Bitget Launches $100 Million EmpowerX Fund to Expand Ecosystem
Bitget, the crypto derivatives and copy-trading exchange, has introduced its EmpowerX Fund with a $100 million investment to enhance its platform’s ecosystem. The fund aims to invest in regional exchanges, data analytics firms, media organizations, and other entities. Bitget believes that diversifying its services to meet the varying needs of its 20 million global customers is crucial for expanding its ecosystem. The exchange also aims to create a comprehensive trading ecosystem that includes trading, investment, research, DeFi, media, and other functions. Bitget has allocated $100 million for the fund, with the possibility of increasing the amount based on market conditions and business strategy. The funds are sourced from Bitget’s strategic reserves and have already been prepared for investment.
Bitget’s ‘Beyond Derivative’ Strategy
This EmpowerX Fund follows the launch of Bitget’s $100 million Web3 Fund in April, which focused on Asia-based projects and partnered with global venture capital firms. Additionally, Bitget invested $30 million in the BitKeep multi-chain wallet, rebranding it as Bitget Wallet as part of its “go beyond derivatives” strategy. The exchange also received a $10 million strategic investment from crypto venture capital firm Dragonfly Capital to expand into spot trading, yield-generating products, and its launchpad initiative. In July, Bitget introduced a crypto loans product despite the challenges faced by the industry in 2022.
Mandatory KYC on Bitget
Bitget recently announced mandatory know-your-customer (KYC) verification for new users starting from September 1st and for all existing users from October 1st. This move is in compliance with regulatory requirements in the global cryptocurrency sector and aims to create a secure trading environment. Bitget anticipates that KYC measures will become stricter, with users needing to undergo verification multiple times a year and the inclusion of more biometric data.
Hot Take: Bitget Expands Ecosystem with $100 Million EmpowerX Fund
Bitget’s launch of the EmpowerX Fund demonstrates its commitment to expanding its ecosystem and meeting the diverse needs of its global customer base. By investing in regional exchanges, data analytics firms, and media organizations, Bitget aims to create a comprehensive trading ecosystem that covers various functions, including trading, investment, research, DeFi, and media. The $100 million fund, sourced from Bitget’s strategic reserves, highlights the exchange’s determination to invest in its own future without relying on external funding. This initiative follows the launch of the Web3 Fund, strategic investments, and the introduction of crypto loans. With the introduction of mandatory KYC verification, Bitget is aligning itself with regulatory requirements and ensuring a secure trading environment for its users.
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