Bitget and Core DAO to launch a $200 million fund

The cryptocurrency exchange Bitget and blockchain developer Core DAO have sealed a strategic partnership and announced the launch of an investment fund of $200 million. The funds will go to the development of dapps ecosystem of Core. This was reported in the blog of the trading platform.

Core DAO is an organization that develops the Core blockchain based on the Satoshi Plus consensus algorithm. It addresses the blockchain trilemma by combining decentralization and the security of Proof-of-Work (PoW) with the scalability of Delegated-Proof-of-Stake (DPoS).

The launch of the joint fund will take place after the project’s mainnet launch and the first Core (CORE) token airdrop. Bitget and Core DAO will abandon the grant system and will reward projects for achieving individual and agreed milestones of community development.

“Usually, grants help attract attention to the ecosystem, but they do not contribute to its development. Our priority is in creating high-quality technologies, so the investment fund will incentivize projects for their ability to benefit the community and consolidate the achieved results,” — commented Core DAO member Rich Rains.

In the near future Bitget will become a validator of the Core Network and will add staking CORE. In addition, the platform will list ecosystem projects and will create a Core trading zone on the exchange and in the integrated wallet BitKeep.

“The goal of blockchain is to connect Web3 with the real world, and we are advancing it with the support of Core DAO. We are confident the project will reach great heights and popularize the principles of decentralization,” said Gracie Chen, managing director of Bitget.

The partnership was preceded by the launch of a $100 million Web3 fund, which became part of Bitget’s “Going Beyond Derivatives” strategy. Among the exchange’s latest initiatives are a partnership with Juventus FC and the acquisition of several Web3 projects.

Bitget is a cryptocurrency exchange offering spot and futures trading, copy trading, P2P- and OTC-trades. The platform serves users in more than 100 countries around the world. In April 2023 it obtained a license from the Lithuanian regulator.

Earlier Bitget launched index futures trading.