Seychelles-based cryptocurrency exchange Bitget, which is known in the crypto industry for its trading products, easy on-off ramp Fiat solutions but especially the copy trading platform has invested $30M in decentralized multi-chain wallet BitKeep to become its controlling shareholder.
The investment will allow Bitget to grow its service offers while also assisting BitKeep in improving the reliability and security of its operations, according to a statement from the exchange.
Bitget said that the wallet will receive access to the exchange’s technology and security features. Bitkeep is a multichain wallet that connects users to a variety of defi applications and non-fungible token (NFT) initiatives.
Bitkeep wallet users can access blockchains like Bitcoin (BTC), Solana (SOL), Fantom (FTM), Polygon (MATIC), Tron (TRX), Heco (HT), Ethereum (ETH), Binance Smart Chain (BSC), and OEC (OKT). The wallet raised $15 million in a financing round led by Dragonfly Capital in May 2022, with participation from Kucoin Ventures, A&T Capital, Foresight Ventures, Sevenx, Matrixport, Bixin Capital, Danhua Capital, Peak Capital, and YM Capital. Bitget’s latest $30M investment gives Bitkeep a post-capital valuation of $300M.
Gracy Chen, managing director at Bitget said, “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.”
Moka Han, Chief Operating Officer at BitKeep said, “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 claims to have “over 8M users in 168 countries across North America, Europe, and Asia.” Aside from the networks stated above, the wallet supports 80 other blockchains and 250,000 distinct types of crypto assets. The wallet competes with defi and Web3 wallets such as Metamask, which has more than 10M active users. Defi Swap, Zengo, Safepal, and Trust Wallet are some of Bitkeep’s competitors.
Founded in 2018 by Sandra Lou, Bitget is a cryptocurrency exchange platform with futures trading and copy trading services as its key features. It currently serves over eight million users in more than 100 countries worldwide.