Summary
• Dragonfly Capital has announced a $10 million strategic investment in the derivatives exchange Bitget.
• Bitget is a Seychelles-based exchange that facilitates cryptocurrency derivatives trading with an open interest of $2.4 billion and has around 8 million users.
• The investment from Dragonfly Capital will be used towards the expansion of its spot trading and yield-generating products, global initiatives aimed at getting more people into the crypto ecosystem, as well as educational campaigns to help boost adoption.
Dragonfly Capital Invests in Bitget
Dragonfly Capital has announced a strategic investment worth $10 million to support the growth of derivatives exchange Bitget. Founded in 2018, Bitget is a Seychelles-based exchange that facilitates cryptocurrency derivatives trading with an open interest of $2.4 billion and currently has around 8 million users. The firm recently acquired a controlling stake in wallet provider Bitkeep for $30 million, adding millions of users to its platform.
Expansion Plans
Bitget plans to use the funds from this strategic investment by Dragonfly Capital towards expanding its spot trading and yield-generating products, as well as its launchpad initiative which helps early-stage token projects get up and running. Additionally, they are also looking to use it towards global initiatives aimed at getting more people into the crypto ecosystem such as striking deals with soccer superstar Lionel Messi and one of the leading clubs in Italy – Juventus – as well as conducting educational campaigns to help boost adoption.
Advantages
The news of this investment could not have come at a better time for Bitget who will benefit not only from this cash inflow but also from Dragonfly’s crypto savvy and insights which will allow them to discover more growth opportunities and contribute more sustainably to their industry’s growth.
Dragonfly’s Investment Portfolio
The strategic investment in Bitget is not the only one made by Dragonfly in the crypto space – they have invested heavily into blockchain projects such as Hashgraph, Basis Protocol, CloudCoin among others over recent years which makes them one of the most active investors within this space.