Bitget Launches $100 Million EmpowerX Fund to Expand Web3 Presence
Bitget, a Seychelles-based company, has announced the launch of a new $100 million fund named EmpowerX. This fund aims to expand the company’s presence in the Web3 domain and diversify its investments to cater to a broader global user base. Bitget is shifting its focus beyond trading and will now explore areas such as decentralized finance, research, media organization, and other ventures.
Gracy Chen, the Managing Director of Bitget, expressed excitement about increased investments and potential mergers within the centralized exchange sphere. Chen believes that tightening regulations and the growing landscape of layer-2 blockchain networks and DeFi technologies will drive significant operational changes for centralized exchanges. This fund represents a crucial step in Bitget’s journey towards transforming into a comprehensive platform that meets the evolving needs of crypto enthusiasts.
“Through strategic, targeted investments that foster long-term growth, we aim to continually expand our ecosystem of services to serve the evolving needs of users better,” Managing Director Gracy Chen said. “We also want to empower other people in our industry because a rising tide lifts all boats.”
Bitget’s Strategic Investments and Innovations in Crypto and Blockchain
Bitget has a history of engaging in strategic investments. Before the EmpowerX fund, the company launched two funds this year. Bitget is dedicated to supporting global Web3 initiatives, particularly those originating in Asia. They focus on projects led by experienced teams that aim to address real-world challenges using blockchain technology.
Bitget has extended funding to notable venture capitalists and worldwide projects such as Foresight Ventures, Dragonfly Capital, and SevenX Ventures. The company has also invested $30 million in the BitKeep multi-chain wallet, becoming its largest shareholder. Bitget recently introduced a savings plan for cryptocurrencies, offering a 24.5% APR with principal protection. These efforts demonstrate Bitget’s commitment to providing innovative financial solutions in the crypto industry.
Hot Take: Bitget Continues to Expand, Driving Innovation in Crypto
Bitget’s launch of the $100 million EmpowerX fund showcases the company’s commitment to expanding its presence in the Web3 domain and meeting the evolving needs of crypto enthusiasts. By diversifying investments and exploring areas like decentralized finance and media organization, Bitget aims to create a comprehensive platform that caters to a broader global user base.
With strategic investments and partnerships with venture capitalists and projects like BitKeep, Bitget continues to pioneer innovation in the crypto and blockchain industry. The company’s focus on addressing real-world challenges through blockchain technology highlights its dedication to driving positive change.
As regulations tighten and layer-2 blockchain networks and DeFi technologies gain prominence, Bitget anticipates significant operational changes for centralized exchanges. By investing in long-term growth and empowering others in the industry, Bitget aims to contribute to the overall advancement of the crypto ecosystem.
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