Crypto derivatives platform Bitget has announced its new EmpowerX Fund.
The new fund will invest $100 million in regional exchanges, media organizations, and analytics firms as well as other start-ups and businesses it feels can help it grow.
Bitget’s aim is to maximize the company’s ‘long-term impact’ in the industry as it looks to cement itself within cryptocurrency and finance.
It looks set to be a busy few months for Bitget, with managing director Gracy Chen already admitting that he expects to announce more investments, mergers, and acquisitions soon.
When commenting on the upcoming movements, Chen said: “We also want to empower other people in our industry, because a rising tide lifts all boats.”
It’s not the first major investment Bitget has made this year. In April, it announced it was launching a $100m Web3 fund focussed on crypto initiatives in Asia.
Bitget is also hosting its infamous King’s Cup Global Invitational trading competition – giving users the chance to win $2.65 million, a Tesla Cyberquad, and an Airbus H135 helicopter.
Traders worldwide can participate in the event to try and get their hands on some seriously extravagant prizes from the leading cryptocurrency exchange.
The tournament – which first started in 2021 – includes an adrenaline-pumping Spot Trading Contest, Demo Trading, Futures Copy Trading, and Futures Trading Contests.