Bitget launches $200 million fund

Bitget partners with Core DAO to launch $200 million fund to support ecosystem and dApps built on Core network.

Bitget and Core DAO launch $200 million fund to support dApps

The popular crypto derivatives and copy trading platform, Bitget, has entered into a new partnership with Core DAO to launch a $200 million ecosystem fund. 

Core DAO is the organization dedicated to the development of the Satoshi Plus ecosystem. The fund will be used primarily to support dApps built precisely on the Core network. 

Specifically, the Ecosystem Fund will provide support to early-stage projects for research and development, recruitment, marketing, community building programs, and other priority growth initiatives. 

The launch of the fund follows the launch of the Core network mainnet and the first airdrop of the CORE token. Not only that, the network has gained recent integrations with the cross-chain messaging protocol, LayerZero, and the Oracle permissionless Switchboard protocol.

#DeFi on Core is rising, so it’s never too much sharing how you can bridge to Core. Seamless.https://t.co/VSVaZJJ8ft

— Core DAO (@Coredao_Org) April 15, 2023

Bitget and Core DAO: what does the new partnership involve?

In addition to the creation of the fund, the partnership also includes the potential listing of Core projects and the opening of a new Core Trading Zone on Bitget and its integrated BitKeep wallet. 

Not only that, Bitget intends to become one of the validators of the Core network and support Core staking on the exchange. 

With over 8 million users, Bitget can provide significant staking needs to the Core DAO ecosystem and provide it with the necessary liquidity. 

In this regard, Gracy Chen, managing director of Bitget, said:

“This investment is another show of proof of our commitment to supporting the blockchain space from various angles. We have to keep in mind that the purpose of blockchain is to link the real world with Web3 space, and that is exactly what we are promoting with this partnership and our support to the ecological fund. With our help, we are confident that Core can achieve great things and advance the true principles of decentralization, which are based on transparency and improving the cross-chain experience of community members.”

Core’s Ecosystem Fund will reward each project for achieving customized and agreed-upon benchmarks that provide tangible value to the Core community. 

Rich Rines, Initial Contributor to Core DAO also commented on the collaboration as follows:

“Too often, grant programs seem designed to grab headlines and generate short-term momentum rather than incubating projects aligned with the ecosystem’s long-term success. Core DAO has always prioritized creating the highest quality technology in the blockchain industry versus being the ‘first’ or the ‘fastest’ to do something. That’s why our Ecosystem Fund will incentivize projects for their ability to both deliver value and sustain success.”

The $10 million investment on the expansion of the crypto-exchange

Recently, global crypto-focused venture capital firm Drangonfly wanted to make a $10 million strategic investment in Bitget. 

This investment is intended to support the expansion into the global market of Bitget’s copy-trading and crypto-derivatives platform and range of services. 

Also included in the support are Bitget’s upcoming CSR initiatives that are aimed at increasing cryptocurrency education and adoption.