June 19, 2024
Bitget Bolsters Ecosystem Expansion with Another $100 Million Fund

Derivatives marketplace Bitgate has unveiled the ‘Bitgate EmpowerX Fund’ designed to boost the platform’s ecosystem growth.

According to the press release shared with cryptopotatoThe focus will be on exploring investment opportunities in regional exchanges, data analytics firms, media organizations and other entities that contribute to the development of its ecosystem.

  • The EmpowerX fund is set to deploy $100 million of capital, which will be allocated “strategically and selectively” to maximize the company’s long-term impact in the digital assets sector and its ecosystem.
  • From a strategic perspective, Bitgate aims to expand its business scope to establish a comprehensive trading ecosystem encompassing trading, investment, research, DeFi, media and other functions.
  • Gracie Chen, Managing Director of Bitgate, highlighted the evolving CEX landscape amid the impact of tighter regulations as well as the rapid growth of Layer 2 and DeFi technologies and expects more investments, mergers and acquisitions in the next months.
  • The executive further said,

“Through strategic, targeted investments that drive long-term growth, we aim to continually expand our ecosystem of services to better meet the growing needs of users. “We also want to empower others in our industry, because a rising tide lifts all boats.”

  • Last month, Bitget announced a one-year partnership with popular American actor and comedian Adam Devine as part of the #SetForChange campaign.
  • The Seychelles-based cryptocurrency derivatives exchange said the move aims to boost crypto education by attracting the GenZ crowd and promote wider adoption through an “engaging and light-hearted approach.”
  • Bitgate also revealed plans in July to expand its presence in the Middle East by setting up a regional headquarters and adding more team members over the next two years.

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source: cryptopotato.com

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