Bitget, a platform for crypto derivatives and copy trading, has joined forces with Core DAO.
The organization behind the Satoshi Plus ecosystem, to create a $200 million ecosystem fund aimed at supporting early-stage decentralized applications (DApps) on the Core Network Layer-1 blockchain.
This collaboration comes after the Core mainnet’s launch and the distribution of CORE tokens to over 1.5 million users.
The Ecosystem Fund, which includes support from Bitget and MXC, will provide assistance for research and development projects, community building initiatives, marketing, recruitment, and other growth priorities.
According to Gracie Chen, Managing Director of Bitget, this investment demonstrates their commitment to the blockchain industry and the promotion of real-world connections with Web3 space through partnerships and foundation support.
Chen believes that Core will advance the principles of decentralization based on transparency and enhancing the cross-chain experience of community members with Bitget’s assistance.
Apart from the investment, the partnership includes the potential listing of major projects, the creation of a new main trading area on Bitget, and the opening of a Core network validator.
Bitget will also support Core staking on the exchange, as it has over 8 million users to meet the significant staking needs of the Core DAO ecosystem and provide liquidity.
The Core DAO Foundation will not use a grant-based system to reward projects for their commitment to developing a specific protocol.
Instead, the Core Ecosystem Fund will reward projects for meeting individual and agreed-upon benchmarks that deliver measurable value to the Core community.
This approach aims to incentivize projects to deliver sustainable success rather than short-term gains.
Rich Reines, a Core DAO Project Contributor, believes that the Core DAO’s priority is to build high-quality technology rather than being the fastest or first.
That is why the Ecosystem Fund with Bitget will incentivize projects to deliver long-term value and success.
Bitget recently launched a $100 million Web3 development fund in Asia and received a $10 million investment from Dragonfly.