The ecosystem fund is denominated in Bitget Wallet’s native token, BWB, which is scheduled for debut this quarter.
Crypto exchange Bitget is looking to create its own on-chain ecosystem by following the footsteps of exchanges such as 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,” according to a Bitget statement shared with Cointelegraph on May 15. “Concurrently, a $10 million BWB Ecosystem Fund has also been established, dedicated to accelerating the development of the Bitget Onchain Layer and supporting aligned projects,” it added.
BWB is the native token of the exchange’s namesake self-custody wallet analogous to the Trust Wallet token (TWT). Meanwhile, the exchange itself also has a native token, BGB, which can be used to offset trading fees similar to Binance’s BNB (BNB) token, KuCoin’s KCS token and OKX’s OKB token.
