Core DAO ,the official decentralized organization developing the Satoshi Plus ecosystem has partnered with Bitget, a cryptocurrency exchange based in Seychelles with a bid to advance the Satoshi Plus ecosystem.
The Ecosystem Fund which is backed by Bitget and MEXC, aims to support early-stage projects with research and development, hiring, marketing, community-building programs, and other important growth efforts.
Gracy Chen, the Managing Director of Bitget, said that the investment demonstrates its commitment to help the blockchain.She said “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 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.
Besides the $200 million ,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.
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.
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 intends 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.