Bitget Wallet Launches $10M Ecosystem Fund Alongside Onchain Layer

Crypto exchange Bitget is advancing its on-chain ecosystem, following the path of exchanges like Binance, OKX, and KuCoin.

“The Bitget Onchain Layer will not only integrate a host of native DApps [decentralized applications] within Bitget Wallet through joint collaboration with builders,” stated Bitget in a release shared with Cointelegraph on May 15. “Concurrently, a $10 million BWB Ecosystem Fund has been established to accelerate the development of the Bitget Onchain Layer and support aligned projects.”

BWB, the native token of Bitget Wallet, is similar to the Trust Wallet token (TWT). Additionally, the exchange’s native token, BGB, can be used to offset trading fees, akin to Binance’s BNB, KuCoin’s KCS, and OKX’s OKB tokens.

The Bitget OnChain Layer Ecosystem Fund will initially focus on investing in and incubating various Web3 trading services. Planned features include pre-market price aggregators, an on-chain derivatives market, and trading bots, all designed to complement Bitget Wallet’s interchain swap service.

Bitget Wallet, popular in the Asia-Pacific region with over 20 million users, plans to launch its native token, BWB, this quarter. 5% of its 1 billion maximum supply is reserved for community members in a pre-generation event. Post-launch, BWB will power the Bitget Wallet and OnChain Layer ecosystem through governance voting, participation in Launchpad events, staking rewards, and multichain gas fee payments.

This initiative is part of Bitget’s broader strategy to facilitate day-to-day trading and expand its presence across the crypto ecosystem.

Binance, the world’s largest crypto exchange, launched its BNB blockchain in September 2020, and Trust Wallet, initially created by Binance, launched its TWT token, now exceeding a fully diluted market cap of $1 billion. In 2021, PancakeSwap became the first billion-dollar project on the BNB Chain.

Similarly, OKX has developed its own self-custody wallet and Web3 Marketplace, supporting NFTs, decentralized applications, and novel assets like Bitcoin Runes, Ordinals, Atomicals, and BRC-20 tokens. As of May 13, the OKX Web3 Marketplace became the largest exchange for Bitcoin Runes, holding a 51.08% market share.

Related: Bybit to launch Notcoin trading and withdrawals next week

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