Dragonfly Completes $10 Million Strategic Investment In Bitget

Key Points:

• Bitget has received a $10 million investment from Dragonfly Capital.
• Bitget’s continued worldwide market and service range growth will be aided by the funding.
• The announcement comes only a few weeks after Bitget acquired a majority share in wallet provider BitKeep, gaining millions of users.

Dragonfly Capital, a venture capital company located in San Francisco, made a $10 million investment in the crypto derivatives exchange Bitget on April 4.

Bitget is in the midst of a busy era, having purchased the crypto wallet BitKeep in March after investing an extra $30 million in the firm. With 9.5 million members, BitKeep claimed to be Asia’s biggest crypto wallet, while Bitget had eight million users before the agreement was inked.

According to a Boston Consulting Group (BCG) research issued in July 2022, the exchange began as a derivatives-focused platform and is now regarded as one of the top three crypto derivative exchanges.

Bitget said that since its launch in 2018, the exchange has expanded to include over 80,000 traders and 380,000 copy traders, or those who use automation to sync their trading positions with those of other traders. Bitget intends to grow its spot trading, launchpad, and Bitget Earn offerings in its 2023 roadmap.

Bitget’s Managing Director, Gracy Chen, stated:

“Dragonfly is a highly respected investor in the crypto industry, and we are honored to have them on board. As the fastest-growing exchange in the past 12 months, this investment is a recognition of our focus on BUIDL in the bear run. Except for the cash inflow, what will benefit us more from the Dragonfly partnership is their crypto savvy and insights. Together, we will be able to discover more growth opportunities and contribute more to the sustainable growth of our industry.”

The money will go toward Bitget’s continuous worldwide market and service growth, as well as forthcoming corporate social responsibility activities aimed at crypto education and acceptance.

Bitget has formed alliances with iconic Argentine player Lionel Messi and the premier Italian football club Juventus in the last two years. The site intends to create further instructional efforts to promote crypto adoption via entertainment.

Derivatives trading in cryptocurrency is still severely restricted in the United States, with Binance and its founder, Changpeng Zhao facing a lawsuit from the Commodities Futures Trading Commission for allegedly engaging in unlawful conduct. Bitget is not accessible in the United States.

Chen said that Bitget is also moving into spot trading, which is one of the primary reasons for obtaining capital from Dragonfly, which has a diverse portfolio of cryptocurrency startups.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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