On April 04, Bitget, a Singapore-based crypto exchange, raised a strategic $10 Million in funding from Dragonfly. The crypto exchange offers derivative and spot services on its platform. The exchange acquired Bitget wallet for $300 Million.
Bitget raised $ 15 million in Series-A funding organized on May 18, 2022.
Recently on April 03, the centralized crypto exchange invested $30 Million in the decentralized finance wallet Bitkeep. More than 11 million users visit Bitget on monthly basis and the exchange operates its business in 100+ countries.
Bitget was founded in 2018 by Sandra Lou the core objective behind the development of Bitget was to boost social trading. According to CoinMarketCap Bitget is ranked as the 16th best crypto exchange in the context of the trading volume.
According to Coingecko, Bitget offers to trade 472 coins and the exchange is ranked as the 10th best exchange with a 24-hour trading volume of $554,834,218. There are around 537 pairs of cryptocurrencies available on Bitget.
Bitget is working on expanding its crypto business globally and for this, in November 2022 the exchange appointed globally popular Argentinian footballer Lionel Messi as its brand ambassador.
The motive behind appointing Messi as the brand ambassador is to boost the crypto and Web3 adoption in the Football industry.
Recently the Japanese Financial Service Agency published a warning letter against four major crypto exchanges including:
- Bitget,
- Bybit,
- BitForex, and
- MEXC Global
…for not operating as per funds settle laws of the nation.
The financial regulator argued that these four crypto exchanges are operating in Japan with proper registration. Although the country is working to structure a new and favorable set of rules and regulations for crypto and Web3.
On allegations of Japanese financial regulators, a spokesperson of Bitget told a crypto media outlet that they are trying to get in touch with regulators for detailed information.
On January 31, Kraken, a U.S.-based centralized crypto exchange was de-listed from the Japanese market. Following this path– Coinbase halted all its operations in Japan. According to a Coinbase executive, the reason behind seizing operations in Japan is the uneven and imbalanced market conditions.
Dragonfly Capital is a venture capital firm based in California, United States. The investment firm has invested in more than 100 companies some of them are Econia Labs, Cega Finance, Monad, Zarta, Andrena including several others.
Dragonfly acquired MetaStable Capital on August 15, 2022, at an undisclosed amount. Recently on March 30, Econia Labs raised $6.5 Million and secured the investment Dragonfly Capital.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/04/04/bitget-raised-10-million-funding-led-by-dragonfly-capital/