Bitget, the largest crypto copy trading platform, has announced a $30 million investment in the decentralized BitKeep multi-chain wallet, becoming its controlling stakeholder. The deal will allow the exchange to extend its range of services while also supporting BitKeep in enhancing the stability and security of its offerings. It’s also aimed at helping both companies to leverage their strengths and collaborate on linking DeFi and CeFi.
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The investment involves the merger of BitKeep Wallet with Bitget’s business domain, significantly bolstering its existing user base and product offering. The BitKeep wallet was founded in 2018 and has been providing uninterrupted and reliable non-custodial wallet, swap and NFT marketplace services to its user base of more than 8 million across 168 countries. The wallet supports 90 mainnet networks such as Bitcoin, Ethereum, BNB Chain, Polygon, and Solana, and over 250,000 types of assets across more than 20,000 dApps.
As part of the deal, Bitget has invested $30 million in BitKeep, increasing its shareholding and becoming the controlling stakeholder of the company evaluated at $300 million during its previous funding round. The partnership with Bitget will give the wallet access to the exchange’s proven technology and security capabilities in the exchange domain, thus helping it improve the stability and security of its services.
The investment in the wallet is an important move for Bitget, as it will expand its business territory to the wallet sector and help it provide native storage and asset management services. By integrating BitKeep’s established 8 million user base, Bitget will be receiving access to an entirely new audience of potential clients. This is one of Bitget’s crucial moves towards Web3 entry as part of its new Go Beyond Derivatives strategy, which foresees linking CeFi and DeFi, transforming the platform from a leading contract exchange to a comprehensive and holistic exchange with its own ecosystem.
Gracy Chen, managing director at Bitget, commented on the investment:
“This move is a win-win choice for Bitget and BitKeep and facilitates collaborative efforts in the decentralized space and beyond. We are not only delighted to provide the team at BitKeep with the necessary support to reinforce the security and stability of its offering services, but also excited to have such an established industry player as part of our growing ecosystem. Being one of the most trusted crypto exchanges with a $300 million user protection fund, we know how much security and reliability mean to cryptocurrency users and are confident that the integration of our native solutions in this domain into BitKeep’s framework will bolster its image as an attractive wallet.”
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Moka Han, Chief Operating Officer at BitKeep, also shared her views on the significance of the investment for users, adding:
“The investment deal implies not only financial but also technical support, which will be provided to us by a professional team along with the experience necessary for product growth and market expansion. We are excited about this partnership and the potential it has to provide our users with even more comprehensive digital asset management services. We believe that working closely with Bitget will not only drive the growth of our business but also provide us with valuable experience exchange that will benefit our users.”
BitKeep’s impressive lineup of services stretches far beyond a crypto wallet. It provides users with access to various DeFi protocols and NFT projects across different blockchains via its integrated dApp explorer, facilitating seamless and effortless interactions with crypto transactions. It also supports an NFT marketplace, a launchpad and a swap feature. As a purpose-built solution with diverse capabilities, BitKeep will further propel Bitget into the Web3 space once the integration is completed.
In May 2022, BitKeep announced a $15 million fundraising at a $100 million valuation. Dragonfly Capital led the round with participation from KuCoin Ventures, A&T Capital, Foresight Ventures, SevenX, Matrixpor, Bixin Capital, Danhua Capital, Peak Capital and YM Capital.
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