Bitget's managing director claims that the new fund aims to "link the real world with Web3 space."
The Ecosystem Fund, supported by strategic partners such as Core DAO along with crypto exchanges Bitget and MEXC, is dedicated to offering financial assistance to early-stage projects.
According to press releases by CoreDAO and Bitget, this support will cover various areas, including research and development, community-building programs, marketing, recruitment, and other crucial growth initiatives.
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Alongside the investment, the partnership will also list Core projects and launch a new Core Trading Zone on Bitget, featuring its integrated BitKeep wallet.
With over 8 million users, Bitget can provide significant staking capabilities for the Core DAO ecosystem, supplying essential liquidity. Therefore, it is not surprising that Bitget aims to become a Core network validator.
Core DAO's Ecosystem Fund sets itself apart from competitors by not relying on a grant-based system, where projects must commit to building on a specific protocol to receive funding. Instead, the Ecosystem Fund incentivizes projects to achieve customized benchmarks that offer tangible value to the Core community.
Rich Rines, an initial contributor at Core DAO, claimed that "grant programs" often focus only on headlines and "short-term momentum" rather than nurturing projects that contribute to long-term ecosystem success. On top of that, Rines added:
That's why our Ecosystem Fund will incentivize projects for their ability to both deliver value and sustain success.
Gracy Chen, Bitget's managing director, expressed her enthusiasm for the partnership, stating:
This investment is another show of proof of our commitment to supporting the blockchain space from various angles <...> We have to keep in mind that the purpose of blockchain is to link the real world with Web3 space, and that is exactly what we are promoting with this partnership and our support to the ecological fund.
Core DAO's $200 million Ecosystem Fund, in collaboration with Bitget and MEXC, paves the way for accelerated development of decentralized applications and protocols, setting the stage for long-term success in the blockchain industry.
In recent months, several funds have been launched to boost Web3 adoption. At the end of March, Hong Kong investors rolled out a $100 million fund to support Web3 startups.
