The crypto derivatives exchange Bitget announced on March 22 that it would be investing $30 million into the multichain wallet BitKeep at a value of $300 million to improve security and stability.
This follows the revelation made by OKLink in a tweet at the end of December that hackers had stolen around $31 million from the supplier of multichain wallets, BitKeep, as reported by crypto.news.
As a result of the transaction, Bitget can exercise controlling shareholder status over BitKeep. This will enable BitKeep to access the exchange’s proven technology and security capabilities in the exchange domain, which will assist the company in improving the stability and security of its services.
The firm is convinced that incorporating its native workarounds in this domain into BitKeep’s framework will boost its image as an attractive wallet. As a leading trusted crypto exchange with a $300 million customer protection fund, the firm asserts that they understand how much reliability and safety mean to cryptocurrency users forcing the incorporation.
Meanwhile, Moka Han, the chief operating officer of BitKeep, stated that the investment contract includes financial and technical assistance, which a competent team with the expertise required to develop the product and expand the market will offer them. Because of the opportunities it presents to its customers, Han revealed much enthusiasm about this cooperation.
What is BitKeep
BitKeep is a self-custody wallet widely used by users in Asia-Pacific, even though the company has a significant presence in other parts of the world. The wallet is well-known for its capacity to perform cross-chain swaps of digital assets across multiple blockchains inside the application. In addition to giving access to decentralized financial protocols and non-fungible tokens, the wallet is also noted for its ability to do so.
According to the company, the BitKeep wallet has over 8 million users and supports over 250,000 coins spread over 80 blockchains. In May 2022, BitKeep raised $15 million at a value of $100 million, with Dragonfly Capital as the primary investor.
This is one of the most critical steps that Bitget has taken toward its entry into web3 as part of its new Go Beyond Derivatives strategy. It envisions linking CeFi and DeFi, transforming the platform from a leading contract exchange into an all-encompassing and holistic exchange with its ecosystem.