Last Updated on March 22, 2023 by Bitfinsider
With an extra $30 million investment at a $300 million value, crypto market Bitget purchased a majority share in crypto wallet BitKeep.
“The wallet venture is a significant step for Bitget because it will extend its business area to the wallet sector and assist it in providing native storage and asset management services,” Bitget said in a statement.
Bitget’s managing director Gracy Chen told The Block in an interview that the dominant share is well above 51%. She refused to remark on the precise stake proportion or the amount earlier invested in BitKeep by Bitget. She did, however, point out that Bitget bought in BitKeep in 2021 and 2022 without disclosing the information.
The purchase of a majority share comes amid the crashes of crypto and banks. Chen stated that the demand for non-custodial wallets has increased as a result of recent occurrences such as FTX’s insolvency and will continue to rise, which is why it reached an agreement with BitKeep. “It also fits into our new ‘go beyond futures’ plan to provide DeFi and other services,” Chen explained.
Bitget was established in 2018 as a futures trading platform but has since expanded to include a clone trading platform. According to Chen, the business services 8 million users, the majority of whom are from Asia, Latin America, and Europe.
“We are the biggest web3 wallet in Asia, with approximately 9.5 million users,” Moka Han, BitKeep’s chief executive officer, said in an interview. BitKeep’s monthly active users have risen to 1.6 million, and its total transaction value has surpassed $4 billion, according to Han.
According to Han, the rapid development of BitKeep in recent months is the primary cause for the significant increase in its value. When it secured $15 million in Series A financing in May of last year, the wallet provider was valued at $100 million.
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