Venture firm Dragonfly announced a strategic $10 million investment in cryptocurrency exchange Bitget. ForkLog has learned from the platform’s representatives.
The funds are earmarked to expand Bitget’s markets and range of services, as well as educational initiatives.
Founded as a derivatives trading platform built on digital assets, the exchange ranks among the top five in the segment by daily trading volume, according to CoinGecko.
According to Boston Consulting Group, Bitget ranked in the top three by volumes in cryptocurrency derivatives trading in 2022, behind only Binance and OKX, according to the report Boston Consulting Group.
Bitget aims to accelerate its transformation into a universal crypto-investment platform in 2023. This will be aided by efforts to expand and enhance spot trading, income-generating products, a platform for launching tokens, and ecosystem development.
In March, the company invested $30 million in the BitKeep wallet at a $300 million valuation and became its controlling shareholder.