Bitget Signals Ambitious Expansion Plans with $100M Fund

Bitget intends to build an ecosystem encompassing several aspects of the crypto space.

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  • Bitget has launched an investment fund to expand its business prospects.
  • The fund will be directed at building an ecosystem encompassing several sectors, including DeFi.
  • The exchange continues to maintain a transparency and security focus.

Bitget is riding on a high in 2023. As highlighted by Nansen, the exchange was the only one to grow its futures trading volume in the first six months of FTX’s collapse. Additionally, in Q2, TokenInsight’s crypto exchange report revealed that the exchange had grown its market share by nearly 400% from 1.81% to 8.7%. 

Hoping to capitalize on recent successes, the firm has launched an investment fund to expand its services and business prospects.

Bitget Unveils EmpowerX Fund

Bitget revealed that it had launched a $100 million fund called the EmpowerX Fund to expand its ecosystem and business prospects in a press release shared with DailyCoin. Specifically, the firm intends to invest in regional exchanges, data analytics firms, media organizations, and other entities.

Bitget asserts that the initiative aims to meet the diverse needs of users worldwide. The exchange’s envisioned ecosystem will encompass “trading, investment, research, DeFi, media, and other functions.”

Bitget Managing Director Gracy Chen noted that the EmpowerX Fund will allow the exchange to adapt to the evolving cryptocurrency landscape.

"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, meager 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," she noted.

The investment fund comes on the heels of recent efforts from Bitget to strengthen and inspire trust in existing customers.

Bitget’s Security Focus

Following the collapse of FTX in November 2022, Bitget, like many other exchanges, has expressed a renewed commitment to transparency and security, issuing regular Proof-of-Reserves (PoR) reports and creating a protection fund.

Bitget’s August 2023 PoR report asserts that the firm holds a total reserve ratio of 208%. At the same time, on Monday, September 11, the firm disclosed that a year later, its protection fund had grown from $200 million to $357 million as of August 2023.

Aside from strengthening its security practices, Bitget has also launched an initiative to instill security consciousness in its users. On September 11, the exchange announced the launch of a crypto security education learning series offering participants the chance to share in a $1,000 prize pool.

On the Flipside

  • Bitget faces stiff competition from Binance and Coinbase, which already boast robust ecosystems, including blockchain networks for DeFi activities.

Why This Matters

Bitget has already witnessed significant growth in 2023. The EmpowerX Fund promises to bolster this growth further.

Bitget’s Gracy Chen has called for the establishment of industry standards. Find out more:
Bitget’s Gracy Chen Calls for Exchange Standards Amid Transparency Push

Find out why Messari believes that TRX, MATIC, and DOGE face the most significant sell-side risk in an FTX liquidation event:
TRX, MATIC, DOGE at Risk in FTX Liquidation Event: Messari

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.