- BGB’s price has climbed to a high of over $0.42 and is now about 20% off its all-time high of $0.51.
- Dragonfly Capital Makes $10 Million Strategic Investment in Crypto Derivatives Exchange Bitget
- Bitget will use capital injections to expand its offerings and promote crypto education.
Bitget Token (BGB) traded higher as the community around crypto derivatives exchange Bitget reacted positively to the news of a new venture capital injection.
BGB’s price fell to a high of $0.42 after trading at a low of $0.39 on Monday, showing positive sentiment with more than $9 million worth of tokens trading in the past 24 hours. . In terms of price increases, BGB has gained 2% and 9% over the last 24 hours and 7 days respectively.
The price of Bitget’s native token is currently over $0.41, down about 2% from its all-time high of over $0.51 reached on February 18th. If the seller takes advantage of his $0.40 support, BGB could move back to his $0.31 region again.
Dragonfly invests $10 million in Bitget
Dragonfly, a crypto-focused venture capital firm investing in projects in the digital asset ecosystem from seed to Series D announced $10 million strategic investment in crypto platform Bitget.
Blockchain data and research platform Nansen highlight On April 4th, Dragonfly announced that its wallet received $60,219,900 BGB (approximately $24 million) a few days ago, suggesting that this may be part of a transaction.
💫 News: Dragonfly invests $10 million in derivatives exchange Bitget
It partially explains 60,219,900 $BGB (~$24 million) was transferred to your Dragonfly wallet 6 days ago pic.twitter.com/xl4Td5u5dX
— Nansen 🧠(@nansen_ai) April 4, 2023
The investment will support the expansion of markets and services for crypto derivatives exchanges around the world, Dragonfly said in a press release. The funds will also be used for Bitget’s CSR initiative as the platform aims to foster crypto education and adoption.
“As the fastest growing exchange in the last 12 months, this investment is a recognition of our focus on BUIDL during the bear market. Aside from the influx of cash, the benefit you get from the Dragonfly partnership is their crypto knowledge and insight. Together, we can discover more growth opportunities and contribute more to the sustainable growth of our industry.said Gracie Cheng, Managing Director of Bitget.
The investment also comes as Bitget looks to double down on its efforts across spot trading, launchpads, and revenue products.
Bitget recently partnered with Space and Time to provide full transparency in proving reserves, as well as football star Lionel Messi and Italian football giants Juventus.
