Bitget Partners with Core DAO to Launch a $200 Million Ecosystem Fund
VICTORIA, Seychelles, April 19, 2023 /CNW/ - 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 more than 1.5 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.
Established in 2018, Bitget is the world's leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.
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Core DAO is a Layer-1 blockchain combining the decentralization and security of Bitcoin with the scalability and utility of Ethereum. Through its Satoshi Plus consensus mechanism, Core DAO integrates the best aspects of Proof of Stake and Proof of Work. The Core DAO is made up of a global group of contributors seeking to promote the growth of Satoshi Plus consensus and the power of blockchain technology to reshape society based on a philosophy of co-creation. Visit coredao.org for more information or to start building today.
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