Bitget Launches $100 Million EmpowerX Fund for Crypto Expansion

Bitget, a platform for crypto derivatives, has announced a new fund that will invest in regional exchanges, analytics firms, media organizations, and other entities that can contribute to its expansion.

Bitget announced the Bitget EmpowerX Fund, which will invest $100 million to maximize the company’s “long-term impact” in the cryptocurrency industry.

According to the announcement, Bitget believes that expanding the native crypto ecosystem requires diversifying services to meet the requirements of a global user base.

Bitget’s managing director, Gracy Chen, stated that the company anticipates more investments, mergers, and acquisitions in the coming months as the landscape of centralized exchanges changes in response to new regulations.

According to Chen, the fund is “another major step” in the company’s mission to make Bitget a comprehensive platform that caters to crypto users’ ever-changing needs. “We also want to empower other people in our industry, because a rising tide lifts all boats,” Chen explained.

Earlier this year, the crypto derivatives exchange launched a $100 million Web3 fund for crypto initiatives in Asia. Bitget announced on April 10 that it would fund Web3-friendly projects worldwide, with a particular emphasis on Asian projects with experienced teams working to solve real-world problems.

The multichain wallet BitKeep was recently rebranded as Bitget Wallet following the crypto derivatives exchange’s $30 million March acquisition of a controlling stake in the company.

BitKeep altered its name on August 10 and introduced an in-wallet feature called Bitget Swap.