Your daily dose of crypto news

Bitget Wallet Unveils $10M Ecosystem Fund with Onchain Layer

3 min read

Bitget Wallet Unveils $10M Ecosystem Fund with Onchain Layer

Bitget, a cryptocurrency exchange, is setting out to create its own on-chain ecosystem. The strategy emulates the moves made by other exchanges such as Binance, OKX, and KuCoin. On May 15, Bitget revealed plans to integrate various native decentralized applications (DApps) into its Bitget Wallet through partnerships with developers. The exchange announced the establishment of a $10 million fund known as the BWB Ecosystem Fund, which is designed to accelerate the development of the OnChain Layer and support projects aligned with its objectives. The native token of Bitget Wallet, BWB, is comparable to Trust Wallet’s TWT token.

In addition to BWB, Bitget has its own native token called BGB. This token serves to offset trading fees in a manner similar to Binance’s BNB token, KuCoin’s KCS token, and OKX’s OKB token. The BWB Ecosystem Fund will initially focus on investing in and nurturing Web3 trading services. The first set of services planned includes pre-market price aggregators, an on-chain derivatives market, and trading bots that will supplement Bitget Wallet’s interchain swap service.

Bitget Wallet has built a substantial user base, especially in the Asia-Pacific region, boasting over 20 million users. This wallet aims to be a notable player in the self-custody wallet space. The BWB token is set to be launched within this quarter. Five percent of the one billion maximum coins will be reserved for community members during a special pre-generation event. Once launched, BWB will play a crucial role in the Bitget Wallet and OnChain Layer ecosystem. It will enable governance voting, participation in Launchpad events, staking rewards, and payment of multichain gas fees.

This initiative is part of Bitget’s continuous effort to simplify daily trading activities and expand its reach within the cryptocurrency ecosystem. Binance, for instance, launched its own BNB blockchain in September 2020 to support its platform. Around the same period, Trust Wallet—created by Binance and now operating independently—introduced the TWT token, which has achieved a market cap surpassing $1 billion. PancakeSwap, a decentralized exchange on the BNB Chain, became the first project on the chain to reach a billion-dollar valuation.

Following in similar footsteps, crypto exchange OKX has developed its own self-custody wallet and Web3 Marketplace. This platform facilitates trading nonfungible tokens (NFTs), interacting with decentralized applications, and trading innovative assets like Bitcoin Runes, Ordinals, Atomicals, and BRC-20 tokens. Recently, on May 13, the OKX Web3 Marketplace emerged as the leading exchange for trading Bitcoin Runes, capturing 51.08% of the market share.

The rising popularity of decentralized applications and self-custody wallets signifies the expanding influence of Web3 technologies. Bitget’s strategic investments and development initiatives aim to harness this trend and position the exchange as a comprehensive service provider within the crypto ecosystem. Similar to Binance and OKX’s ventures, Bitget’s move to create a proprietary on-chain layer reflects its ambitions to play a significant role in the decentralized finance landscape.

Bitget’s commitment to fostering a robust on-chain ecosystem is evident from its efforts to launch the BWB token and activate the BWB Ecosystem Fund. These strategic decisions are aimed at driving innovation and supporting new projects that align with the exchange’s goals. By investing in diverse Web3 trading services, Bitget hopes to establish itself as a key player in the decentralized trading sphere.

Bitget’s initiative to build an on-chain ecosystem follows the successful models of established exchanges like Binance and OKX. With the introduction of the BWB token and the creation of the BWB Ecosystem Fund, Bitget is poised to enhance its service offerings and foster innovation within the crypto ecosystem. The exchange’s focus on integrating diverse Web3 services and supporting new projects underscores its commitment to evolving alongside the rapidly changing cryptocurrency landscape.

16 thoughts on “Bitget Wallet Unveils $10M Ecosystem Fund with Onchain Layer

  1. More centralized control disguised as decentralization 😵‍💫 Bitget is just following the herd. 🐑

  2. This approach by Bitget mirrors the best practices of top exchanges. Exciting developments ahead!

  3. Why does every exchange feel the need to create their own token? Seriously, its getting annoying.

  4. On-chain derivatives and trading bots? Bitget Wallet is really stepping up its game!

  5. Bitgets vision for decentralized trading is inspiring. Great to see them building a robust ecosystem!

  6. Eagerly waiting for the BWB token launch. Bitget is all set to revolutionize the crypto trading experience!

  7. The BWB token and ecosystem fund are sure to boost Bitget’s growth. Smart moves all around!

  8. Great, another self-custody wallet 🌪️. The market is already flooded with options. We don’t need more. 🌊

  9. Remember to always verify and research before taking any investment decisions.

  10. Amazing strategy by Bitget. The BWB token will surely add immense value to the Bitget Wallet.

  11. Following in the footsteps of giants like Binance and OKX, Bitget is set for greatness. Here’s to its future success! 🏅🚀

  12. This just sounds like another copycat move . Cant they come up with something original?

  13. Does anyone really need another wallet with its own token? Feels like overkill.

  14. Bitget Wallet is building a future-proof ecosystem. Exciting times for their users and the entire crypto community!

  15. Not another token Way too many already, this isnt innovation, its saturation.

  16. Bitget is just another exchange trying to bite off more than they can chew . Stick to what you know best!

Leave a Reply

Copyright © All rights reserved.