,” Managing Director Gracy Chen said. “We also want to empower other people in our industry, because a rising tide lifts all boats.”

Bitget said it expects tightened regulations and growth of layer-2 blockchain networks and DeFi technologies to bring about an evolution in how centralized exchanges operate.

It is, therefore, seeking to diversify the services it can offer and capitalize on merger and acquisition opportunities that will be presented in the coming months.

Read More: Crypto Exchange Bitget to Tighten ID Requirements as Regulators Cite Fraud Concerns

Edited by Sheldon Reback.

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