- Dragonfly Capital invests $10M in Bitget exchange
- Funds to boost global expansion, CSR initiatives
- Bitget plans growth in 2023 products
Crypto derivatives exchange Bitget bags a $10 million investment from Dragonfly Capital, fueling the race for market dominance in the wake of FTX’s collapse. The San Francisco-based venture capital firm’s investment, announced on April 4, aims to accelerate Bitget’s global market reach and enhance its service offerings.
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Bitget, founded in 2018, has rapidly become a significant player with over 80,000 active traders and a thriving community of 380,000 copy traders. The exchange has ambitious plans for 2023, intending to strengthen its spot trading, launchpad, and Bitget Earn products.
The investment from Dragonfly Capital, which has previously backed leading blockchain firms like Matter Labs, 1inch, and Polygon, comes at a critical time. In 2022, the firm managed assets worth $3 billion. Cryptocurrency derivatives exchanges faced challenges after the FTX debacle in November, which saw the exchange handling $6.6 billion in daily contract trading volume and holding an open interest of $5.1 billion.
As Bitget gears up to capitalize on the changing landscape, its upcoming corporate social responsibility initiatives will focus on promoting crypto education and adoption, making it a force to be reckoned with in the derivatives exchange arena.
In other news, after a lawsuit filed by the United States Commodities Futures Trading Commission (CFTC) and the company’s decision to stop certain zero-fee trading options, the trading volume market share of cryptocurrency exchange giant Binance (BNB) $ 310.20 -0.84% has declined over the previous two weeks.
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