Bitget & Core DAO to Launch a $200 Million Ecosystem Fund

PRNewswireApril 19, 20236 min

Bitget, top crypto derivatives and copy trading platform, has entered into partnership with Core DAO, the organization dedicated to developing the Satoshi Plus ecosystem. The collaboration will entail a $200 million ecosystem fund focusing on the support of decentralized applications (DApps) built on Core Network Layer-1 blockchain.

The fund launch follows the Core network’s mainnet launch and first airdrop of CORE tokens, which were claimed by nearly 2 million users; and recent integrations with cross-chain messaging protocol, LayerZero and permissionless Oracle protocol Switchboard. The Ecosystem Fund, which is backed by strategic partners including Bitget and MEXC, will provide support to early-stage projects for research and development, recruiting, marketing, community-building programs, and other priority growth initiatives.

Apart from the $200 million investment, the partnership also entails the potential listing of Core projects and the opening of a new Core Trading Zone on Bitget and its integrated BitKeep wallet. Special focus will be devoted to the Core ecosystem fund and technological endeavors, giving the project support and the experience of the Bitget team in terms of security and other possible development avenues.

Bitget also intends to become one of the validators of the Core network and support Core staking on the exchange. With more than 8 million users, Bitget can provide significant staking needs to the Core DAO ecosystem and supply it with necessary liquidity.

This investment is another show of proof of our commitment to supporting blockchain space from various angles. We have to keep in mind that the purpose of blockchain is to link the real world with Web3 space, and that is exactly what we are promoting with this partnership and our support to the ecological fund. With our help, we are confident that Core can reach great heights and advance the real principles of decentralization, which stand on transparency and the improvement of community members’ cross-chain experience,” as Gracy Chen, the Managing Director of Bitget, commented on the announcement of the collaboration.

Unlike industry peers, Core DAO’s Ecosystem Fund will not utilize a grant-based system in which a project’s main criterion to receive financial support is a commitment to build on a given protocol. Instead, Core’s Ecosystem Fund will reward each project for hitting customized and agreed-upon benchmarks that deliver tangible value to the Core community.

“Too often, grants programs seem designed to grab headlines and generate short-term momentum rather than incubating projects aligned with the ecosystem’s long-term success,” said Rich Rines, Initial Contributor at Core DAO. “Core DAO has always prioritized creating the highest quality technology versus being the ‘first’ or the ‘fastest’ to do something. That’s why our Ecosystem Fund with Bitget will incentivize projects for their ability to both deliver value and sustain success.”

This partnership comes on the heels of the recent launch of the Bitget Web3 Fund, which is part of Bitget’s ongoing efforts to facilitate the development of the Web3 and crypto industry. The Bitget exchange has been conducting an extensive expansion campaign recently, focusing on promoting its ‘Go Beyond Derivatives’ strategy, which foresees collaboration with various real-world and Web3 projects. Among the latest initiatives was the sleeve partnership with the Juventus football club and the entry into Web3 space through the acquisition of several related projects. Bitget is intent on promoting blockchain adoption by offering a broader audience of users access to decentralized services and is thus expanding its lineup of products.

PRNewswire

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