Bitget Launches EmpowerX Fund to Foster Web3 Ecosystem Growth

Image: Shutterstock

Crypto exchange Bitget is hosting an event on Tuesday, September 12 in Singapore called "Bitget EmpowerX," right before Token2049, a highly anticipated global web3 and crypto conference of 2023.  

The move centres around introducing Bitget’s EmpowerX Fund, a substantial $100 million investment dedicated to nurturing the web3 ecosystem surrounding the platform. The fund aims to identify promising investment opportunities across sectors like regional exchanges, data analytics firms, and media organisations.

Designed to contribute to the Bitget ecosystem's growth, the newly established EmpowerX Fund is a bet on vision for the future of digital assets. This capital will be allocated to maximise the company's long-term impact within the crypto space and its associated ecosystem. 

Consequently, the exchange plans to broaden its business horizons, creating a comprehensive trading ecosystem encompassing trading, investment, research, DeFi, media, and more. Notably, Bitget's web3 fund has already invested in prominent VCs like Foresight Ventures, Dragonfly Capital, SevenX Ventures, Gitcoin Fund, DAO Maker, and ABCDE Capital.

Gracy Chen, the Managing Director of Bitget, shared her insights on this significant development: "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, meagre and acquisition will happen in the following months. Our vision 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."

In March, Bitget made a $30 million investment in the decentralised BitKeep multi-chain wallet, later rebranded as the Bitget Wallet. This move established Bitget as the primary stakeholder in the wallet, marking a substantial advancement in the decentralised crypto space.

Bitget's latest establishment of the EmpowerX Fund seems to reaffirm its dedication to shaping the future of crypto by creating a holistic ecosystem that caters to the evolving needs of its users and the broader industry. The extent of the impact it brings for the broader crypto and web3 ecosystem remains to be seen. 

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash