Bitget launches EmpowerX fund worth $100 million

Cryptocurrency exchange Bitget has launched the EmpowerX fund worth $100 million, aimed at developing the platform’s ecosystem. This is according to the exchange’s press release.

Bitget announced the EmpowerX initiative as part of the eponymous summit, which drew 1,900 guests, including Justin Sun, founder of TRON; venture capitalist Tim Draper; and Hasib Qureshi, managing partner at Dragonfly Capital.

The fund will invest in regional exchanges, analytics companies, media projects and other organizations that help expand Bitget’s influence in the digital assets market.

Grace Chen, Bitget’s managing director, said that in the long term the exchange will build a comprehensive trading ecosystem, including trading, investments, analytics, DeFi services and media resources.

“The positioning of centralized exchanges is changing in light of tightening regulation, as well as the development of L2 solutions and DeFi protocols. We expect even more investments, mergers, and acquisitions in the coming months.”

“With the launch of EmpowerX, we are taking another important step toward turning Bitget into a truly comprehensive platform to meet the needs of the broadest range of users,” said Grace Chen.

Bitget is a cryptocurrency exchange for spot and futures trading, P2P and OTC trades, as well as passive earnings on Bitget Earn products.

The platform has formed partnerships with TradingView and football star Lionel Messi, and has become a sponsor of Juventus FC.

Earlier in April, Bitget and the blockchain developer Core DAO launched an investment fund worth $200 million.