Quick take:
- Bitget has launched a further $100 million fund for ecosystem growth.
- Bitget EmpowerX Fund also targets regional exchanges, analytics firms, and media organizations.
- The launch follows a $100 million Web3 fund announced in April.
Crypto derivatives exchange and web3 investment company Bitget has announced another $100 million fund for ecosystem growth. Dubbed, Bitget EmpowerX Fund, it also targets opportunities in regional exchanges, analytics firms, media organizations and entities that can boost its growth.
This new fund follows Bitget’s announcement of a $100 million Web3 fund in April with Foresight Ventures, Dragonfly Capital, and SevenX Ventures among partners that expressed interest. According to Bitget, the Bitget EmpowerX Fund is part of its strategy of maximising its “long-term impact” on the crypto space.
The company is on a mission to create an ecosystem that targets the global user base. Besides the two funds, Bitget acquired the non-custodial crypto wallet provider Bitkeep for $30 million, which has since rebranded to Bitget Wallet.
This acquisition exemplifies Bitget’s strategy of diversifying its ecosystem with support for non-fungible tokens (NFTs), derivatives trading, DeFi, and cross-chain swaps, among others. Bitget Wallet recently partnered with Gamefi marketplace Mobox to power the next generation of Web3 games.
According to Bitget managing director Gracy Chen, there will be more mergers and acquisitions in the crypto space as the industry continues to consolidate amid the evolving regulatory landscape, said in a blog post on the company’s website.
The new fund is a major milestone in the company’s mission of providing a comprehensive platform that adapts to the evolving needs of the crypto community. And Chen believes that empowering other people in the industry will help lift up the market amid the crypto winter.
“The CEX landscape is continually evolving amid influences of tightened regulations, the rapid growth of Layer 2 and DeFi technologies, and we are expecting that more investment, meagre and acquisition will happen in the following months. Our vision goes beyond the present. With the launch of the Bitget EmpowerX Fund, we take another major step in our mission to develop Bitget into a truly comprehensive platform for all needs,” said Chen.
The new fund announcement comes despite a significant decline in Web3 funding. According to CrunchBase, Web3 startups raised $1.8 billion during the second quarter of 2023, which is more than a 75% decline from the $7.5 billion raised in Q2 last year.
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