- September 13, 2023
- Posted by: [email protected]
- Category:
Bitget, a prominent crypto derivatives platform based in the Seychelles, has announced its latest initiative—a substantial $100 million fund aptly named EmpowerX. The purpose of this fund is to propel the growth of Bitget’s ecosystem and facilitate strategic partnerships, further cementing the company’s position in the ever-evolving cryptocurrency landscape.
Earlier this year, Bitget embarked on a series of funding initiatives, kickstarting its journey with a formidable $300 million commitment aimed at fortifying the development of Web3 and decentralized applications (dApps). Not content with this significant investment, Bitget has now unveiled EmpowerX, signaling its unwavering dedication to the cryptocurrency ecosystem’s expansion.
The core objective of EmpowerX is clear: to broaden Bitget’s influence by venturing into new territories beyond traditional trading. This paradigm shift involves diversifying investments to cater to a broader global user base. The areas of interest now encompass decentralized finance (DeFi), cutting-edge research initiatives, media organizations, and a variety of other ventures that align with Bitget’s overarching vision.
Gracy Chen, Bitget’s Managing Director, expressed her excitement for the influx of investments and potential mergers within the centralized exchange sphere, highlighting the dynamic nature of regulatory landscapes. She emphasized that the Bitget EmpowerX Fund marks a pivotal milestone in the company’s evolution, positioning Bitget as a comprehensive platform designed to meet the evolving demands of crypto enthusiasts.
Chen also described Bitget’s strategic approach to ecosystem expansion through growth-oriented investments. She envisions a transformative phase for centralized exchanges, driven by the confluence of tightening regulations and the burgeoning landscape of layer-2 blockchain networks and DeFi technologies. This phase signifies a critical juncture in Bitget’s journey as it actively shapes the future of crypto exchanges.
“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,” said Managing Director Gracy Chen. We also aim to empower others in our industry because a rising tide lifts all ships.”
Bitget has a proven track record of engaging in strategic investments. Even before the announcement of the EmpowerX funding initiative, Bitget had launched two notable funds earlier in the year. On April 10, the company reaffirmed its commitment to supporting global Web3 initiatives, with a specific focus on projects originating in Asia. This commitment is geared towards experienced teams striving to leverage blockchain technology to address real-world challenges. Bitget extended its funding efforts to renowned venture capitalists and global projects, including Foresight Ventures, Dragonfly Capital, and SevenX Ventures.
Shortly thereafter, Bitget entered into a strategic partnership with Core DAO, allocating a substantial fund of $200 million to strengthen the dApp ecosystem. In March, the company deepened its involvement in the decentralized ecosystem by investing $30 million in the BitKeep multi-chain wallet, ultimately becoming its largest shareholder. This investment led to a rebranding of the wallet, now known as Bitget Wallet, following the introduction of a new feature called Bitget Swap.
Bitget just launched an innovative savings plan for cryptocurrencies such as Bitcoin, Ethereum, and Ripple, with an enticing 24.5% annual percentage rate (APR) and principle protection. This move demonstrates Bitget’s unrelenting commitment to providing cutting-edge financial solutions in the cryptocurrency space.
Bitget’s $100 million EmpowerX Fund marks a significant milestone in the company’s quest to shape the future of cryptocurrency exchanges by forging strategic partnerships and expanding its ecosystem to better serve the ever-evolving needs of the cryptocurrency community. As the crypto landscape continues to evolve, Bitget remains at the forefront, leading the charge towards a more inclusive and innovative future.