The crypto trading firm’s new initiative will target companies that can help develop its offerings, and it follows the Web3 Fund in April.

Coins scattered near smartphone with financial charts on screen

Seychelles-registered cryptocurrency exchange company Bitget has launched a $100m EmpowerX Fund.

Founded in 2018, Bitget’s platform provides cryptocurrency trading services, which help newcomers to copy positions opened and managed by other traders. The exchange has 20 million registered users globally, handing 10bn USDt – a Tether coin pegged to the US dollar – of daily trading volume.

The new fund will invest in regional exchanges, data analytics technology developers, media groups and others that can help boost Bitget’s digital assets ecosystem development.

In April this year, Bitget formed a $100m Web3 Fund which focuses on Asia-based venture capital firms and crypto projects. The fund has invested in VC funds run by Foresight Ventures, Dragonfly Capital, SevenX Ventures, Gitcoin Fund, DAO Maker and ABCDE Capital.

Bitget has become the largest shareholder of decentralised multichain wallet provider BitKeep, later renamed Bitget Wallet, after it provided $30m to the company the month before.

Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.