• Bitget, a leading crypto derivatives trading platform and Core DAO, the organization that’s developing the Satoshi Plus ecosystem, announced a strategic partnership to support the development of decentralised applications (dApps) on Core network’s Layer-1 blockchain.
• The collaboration includes an ecosystem fund worth $200 million backed by other strategic partners, including global crypto exchange MEXC.
• Following news of the partnership, Core (CORE) price rose while Bitget Token was down 1%. Meanwhile, the crypto market had climbed 2% to $1.34 trillion as Bitcoin bounced above $30k amid a price uptick for cryptocurrencies.
Bitget and Core DAO launch $200 million Ecosystem Fund
Bitget, a leading crypto derivatives trading platform and Core DAO, the organization that’s developing the Satoshi Plus ecosystem have announced a strategic partnership to support the development of decentralized applications (dApps) on Core network’s Layer-1 blockchain.
Fund to Support Projects on Core Network
According to a news release from Bitget, this collaboration with Core DAO involves an ecosystem fund worth $200 million. This fund is backed by other strategic partners such as global crypto exchange MEXC and will see early stage projects on Core receive support across product research and development, marketing, talent recruitment and community building programs.
Benefits for Both Parties
Bitget will also list core projects and open up a new core trading zone on its derivatives platform as well as its integrated BitKeep wallet. The platform will also support CORE staking and become validator on Core.
Positive Market Response
News of Core DAO’s partnership with Bitget has been met with positive responses in the market as it saw CORE token prices rise while BitGet token prices dropped 1%. Additionally, this news brought about positive growth in the entire cryptocurrency market which rose 2% to reach $1.34 trillion due to Bitcoin’s recovery at above $30k.
This strategic alliance between BitGet &CoreDAO is likely to prove beneficial for both parties in terms of their respective business models but also for cryptocurrency users who will benefit from greater scalability & functionality of dapps built using LayerZero protocol.