Onchain Layer partners with Bitget Wallet to unveil $10M ecosystem fund

Bitget, a cryptocurrency exchange, is planning to establish its own on-chain ecosystem, taking inspiration from exchanges like Binance, OKX, and KuCoin. According to a statement from Bitget, the Bitget Onchain Layer will integrate various decentralized applications (DApps) within the Bitget Wallet through collaborations with builders. Additionally, the exchange has created a $10 million BWB Ecosystem Fund to support the development of the Bitget Onchain Layer and related projects. The BWB token is the native token of the Bitget self-custody wallet, similar to Binance’s TWT token. Bitget also has its own native token, BGB, which can be used to offset trading fees. Initially, the Bitget OnChain Layer Ecosystem Fund will invest in and incubate various Web3 trading services, including pre-market price aggregators, an on-chain derivatives market, and trading bots. Bitget Wallet is a popular self-custody wallet in the Asia-Pacific region, with over 20 million users. Its native token, BWB, is set to launch this quarter. Following the footsteps of other exchanges, Bitget aims to expand its services and become a comprehensive player in the crypto ecosystem.