Bitget unveils $100 million fund to invest in exchanges, data analytics and media

Quick Take

  • Bitget’s EmpowerX Fund will focus on growing and diversifying the crypto platform’s ecosystem. 
  • The fund will invest in regional exchanges, data analytics firms, media organizations and other entities.

Crypto derivatives and copy-trading exchange Bitget has unveiled its EmpowerX Fund, a $100 million initiative designed to expand the platform's ecosystem.

Bitget’s new fund will seek to invest in regional exchanges, data analytics firms, media organizations and other entities, according to a statement coinciding with Bitget's fifth-anniversary summit in Singapore today.

Bitget said the key to expanding its ecosystem was diversifying its services to cater to the varying needs of its 20 million global customers. It also said it aimed to create “a comprehensive trading ecosystem encompassing trading, investment, research, DeFi, media and other functions.”

“The CEX landscape is continually evolving amid influences of tightened regulations, rapid growth of Layer 2 and DeFi technologies, and we are expecting that more investment, mergers and acquisitions will happen in the following months,” Bitget Managing Director Gracy Chen said in the statement.

Bitget has set aside $100 million for the fund, but that figure may increase depending on market conditions and future business strategy, a spokesperson told The Block. The $100 million is sourced from Bitget's strategic reserves, which are seperate from the company's core budget, and has already been allocated to the fund ready for investment, the spokesperson added.

"We prefer investing in the company's future without relying on external funding at this moment," Chen told The Block.

Bitget’s 'beyond derivative' strategy

The EmpowerX Fund follows the launch of Bitget’s $100 million Web3 Fund in April, which prioritized Asia-based projects and invested with global VCs — including Foresight Ventures, SevenX Ventures and Gitcoin Fund.

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