Grace Ashiru
Dedicated to advancing the Satoshi Plus ecosystem, Core DAO has partnered with Bitget, a cryptocurrency exchange based in Seychelles.
As part of this partnership, there will be a $200 million ecosystem fund to support decentralized apps (DApps) built on the Core Network Layer-1 blockchain.
The Ecosystem Fund, backed by strategic partners like Bitget and MEXC, will help early-stage projects with research and development, hiring, marketing, community-building programs, and other important growth efforts.
Aside from the $200 million investment, the partnership also includes the possible listing of Core projects and the opening of a new Core Trading Zone on Bitget and its integrated BitKeep wallet. Bitget wants to join the Core network as a validator and allow Core staking on the market.
This investment demonstrates our commitment to helping the blockchain space from various perspectives. We must remember that blockchain aims to connect the real world with Web3 space, which is exactly what we are pushing with our collaboration and support for the ecological fund.
With our help, we’re sure that Core can go far and advance the fundamental principles of decentralization, which are based on transparency and making the cross-chain experience better for community members, as Gracy Chen, the Managing Director of Bitget, said when the partnership was announced.
Core DAO’s Ecosystem Fund won’t use a grant-based system where the main requirement for a project to get money is a promise to build on a certain protocol.
Instead, Core’s Ecosystem Fund will reward each project for meeting agreed-upon standards that give the Core community real value. Rich Rines, an Initial Contributor at Core DAO, said, “Grants programs seem to be made more to make headlines and gain short-term momentum than to help projects that are good for the ecosystem in the long run.”
Core DAO has always emphasized making the best technology possible more than being the “first” or “fastest” to do something. Because of this, our Ecosystem Fund with Bitget will boost projects if they can produce value and keep doing well.
This news comes after Dragonfly Capital, a crypto venture company based in San Francisco, put $10 million into Bitget as a strategic investment.
This investment comes after Bitget bought the cryptocurrency wallet BitKeep and put an extra $30 million into the new company. The exchange opened in 2018 and has customers in Asia, Latin America, and Europe. In July 2018, a Boston Consulting Group study said the exchange was among the top three derivatives exchanges.
Bitget wants to add more products to its line. It will do this by focusing on its “Go Beyond Derivatives” plan, which includes working with different Web3 and real-world projects. Bitget is currently placed fifth by CoinGecko regarding open interest and trade volume for derivative exchanges. It has about $2.4 billion in genuine interest every 24 hours.
