financemagnates.com
Crypto derivatives and copy trading platform Bitget has announced a strategic partnership with Core DAO, an organization focused on developing the Satoshi Plus ecosystem. The collaboration will see the establishment of a $200 million ecosystem fund to support the growth and development of decentralized applications (DApps).
Bitget Launches $200 Million Crypto Fund
The fund launch comes after the Core DAO network's mainnet launch, built on the Core Network Layer-1 blockchain, with its first airdrop of CORE tokens claimed by more than 1.5 million users. The network has also recently integrated with the cross-chain messaging protocol LayerZero and the permissionless Oracle protocol Switchboard.
Backed by strategic partners such as Bitget and MEXC, the Ecosystem Fund aims to provide support to early-stage projects for various growth initiatives, including recruitment, community-building programs, research and development, and marketing.
"This investment is another show of proof of our commitment to supporting blockchain space from various angles," Gracy Chen, the Managing Director of Bitget, commented.
"With our help, we are confident that Core can reach great heights and advance the real principles of decentralization, which stand on transparency and the improvement of community members' cross-chain experience," she added.
Besides the $200 million investment, the partnership will also make it possible for Core projects to be listed and create a new Core Trading Zone on Bitget and its connected BitKeep wallet. Bitget will focus on the Core ecosystem fund and its tech efforts, using its security and other growth areas expertise.
Moreover, Bitget aims to serve as a validator for the Core network and facilitate Core staking on its platform. With a user base exceeding 8 million, Bitget can provide staking assistance to the Core DAO ecosystem and ensure adequate liquidity.
Rich Rines, an Initial Contributor at Core DAO, highlighted that many grant programs tend to focus on capturing attention and creating short-term momentum, rather than nurturing projects that align with the ecosystem's long-term success. The ecosystem fund with Bitget is designed to change that and reward projects that can deliver value and maintain success in the long run.
Bitget's Ongoing Efforts to Promote Web3 Industry
The collaboration with Core DAO comes after Bitget's recent introduction of the Web3 Fund, a key component of the exchange's continuous endeavors to support the growth of the Web3 and crypto sectors. Bitget has been proactively broadening its offerings, concentrating on its 'Go Beyond Derivatives' approach, which involves partnering with a variety of real-world and Web3 ventures.
#Bitget Launches $100M #Web3 Fund to Support Next-Generation #Crypto Projects in Asia
— Bitget (@bitgetglobal) April 10, 2023
Some of Bitget's latest efforts include partnering with Juventus football club and entering the Web3 domain by acquiring multiple related projects. Bitget is dedicated to advancing blockchain adoption by providing a larger audience with access to decentralized services, subsequently extending its range of products.
"We strive to support financial innovation in Asia and believe that our platform can act as a reliable, convenient, and secure link between the worlds of DeFi and CeFi," Gracy Chen, the Managing Director of Bitget, commented. "Our team of analysts has already outlined the criteria for project selection and will adhere to them strictly."
To boost the crypto adoption even further, the company acquired BitKeep wallet to enhance users' Web3 browsing experience and launched a DeFi feature, MegaSwap, for trading numerous digital assets.
Nevertheless, it faced controversy as Japan's FSA warned against four crypto exchanges, including Bitget, operating without proper registration in the country.