Bankless Times
Bitget and Core DAO Announce $200M Fund to Support DApps
HomeNewsBitget and Core DAO Announce $200M Fund to Support DApps

Bitget and Core DAO Announce $200M Fund to Support DApps

Daniela Kirova
Daniela Kirova
April 18th, 2023
Why trust us
Advertiser Disclosure
  • The fund will support early-stage projects for marketing, recruiting, research and development
  • Bitget plans to become a key validator of the Core network

Leading crypto trading platform Bitget and Core DAO, who is dedicated to developing the Satoshi Plus ecosystem, entered into a partnership involving a $200 million ecosystem fund to support DApps, Bankless Times learned from a press release. The fund will run on the Core Network Layer-1 blockchain.

The fund will support early-stage projects for marketing, recruiting, research and development, community-building programs, and other priority growth initiatives.

Core staking to be supported

The crypto trading platform plans to become a key validator of the Core network and support Core staking. It can supply the liquidity needed with more than 8 million users. Gracy Chen, the Managing Director of Bitget, commented:

This investment is another show of proof of our commitment to supporting blockchain space from various angles. We have to keep in mind that the purpose of blockchain is to link the real world with Web3 space, and that is exactly what we are promoting with this partnership and our support to the ecological fund.

Projects will be rewarded for hitting benchmarks

Core DAO's Ecosystem Fund will not be based on a grant system, where the main requirement to get funding is the commitment to build on a specific protocol. The fund will reward each project for reaching certain benchmarks that provide the Core community with tangible value.

Rich Rines, Initial Contributor at Core DAO, added:

Core DAO has always prioritized creating the highest quality technology versus being the 'first' or the 'fastest' to do something. That's why our Ecosystem Fund with Bitget will incentivize projects for their ability to both deliver value and sustain success.

Notable recent initiatives

Bitget recently launched its Web3 Fund, which facilitates Web3 and crypto industry development. The platform has focused on promoting its 'Go Beyond Derivatives' strategy, which entails support for various real-world and Web3 initiatives.

One of the most recent projects was the sleeve partnership with Juventus football club. Moreover, the exchange entered Web3 by acquiring a number of related projects.

The exchange aims to promote blockchain adoption by giving more people access to decentralized services.

Contributors

Daniela Kirova
Writer
Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.