The exchange currently boasts a user base of over 20 million users in the Asia-Pacific (APAC) region.
Crypto exchange Bitget has launched a $10 million BWB Ecosystem Fund as part of efforts to launch its Bitget Onchain Layer. The move is in line with the firm’s keen interest in toeing the same path as industry bigwigs such as Binance, OKX, and KuCoin. That is to introduce a thriving on-chain ecosystem within its platform that will host native decentralized applications (DApps) integrated into the Bitget Wallet. It is towards achieving this aim and bringing it to quick fulfillment, that Bitget has announced the establishment of the $10 million BWB Ecosystem Fund.
While the fund will focus majorly on the onchain ecosystem ambitions, it will also support other projects that ultimately align with its plans, per the exchange.
Similar to Binance’s BNB token and Trust Wallet’s TWT token, Bitget has its own native tokens, BWB and BGB. BWB is the native token of Bitget Wallet, while BGB can be used to offset trading fees, in the same manner as Binance’s BNB token, KuCoin’s KCS token, and OKX’s OKB token.
The Bitget Onchain Layer Ecosystem Fund
Bitget has broken down its spending strategy as regards the fund. The exchange confirms that it will initially focus on investing in and nurturing various Web3 trading services. Bitget Wallet says it is eyeing about three pre-market price aggregators, an on-chain derivatives market, and trading bots, all of which it believes will serve its interchain swap service.
Notably, the exchange currently boasts a user base of over 20 million users in the Asia-Pacific (APAC) region. Therefore, there is no question about the popularity of its self-custody wallet. However, its native token, BWB, is set to launch this quarter, with a portion of its maximum supply reserved for community members. BWB has a maximum supply of 1 billion, and 5% of that has been set aside for members.
According to the exchange, BWB will play a massive role in powering the Bitget Wallet and Onchain Layer ecosystem. It will be used for various functions including governance voting, participation in Launchpad events, staking rewards, and payment of multichain gas fees.
Bitget’s strategic move is in line with its ultimate goal of facilitating seamless day-to-day trading. It also does well in its bid to make a statement and expand its presence on the crypto scene. Drawing inspiration from the success stories of industry leaders like Binance and OKX, Bitget is well on its way to setting itself apart in the rapidly evolving world of crypto.
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