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- After the strategic partnership with Bitget and MEXC, CoreDAO launched a $200M Ecosystem fund.
- In April’s first week, Bitget allocated $100 Million for Web3-friendly venture capital firms.
CoreDAO, the official organization behind the Satoshi Plus ecosystem development, announced the Ecosystem Fund launch focused on boosting the development of dApps and other protocols developed on the Core layer- 1 blockchain.
As per CoreDAO and Bitget, the Ecosystem Fund, backed by MEXC and Bitget partnership, aims to support the early-stage project financially. The financial support will empower the development, marketing, community building, recruitment, and other mandatory services.
Other than investment, the strategic partnership includes:
- Listing Core projects
- Developing a new Core Trading Zone on the Bitget crypto exchange
- Integrating it with its BitKeep wallet
Bitget Exchange plans to become the only validator of Core Network and seeks to support Core staking on its platform. As per the Bitget website, it has over 8 million active users globally.
The Core DAO’s Ecosystem Fund asserts to differentiate itself from industry peers by not accepting a grant-based system in which the preliminary aim requirement of a project is to secure financial support to commit to building on a particular protocol.
Rather the Ecosystem Fund will encourage each project to accomplish pre-agreed optimized benchmarks that will offer tangible value to the core community.
Rich Rines, the early contributor at the CoreDAO community, said, “Too frequently, grant programs appear designed to grab headlines and develop short-term momentum rather than incubate projects that align with the ecosystem’s long-term success.”
Rines added, “Core DAO has always prioritized the development of the highest quality technology in the blockchain industry instead of being the ‘first’ or the ‘fastest’ to do something. That’s why our Ecosystem Fund will incentivize projects for their capability to both deliver value and sustain success.”
According to Gracy Chen, the managing director of Bitget, “The investment of Bitget is another proof of the dedication of the exchange to support the blockchain industry in every possible angle. According to him, the core purpose of blockchain is to connect the real world with the Web3 space, and the partnership promotes community support for the ecological fund.”
On April 10, TheCoinRepublic reported that Bitget announced allocating $100 Million for Web3-friendly venture capital firms and supporting next-generation crypto projects.
The most recent event concerned a strategic raise of $10 million that Dragonfly Capitals led. Gracy said at Hong Kong Blockchain Week, “We all can see that the Web3 industry is constantly developing and several products are trying to contribute to the advancement of Web3, but due to lack of funds developing companies are lacking behind.”
He added, “The funding initiative of Bitget will help the developing companies so that Web3 can become popular as Web2 was.”
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
