Bitget and Core DAO Announce 200 Million Fund to Promote dApps

Crypto trading platform Bitget announced a partnership with Core DAO and the launch of an ecosystem fund worth $200 million.

These funds will be used to promote dApps on the Core Network Blockchain. Core DAO is a decentralized autonomous organization dedicated to the development of the Satoshi Plus ecosystem.

The fund will finance early-stage projects in marketing, recruitment, research, and development. It will also benefit community-building programs and other growth initiatives.

If you want to find more details about the agreement between Bitget and Core DAO and to find the most important business news of the day, download for free our companion app Born2Invest.

Bitget becomes a blockchain validator

The trading platform plans to become a key validator of the network. Since Core is a Layer 1 blockchain with the Proof-of-Stake (PoS) consensus algorithm, validating transactions focuses on staking. to support. With more than 8 million users, it is reasonable to assume that there will be enough liquidity and that the required level of decentralization will be maintained. Gracy Chen, Bitget’s CEO, said on the occasion of the announcement:

This investment is further evidence of our commitment to supporting the blockchain space from multiple angles. We need to keep in mind that the purpose of blockchain is to connect the real world with the web3space, and that is what we are promoting with this partnership and our support for the ecosystem fund.

Core DAO’s ecosystem fund will not be based on a subsidy system where the main requirement for funding is a commitment to build on a specific protocol. The fund will reward each project for achieving certain benchmarks that provide tangible value to the Core community.

Rich Rines of Core DAO added: “Core DAO has always prioritized developing the highest quality technology over being the ‘first’ or the ‘fastest’ to do something. For this reason, our ecosystem fund with Bitget will incentivize projects that both deliver value and achieve sustained success.

Current initiatives of Bitget

Bitget has recently launched a fund for Web3 projects to encourage development from the crypto industry. The focus is on the “Go Beyond Derivatives” strategy, which involves supporting various initiatives in the blockchain space and traditional financial markets.

One of the most recent projects was the sponsorship agreement with Juventus soccer club. In addition, the exchange has entered Web3 by acquiring a number of related projects.

Bitget’s goal is to promote the adoption of blockchain by giving more people access to decentralized services, according to the press release.

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(Featured image by regularguy.eth via Unsplash)

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