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CoreDAO Joins Bitget&MEXC to Introduce $200M Ecosystem Fund

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Core DAO joins Bitget and MEXC to launch a $200 million Ecosystem Fund. The aim is to provide financial backing for startup projects.

A double press release by CoreDAO and Bitget revealed more details about the Ecosystem Fund.

Notably, the fund’s supporters are crypto exchanges like, Bitget and MEXC as strategic partners.

READ ALSO: US SEC Chair to Defend Actions on Crypto before HFSC

Core DAO Objectives

Core DAO is an organization developing the Satoshi Plus ecosystem. It launched a $200M Ecosystem Fund to facilitate the development of decentralized applications and protocols on the Core layer-1 blockchain.

In addition, this partnership support will cover various sections like; research and development, marketing, recruitment, community-building programs, and other important growth initiatives.

Adding to this investment, these exchanges’ collaboration also includes listing Core projects. Also, it involves starting up a new Core Trading Zone on Bitget and its merged BitKeep Wallet.

Why Was Bitget Interested in the Collaboration

Bitget managing director Gracy Chen said,

“This latest investment is to show the evidence of our commitment to support the blockchain space from several angles.”

Notably, the blockchain aims to connect the real world to the Web3 space. That is exactly what Bitget is sponsoring with this collaboration and support to the ecological funds”.

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Furthermore, Bitget aims to become a validator of the Core network and provide support to Core staking. The user base of Bitget is more than 8 million. With this number, it can provide powerful staking capacity to the Core DAO ecosystem, providing it with the necessary liquidity.

In addition, the initial contributor at Core DAO, Rich Rines, says,

“The exchange has always made building the best quality technology in the blockchain industry a priority instead of becoming the number 1 or the fastest to achieve something”.

That is why our Ecosystem Fund will encourage projects for their capacity to provide value and sustain success”. Says Rines.

Rines further said that certain grant programs often emerge to attract headlines and create short-term momentum instead of incubating the projects that support the ecosystem’s long-term achievements.

Fortunately, that is not the case with the Core DAO Ecosystem Funds.

READ ALSO: Ethereum Price: The Shanghai Upgrade Impacts The Markets

Bitget’s Latest Launch

Meanwhile, the Core DAO strategic partner on the Ecosystem Fund Bitget launched a $100 million Web3 fund recently for cryptocurrency projects in Asia.

The cryptocurrency derivatives platform aims to focus its funding on Web3-compatible venture companies and projects worldwide.

The exchange declared it will concentrate on Asian projects directed by experienced teams with clear roadmaps addressing real-world challenges.

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