Dragonfly Capital Provides $10M to Bitget: Details

A report claims that the San Francisco-based investment banking company Dragonfly Capital has financed $10 million in the cryptocurrency derivatives platform Bitget. 

The money is going to support Bitget’s ongoing international market and service growth as well as planned CSR projects aimed at promoting and encouraging the usage of cryptocurrencies.

According to information provided about Bitget, since the exchange’s launch in 2018, it has expanded to include more than 80,000 active traders and 380,000 copy traders, or people who sync their trading positions with those of active traders who use automation. 

Bitget intends to increase the product offerings for its launchpad, spot trading, and Bitget Earn in its 2023 roadmap. However, Bitget had to lose its license in Singapore in 2021 after introducing Army coin, a new digital currency themed after the fans of the well-known K-pop boy band BTS.

Dragonfly Attempts to Expand Amid Crypto Winter

Dragonfly Capital Partners has brought together the most influential players in the decentralized economy. One of the most reaching prospects in the crypto asset class may be supported and invested in due to its worldwide ecosystem. 

Significant blockchain businesses including Matter Labs, 1inch, and Polygon have received investment from Dragonfly. In September, it also raised $20 million in a Series A funding round for Onekey, while partnering with Rabbit Capital. 

As per estimates, the company managed $3 billion worth of assets in 2022. The November FTX meltdown had a detrimental effect on cryptocurrency derivatives markets. 

At that time, the exchange processed $6.6 billion in contracts in daily trading activity, with $5.1 billion in open interest. In August of last year, Dragonfly purchased Metastable, one of Ethereum’s first investors. 

Along with the acquisition, a rebranding was also disclosed, noting that the international cryptocurrency investment business would now just be referred to as Dragonfly and will no longer use the term “Capital” in its name.