Popular crypto exchange, Bitget has collaborated with Core DAO to launch a $200 million ecosystem fund. According to a Twitter post by the crypto exchange, the funds will help to accelerate the growth of decentralized projects running on the Core layer-1 block chain. It is worthy of note that Core DAO is a foundation developed to cater for the development of the Satoshi Plus ecosystem.
Meanwhile, the new ecosystem fund also enjoys the support of MEXC exchange. The trio aims to consistently offer financial aid to startup projects so as to expand the industry. According to the announcement, the support covers areas like research and development, recruitment, marketing, community-building programs and other necessities.
Furthermore, Core DAO aims to leverage on the collaboration to list its projects on Bitget. Apart from this, it will also pave the way for the opening of a new Core Trading Zone on the exchange and its Bitkeep wallet. On its part, Bitget seeks to emerge as one of the validators of the Core ecosystem. With this, it will be able to support Core staking on its network. The exchange believes its 7 million user base can foster staking capabilities to the Core ecosystem, thereby boosting its liquidity.
Unveiled Ecosystem Fund will not be grant-based – Bitget
According to Bitget, the ecosystem fund will not be grant-based. Rather, the exchange clarified that the funding will reward every project to actualize pre-determined customized criteria, thereby availing substantial value to the Core ecosystem.
The initial contributor with Core DAO, Rich Rines gave his remarks about the $200 million ecosystem fund. Rines acknowledges the role of Core DAO partners, Bitget and MEXC exchange in aiding the funds. The Core DAO initial contributor expresses confidence in the potential of the fund to enable projects to deliver value and maintain success. Also, he boasted that Core DAO gives preferential treatment to the creation of the highest quality techs in the blockchain sector.
Gracy Gen, the managing director of Bitget also reacted to the development. According to Gen, the investment further justifies Bitget’s commitment to supporting blockchain projects. The director said the exchange aims to offer full support to the success of the ecosystem fund.
Worthy of note that this development comes barely a week after Bitget unveiled $100 million fund for web3 projects. The exchange announced the funding for emerging web3 projects at the Hong Kong Blockchain Week. Certainly, it wants to facilitate the rapid growth of virtual asset projects to expand crypto adoption.