Bitget, a leading crypto asset exchange, has announced a partnership with Core DAO, an organization dedicated to developing the Satoshi Plus ecosystem. The partnership will entail a $200 million ecosystem fund, which will support early-stage projects for research and development, recruiting, marketing, community-building programs, and other priority growth initiatives.
The fund will focus on decentralized applications (DApps) built on Core Network Layer-1 blockchain, Bitget told AlexaBlockchain.
Following Core Network’s recent mainnet launch and successful airdrop of CORE tokens, which garnered almost 2 million users, Core DAO has secured support from strategic partners such as Bitget and MEXC to establish the Core ecosystem fund.
In addition, the partnership involves the possibility of featuring Core projects on Bitget and introducing a new Core Trading Zone on the exchange and its integrated BitKeep wallet.
Bitget intends to become one of the validators of the Core network and support Core staking on the exchange, providing significant staking needs to the Core DAO ecosystem and supplying it with necessary liquidity.
“This investment is another show of proof of our commitment to supporting the 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,” said Gracy Chen, the Managing Director of Bitget.
Rather than using a grant-based system where a project’s primary requirement to receive financial assistance is a pledge to build on a particular protocol, Core DAO’s Ecosystem Fund will compensate each project for meeting mutually agreed-upon benchmarks that provide concrete benefits to the Core community.
“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,” said Rich Rines, Initial Contributor at Core DAO.
The collaboration follows closely on the heels of Bitget’s recent unveiling of the Bitget Web3 Fund, which is just one aspect of Bitget’s continuous endeavors to advance the Web3 and cryptocurrency industry.
Bitget aims to encourage the adoption of blockchain technology by broadening the scope of its product offerings to provide decentralized services to a wider user base.