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Bitget's $100 Million EmpowerX Fund Pioneering Growth in the Crypto Ecosystem

Bitget's $100M fund: Fueling ecosystem growth, regional exchanges, analytics, media
September 14, 2023

In the ever-evolving landscape of cryptocurrency, Bitget, a prominent crypto exchange platform based in Seychelles, is making bold moves. Today, we delve into the exciting announcement of their latest venture—a hefty $100 million fund named EmpowerX. It's not just about trading anymore; Bitget aims to diversify its investments and create a comprehensive crypto platform. Let's explore this ambitious journey.

Earlier this year, Bitget kicked off a funding spree, injecting $300 million into the development of Web3 and decentralized applications (dApps). Now, they've added another $100 million to the mix with the EmpowerX Fund. This substantial capital infusion is set to pave the way for Bitget's broader footprint in the Web3 realm.

In an email announcement, Bitget shared its vision of expanding beyond trading, targeting a global audience. Their interests now span decentralized finance, research, media organizations, and various innovative ventures.

Gracy Chen, the Managing Director of Bitget, expressed enthusiasm for increased investments and potential mergers in the centralized exchange space, responding to evolving regulatory environments. She sees the EmpowerX Fund as a significant step towards transforming Bitget into a versatile platform catering to the dynamic needs of crypto enthusiasts.

Chen outlined their strategy of growing their ecosystem through strategic, growth-oriented investments, envisioning a pivotal transformation in the landscape of centralized exchanges. This represents a vital phase in Bitget's journey to shape the future of crypto exchanges.

*"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 emphasized, *"*We also want to empower other people in our industry because a rising tide lifts all boats."

Bitget isn't new to strategic investments. Before the EmpowerX Fund, they had already launched two funds earlier in the year. On April 10, they reaffirmed their commitment to global Web3 initiatives, particularly focusing on projects emerging from Asia.

Their dedication extends to experienced teams addressing real-world challenges through blockchain technology. Bitget extended its funding efforts to prominent venture capitalists and projects worldwide, including Foresight Ventures, Dragonfly Capital, and SevenX Ventures.

Soon after, Bitget forged a strategic partnership with Core DAO, earmarking a substantial $200 million fund to strengthen the dApp ecosystem. In March, they deepened their involvement in the decentralized ecosystem by investing $30 million in the BitKeep multi-chain wallet, becoming its largest shareholder and prompting a rebrand to Bitget Wallet.

Recently, Bitget introduced a novel savings plan for cryptocurrencies like Bitcoin, Ethereum, and Ripple, offering an enticing 24.5% APR with principal protection. This move underscores Bitget's commitment to innovative financial solutions in the crypto realm.

Bitget is poised to play a pivotal role in shaping the future of cryptocurrency exchanges. Stay tuned as they continue to make waves in this dynamic industry, offering crypto enthusiasts a brighter and more diversified future.

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