Bitget and Core DAO launch $200 million ecosystem fund

Bitget and Core DAO launch $200 million ecosystem fund

By Benson Toti - min read
  • Bitget’s strategic partnership with Core DAO targets projects on the Core network.
  • The collaboration includes a $200 milion fund also backed by MEXC.
  • Core recently integrated with blockchain messaging protocol LayerZero.

Bitget, a leading crypto derivatives trading platform and Core DAO, the organization that’s developing the Satoshi Plus ecosystem, have announced a strategic partnership to support the development of decentralised applications (dApps) on Core network’s Layer-1 blockchain.

Fund to support projects on Core network

According to a news release from Bitget, the collaboration with Core DAO involves an ecosystem fund worth $200 million. The fund is backed by other strategic partners, including global crypto exchange MEXC and will see early stage projects on Core receive support across product research and development, marketing, recruitment of talent and community-building programs.

Bitget will also list Core projects and open a new Core Trading Zone on the derivatives platform and its integrated BitKeep wallet. The platform will also support CORE staking and become a validator on Core.

Core DAO’s ecosystem fund will offer a grants strategy for projects where funds will be available when developers hit agreed-upon benchmarks. According to Bitget, the community will have to see tangible value before the projects get funding.

News of Core DAO’s partnership with Bitget is a big boost for Core, whose mainnet launch happened recently and saw a CORE tokens airdrop benefit roughly 2 million users. The growth trajectory for Core DAO also includes key integrations with LayerZero, a cross-chain messaging protocol. 

The network is also collaborating with Switchboard, a permissionless Oracle protocol.

In the market, Core (CORE) price rose after the news, trading to intraday highs of $1.70, while Bitget Token was down 1%. Meanwhile, the crypto market had climbed 2% to $1.34 trillion as Bitcoin bounced above $30k amid a price uptick for cryptocurrencies.