- BGB prices rose to $0.42 above their historical highs, and are currently about 20% below $0.51.
- Dragonfly Capital made a strategic investment of $10 Million in Bitget, a crypto derivatives trading platform.
- Bitget will use this capital injection to expand its products, and promote crypto education.
Bitget Token BGB traded higher, as Bitget community members reacted positively after the announcement of a new injection of venture capital.
BGB price reached $0.42 on Monday after trading at $0.39 on Monday. The positive sentiment saw over $9 million worth traded in the last 24 hours. BGB gained 2% and 10% in price over the past 7 days and 24 hours, respectively.
The price of Bitget’s native token, currently above $0.41, is about 2% off the all-time highs above $0.51 reached on 18 February. BGB could re-enter the $0.31 area if sellers accept the $0.40 support
Bitget gets $10 Million from Dragonfly
Dragonfly, a crypto-focused venture capital firm that invests in projects in the digital assets ecosystem – from seed to series D – announced A strategic investment of $10 million in Bitget, a crypto platform.
Nansen, a platform for blockchain data and research highlighted A Dragonfly wallet reported that it had received 60,219,000.900 $BGB (approximately $254 million) on April 4th. This suggests that this may be part of the deal.
💫 NEWS: Dragonfly invests $10 million in derivatives exchange Bitget
This partly explains why there are 60,219,000.900 $BGB 6 days ago, $24,000,000 sent to a Dragonfly wallet pic.twitter.com/xl4Td5u5dX
— Nansen 🧭 (@nansen_ai) April 4, 2023
The investment will support the crypto derivatives exchange’s market and service expansion across the globe, Dragonfly said in a press release. The funds will also go into Bitget’s CSR initiatives as the platform looks to promote crypto education and adoption.
“As the fastest-growing exchange in the past 12 months, this investment is a recognition of our focus on BUIDL in the bear run. Dragonfly’s crypto knowledge and insights will be more beneficial than the cash inflow. Together, we will be able to discover more growth opportunities and contribute more to the sustainable growth of our industry,” Gracy Chen, the Managing Director of Bitget said.
Bitget also invests in spot trading, launchpad and earning products.
Bitget has partnered Space and Time recently to give full transparency to its proofs of reserves. Bitget also has partnerships to soccer star Lionel Messi and the Italian football giants Juventus.
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