Bitget Makes a $100 Million Move to Diversify Crypto Exchange Business

<p>After
launching two funds in April aimed at supporting the development of Web3 and
decentralized applications (DApps) with a total value of $300 million, the
cryptocurrency exchange, Bitget has introduced another fund called EmpowerX with
a capital base of $100 million. The fund is designed to accelerate the
platform's ecosystem by investing in various sectors, including regional
exchanges, data analytics firms, and media organizations. </p><p>Bitget Launches $100
Million EmpowerX Fund to Expand Ecosystem</p><p>The
EmpowerX Fund aims to strategically allocate its $100 million capital to
maximize Bitget's presence in the digital asset space. The company wants to offer
a variety of services that cater to the diverse demands of users worldwide. As
a result, the exchange no longer wants to focus on trading alone, but also on
investment, research, decentralized finance (DeFi) and media activities.</p><p>Gracy Chen,
the Managing Director of Bitget, stated that the crypto <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> landscape is
constantly evolving due to factors like regulatory changes and the rapid growth
of Layer 2 and DeFi technologies. As a result, the vision of the exchange
"goes beyond the present."</p><p>"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,"
Chen added. "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. We also want to empower other people in our
industry, because a rising tide lifts all boats."</p><p>According to the press release shared with Finance Magnates, the newest fund was established to celebrate the company's fifth anniversary.</p><p>Bitget's Previous
Investments and Future Directions</p><p>Bitget is
no stranger to strategic investments. Earlier this year, the company <a href="https://www.financemagnates.com/cryptocurrency/bitget-reveals-100m-web3-fund-to-propel-crypto-ecosystem-growth/" target="_blank" rel="follow">launched a
Web3 Fund of $100 million</a> to identify venture capital firms and global projects, particularly emphasizing Asia-based partners. Some notable
Venture Capitalists the Web3 Fund has invested in include Foresight Ventures, Dragonfly
Capital, and SevenX Ventures.</p><p>Just a few
days later, the company announced a strategic partnership with Core DAO to
establish another fund <a href="https://www.financemagnates.com/cryptocurrency/bitget-dedicates-200-million-fund-for-dapps-innovation/" target="_blank" rel="follow">worth $200 million</a> to support the DApps growth.</p><p>The company
is further making strides in the decentralized space, having invested $30 million
in the BitKeep multi-chain wallet, which was later <a href="https://www.financemagnates.com/cryptocurrency/from-bitkeep-to-bitget-popular-crypto-wallet-rebrands-launches-swap-offering/" target="_blank" rel="follow">rebranded as the Bitget
Wallet</a>. This investment made Bitget the controlling stakeholder in the wallet,
marking a significant step in its decentralized strategies.</p><p>Seeking to
capitalize on the popularity of long-term investments in <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/">cryptocurrencies</a>, such
as Bitcoin, Ethereum, and Ripple, Bitget has introduced <a href="https://www.financemagnates.com/cryptocurrency/bitget-snowball-investment-product-to-melt-away-crypto-winter-worries/" target="_blank" rel="follow">a new savings product</a>
that, according to press materials, is designed to offer up to 24.5% APR with
principal protection.</p>

This article was written by Damian Chmiel at www.financemagnates.com.