Bitget earmarks another $100 million for global expansion

Bitget earmarks another $100 million for global expansion

By Wajeeh Khan - min read
bitget 100 million fund empower x
  • Bitget announced a new $100 million fund it’s calling Empower X on Tuesday.
  • The crypto exchange wants to tap on investment opportunities to diversify its business.
  • Bitget made the announcement today at its 5th anniversary summit in Singapore.

Bitget is in focus this morning after announcing plans of spending big on global expansion.

Bitget has established a new fund

On Tuesday, the crypto exchange revealed “Empower X” – a $100 million fund dedicated to investing in media organisations, data analytics firms, and regional exchanges.

Bitget expects tapping on such investment opportunities to help diversify its business. According to its Managing Director Gracy Chen:

Through strategic, targeted investments that foster long-term growth, we aim to expand our ecosystem of services to better serve evolving needs of users.

The Seychelles-based company made the aforementioned announcement at its 5th anniversary summit in Singapore. It was recently named one of the top four centralised exchanges by TokenInsight.

Bitget is committed to global expansion

Earlier this year, Bitget had earmarked $100 million to invest in Asia-focused Web3 startups. Its Managing Director Chen also said in a press release today:

CEX landscape is evolving … and more investment, merger and acquisition will happen in the following months. Our vision goes beyond the present.

In March, the crypto exchange also spent $30 million to secure a controlling stake in BitKeep and rebranded the decentralised multichain wallet as Bitget Wallet.

The announcement arrives shortly after Bitget reported a 1.8% increase in its market share in the second quarter of this year to 8.7%. It has recently registered successfully in Lithuania.