Bitget Launches $10M Ecosystem Fund to Boost Onchain Layer Expansion

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As an analyst with a background in cryptocurrency and blockchain technology, I see Bitget’s announcement of the $10 million BWB Ecosystem Fund as a strategic move towards establishing a robust on-chain ecosystem within its platform. This ambition aligns with the current trend in the industry, where exchanges such as Binance, OKX, and KuCoin have already introduced thriving on-chain ecosystems that host decentralized applications (DApps) and offer various benefits to their users.

As a financial analyst, I’m excited to share that Bitget, the crypto exchange, has recently announced the creation of a $10 million BWB Ecosystem Fund. This fund is an essential step towards launching our Onchain Layer and developing a vibrant on-chain ecosystem on our platform.

The fund primarily concentrates on the goals of the onchain ecosystem, but it may also back compatible projects in line with its strategic objectives, as stated by the exchange.

As a researcher studying the cryptocurrency exchange landscape, I’ve come across Bitget, an exchange that has its own native tokens, namely BWB and BGB. Much like Binance‘s BNB token and Trust Wallet’s TWT token, these tokens hold significant roles within the Bitget ecosystem. Specifically, BWB is associated with the Bitget Wallet, while BGB serves a purpose similar to other well-known exchange tokens such as Binance’s BNB, KuCoin’s KCS, and OKX’s OKB. The key function of BGB is to offset trading fees, making it an effective tool for users looking to minimize expenses when utilizing the Bitget platform.

The Bitget Onchain Layer Ecosystem Fund

Bitget has revealed details about how it plans to allocate its budget for the fund. The exchange intends to begin by putting resources into developing and supporting various Web3 trading platforms. Specifically, Bitget Wallet is considering investing in approximately three pre-market price aggregators, an on-chain derivatives marketplace, and trading bots. These initiatives are seen as valuable additions that will enhance the functionality of Bitget’s interchain swap service.

In the APAC region alone, more than 20 million users utilize this exchange on a regular basis, making its self-custody wallet highly sought-after. The upcoming launch of its native token, BWB, further underscores its popularity. Of the total 1 billion maximum supply for BWB, 5% is earmarked for community members.

Based on the information given, BWB is expected to significantly contribute to the functioning of the Bitget Wallet and Onchain Layer system. It will be utilized for a range of purposes such as voting in governance decisions, engaging in Launchpad activities, earning staking rewards, and covering gas fees across multiple chains.

Bitget’s strategic action aligns with its objective to simplify daily cryptocurrency trading for users. This tactic also strengthens its position and generates attention in the competitive crypto market. Taking cues from the achievements of notable industry peers such as Binance and OKX, Bitget is poised to distinguish itself in the dynamic and rapidly advancing crypto sector.

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2024-05-15 17:56