Crypto exchange Bitget has introduced a $100 million fund in order to make strategic investments in exchanges, data analytics and other initiatives.
As widely reported, Bitget’s EmpowerX Fund should support efforts related to expanding and further diversifying the crypto provider’s solutions. The fund is expected to invest in various exchanges, data analytics providers, as well as other businesses.
Cryptocurrency derivatives and copy-trading exchange Bitget has officially announced its EmpowerX Fund, which is reportedly a $100M project intended to enhance the service provider’s suite of product offerings.
Bitget’s latest fund is set to make investment in domestic exchanges, data analytics companies, and other initiatives. This, according to a recent statement that comes along with Bitget’s 5th-anniversary summit held in Singapore.
Bitget‘s management stated the firm will be further diversifying its product in order to address the requirements of its 20M clients. The firm also mentioned that it plans to establish a all-in-one trading ecosystem consisting of crypto trading, investment opportunities, research and development (R&D), decentralized finance (DeFii, as well as other functions.
Bitget MD Gracy Chen shared:
“The CEX landscape is continually evolving amid influences of tightened regulations, rapid growth of Layer 2 and DeFi technologies, and we are expecting that more investment, mergers and acquisitions will happen in the following months.”
Bitget confirmed that it has allocated $100M in capital for this latest fund, however, this amount could potentially increase and mainly depends on market activities as well as the firm’s overall business strategy.
As noted in another update shared with CI, Bitget, the derivatives cryptocurrency exchange and copy trading platform, is introducing an upgrade to its API connecting to Koinly’s tax reporting platform in direct response to feedback from its community of crypto tax users.
In the world of crypto investments, where tax implications have gained paramount importance, Bitget has forged partnerships with cryptocurrency tax tool providers “to navigate this intricate terrain effectively.”
For over 18 months, Bitget’s strategic alliance with Koinly has “integrated cryptocurrency tax reporting services into its platform, offering users the capability to generate meticulous cryptocurrency tax reports, accurately computing gains and losses.”
Through seamless synchronization of historical cryptocurrency transactions with Koinly, Bitget users “expedite the often intricate tax calculation process.”
Notably recognized for its automated transaction import functionality, Koinly harmoniously supports “over 20,000 tokens, 170 chains, and an impressive array of 400+ exchanges, wallets, and services, complementing Bitget’s platform comprehensively.”
This pioneering upgrade, “shaped by the invaluable feedback from Koinly Bitget API users, introduces novel features, simplifying and accelerating the process of cryptocurrency taxation.”
Gracy Chen, Managing Director at Bitget, underscores the significance of community insights, stating:
“Our commitment to enhancing user experience is unwavering. The input we receive from our users plays a pivotal role in shaping our products and services. The recent API upgrade is a direct result of their input. Our Trade smarter philosophy embodies Bitget’s dedication to empower individuals with intuitive tools, fostering a secure, user-friendly, and efficient financial future.”
Adam Saville-Brown, Koinly General Manager, shared his excitement about the partnership, stating:
“Being a Crypto Tax Software partner of Bitget is a privilege. The enhanced API paves the way for us to elevate the level of service we provide to our users. We eagerly anticipate the collaborative opportunities ahead.”