Renowned cryptocurrency exchange, Gate.io has made a strategic investment in decentralized exchange, DEXX. The firm made the disclosure on Friday through an official blog post.
As revealed, the investment is aimed at supporting the on-chain trading platform to resume operations. In the announcement, Gate.io discussed how the fund will create an avenue for the platform to steady on course for long-term stability.
Meanwhile, the strategic investment in DEXX underlines the commitment of the platform to support the stable and healthy development of the blockchain space. Recall that in November 2024, DEXX suffered a cyber attack that claimed millions of users’ funds.
According to renowned on-chain analytical firm, SlowMist, the attack on DEXX claimed more than $21 million from 900 users. The situation compelled the decentralized exchange to lose a huge amount of patronage.
Therefore, the recent funding from Gate.io will support DEXX to bounce back, while improving trust among users. However, the cryptocurrency exchange provided key insights about the investment, including efforts to support the broader crypto market.
How Gate.io emphasizes commitment to blockchain advancement
More so, the investment will support DEXX to improve its technical infrastructure, optimize user experience, and enhance security measures. By that, the investment will help enhance the safety of users’ funds, protecting them from unwarranted access.
According to Gate.io, the investment in DEXX is a “proactive response” to the broader blockchain sphere. The firm emphasized that the growth of the sector depends on the collective contribution of all participants.
Further, the crypto exchange declared its commitment to driving technological innovations and ensuring top-notch security. Gate.io expressed its faith in the investment to help improve users’ trust in the industry.
Gate.io indicated that the investment further strengthened its status as a leading participant in the cryptocurrency landscape. Additionally, the firm said it will invite more entrepreneurs to support the advancement, security, and innovation in the ecosystem.
Also, the crypto exchange demonstrated its willingness to collaborate on emerging projects that focus particularly on those that emphasize security, compliance, and innovation.
It is worth mentioning that since 2013, Gate.io has made a name as a leading cryptocurrency exchange with more than 20 million global users. Aside from crypto trading, the platform also diversified into decentralized finance solutions, web3 tools, venture capital, incubation, search, and analytics.