Seychelles-based cryptocurrency exchange Bitget has announced the launch of a $100 million EmpowerX Fund to invest in crypto exchanges, data analysis companies, and media. The EmpowerX Fund will focus on expanding and diversifying the cryptocurrency exchange’s ecosystem. The fund will invest in regional exchanges, data analysis companies, media organizations, and other institutions.
Bitget’s EmpowerX Fund
Bitget, a derivatives and copy trading platform, has announced the EmpowerX Fund, a $100 million fund designed to expand its ecosystem. The cryptocurrency exchange’s new fund aims to invest in regional cryptocurrency exchanges, data analysis companies, media organizations, and other institutions, according to an announcement made at Bitget’s fifth anniversary summit held in Singapore today.
Bitget stated that the key to expanding its ecosystem is to diversify its services to meet the changing needs of its 20 million global customers. It also aims to create a comprehensive trading ecosystem that encompasses trading, investment, research, DeFi, media, and other functions.
Gracy Chen, CEO of Bitget, said, “The centralized cryptocurrency exchange landscape is constantly evolving with tightened regulations and the rapid growth of Layer 2 and DeFi technologies, and we expect to see more investments, mergers, and acquisitions in the coming months.”
Bitget’s Strategy Beyond Derivatives
The EmpowerX Fund follows the launch of the $100 million Web3 Fund by Bitget in April, which prioritizes Asian-based projects and invests with global VCs including Foresight Ventures, SevenX Ventures, and Gitcoin Fund. The Seychelles-based cryptocurrency exchange also invested $30 million in the decentralized multi-chain cryptocurrency wallet BitKeep in March. With its controlling stake in the company, Bitget rebranded it as Bitget Wallet as part of its strategy to go beyond derivatives.
In April, Bitget also received a strategic investment of $10 million from crypto venture capital firm Dragonfly Capital to continue expanding towards spot trading and yield-generating products and grow its launchpad initiative. Despite the challenges faced by the crypto industry in 2022, including the bankruptcies of companies such as Celsius, BlockFi, and Voyager Digital, Bitget took a bold step by launching a crypto lending product in July.
