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.

Bitget Launches $100 Million EmpowerX Fund to Expand Ecosystem

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.

Gracy Chen, the Managing Director of Bitget, stated that the crypto exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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."

"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."

According to the press release shared with Finance Magnates, the newest fund was established to celebrate the company's fifth anniversary.

Bitget's Previous Investments and Future Directions

Bitget is no stranger to strategic investments. Earlier this year, the company launched a Web3 Fund of $100 million 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.

Just a few days later, the company announced a strategic partnership with Core DAO to establish another fund worth $200 million to support the DApps growth.

The company is further making strides in the decentralized space, having invested $30 million in the BitKeep multi-chain wallet, which was later rebranded as the Bitget Wallet. This investment made Bitget the controlling stakeholder in the wallet, marking a significant step in its decentralized strategies.

Seeking to capitalize on the popularity of long-term investments in cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, such as Bitcoin, Ethereum, and Ripple, Bitget has introduced a new savings product that, according to press materials, is designed to offer up to 24.5% APR with principal protection.