Bitget Plans to Invest $100 Million for Global Expansion with New Fund

6:41 pm
September 12, 2023

Bitget, a crypto exchange, has announced the launch of a new $100 million fund called Empower X. The fund will be dedicated to investing in media organizations, data analytics firms, and regional exchanges, with the aim of diversifying Bitget’s business. The announcement was made at the company’s 5th anniversary summit in Singapore.

Bitget’s Focus on Global Expansion

Bitget is committed to expanding its global presence and has previously earmarked $100 million for investments in Asia-focused Web3 startups. Speaking about the latest fund, Bitget’s Managing Director, Gracy Chen, stated that through strategic investments, the company aims to expand its ecosystem and better serve the evolving needs of its users.

In addition to the new fund, Bitget has recently acquired a controlling stake in BitKeep, a decentralised multichain wallet, by investing $30 million. This acquisition further strengthens Bitget’s position in the market. Bitget has also reported a 1.8% increase in its market share during the second quarter of this year.

Frequently Asked Questions (FAQ)

What is Bitget?

Bitget is a crypto exchange that offers trading services for various cryptocurrencies.

What is the Empower X fund?

The Empower X fund is a $100 million investment fund established by Bitget. The fund aims to invest in media organizations, data analytics firms, and regional exchanges to diversify Bitget’s business.

What is Bitget’s plan for global expansion?

Bitget plans to expand its global presence by investing in Asia-focused Web3 startups and acquiring strategic stakes in other companies, such as BitKeep. The company aims to strengthen its ecosystem and better serve the evolving needs of its users.

How has Bitget performed in the market?

Bitget has reported a 1.8% increase in its market share during the second quarter of this year. The company continues to grow and has recently registered successfully in Lithuania.

Where was the announcement made?

The announcement about the new fund was made at Bitget’s 5th anniversary summit in Singapore.

What is BitKeep?

BitKeep is a decentralised multichain wallet that was recently acquired by Bitget. The wallet has been rebranded as Bitget Wallet.

Who is Gracy Chen?

Gracy Chen is the Managing Director of Bitget. She is responsible for the strategic direction and growth of the company.

What is Web3?

Web3 refers to the next generation of the internet that is decentralised and built on blockchain technology. It aims to provide more control and privacy to users by removing intermediaries and central authorities.

Summary

Bitget, a crypto exchange, has announced the launch of a new $100 million fund called Empower X. The fund aims to invest in media organizations, data analytics firms, and regional exchanges to diversify Bitget’s business. The company is focused on global expansion and has previously invested in Asia-focused Web3 startups. Bitget has also acquired a controlling stake in BitKeep, a decentralised multichain wallet. The company continues to grow, with an increase in market share and successful registration in Lithuania.


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