Bitget Wallet launches $10M ecosystem fund alongside Onchain Layer

Crypto exchange Bitget wants to follow in the footsteps of exchanges such as Binance, OKX and KuCoin to create its own on-chain ecosystem.

“Biget Onchain Layer doesn't just integrate many native DApps. [decentralized applications] In partnership with developers of the Bitget Wallet,” according to a Bitget statement shared with Cointelegraph on May 15. At the same time, a $10 million BWB Ecosystem Fund has been established to accelerate the development of Biget Onchain Layer and support related projects. ” he added.

BWB is the native token of the exchange's self-sustaining wallet, similar to the Trust Wallet Token (TWT). Meanwhile, the exchange itself also has a native token, BGB, to offset trading fees, similar to Binance's BNB (BNB) token, KuCoin's KCS token, and OKX's OKB token.

Initially, the Bitget OnChain Layer Ecosystem Fund will invest in and develop various Web3 business services. Currently, three pre-market price aggregators, an on-chain derivatives market and trading bots complement Bitgate Wallet's interchain swap service, according to the exchange.

Bitget Wallet is currently one of the most popular self-sustaining wallets in the Asia-Pacific region with over 20 million users. The wallet's native token, BWB, is scheduled to launch this quarter, with 5% of the 1 billion maximum supply reserved for community members in its pre-generation event. After launch, BWB will power the Bitget Wallet and OnChain Layer ecosystem through governance voting, eligibility to participate in Launchpad events, collecting rewards and paying multi-chain gas fees.

The move follows Bitget's efforts to streamline day-to-day trading and expand into all aspects of the crypto ecosystem.

The world's largest crypto exchange Binance launched its own BNB blockchain in September 2020. At the same time, TrustWallet – created by Binance and now a separate legal entity – launched its own TWT token, which has since gone beyond a fully depleted market. $1 billion cap. In the year In 2021, the decentralized exchange PancakeSwap became the first billion dollar project on the BNB Chain.

Similarly, crypto exchange OKX has built its own self-sustaining wallet and Web3 marketplace to trade non-repayable tokens, interact with decentralized applications, and trade novel inventions such as Bitcoin Runes, Ordinals, Atomicals, and BRC-20 tokens. On May 13, the OKX Web3 marketplace became the largest Bitcoin Runes trade with a market share of 51.08%.

Related: Bybit to launch Notcoin trading and withdrawals next week