With an additional $30 million investment and a $300 million value, cryptocurrency exchange Bitget bought a controlling stake in the cryptocurrency wallet BitKeep.
Bitget Acquires Controlling Stake in BitKeep
Bitget said the following in its statement:
“The investment in the wallet is an important move for Bitget as it will expand its business territory to the wallet sector and help it provide native storage and asset management services,”
According to Bitget’s managing director Gracy Chen, the controlling interest is far higher than 51%. Regarding the precise investment % and the amount Bitget has previously invested in the platform, she chose not to comment. However, she pointed out that Bitget made investments in the wallet in 2021 and 2022 without disclosing the information.
Chen’s and Han’s Statements
“Crypto is a big industry and instead of cutting pies from them, we would much like to grow the pie together,”
Chen
According to Chen, Bitget’s acquisition of the wallet can be compared to Binance’s acquisition of Trust Wallet in 2018. Yet, according to her, Bitget does not intend to compete with Binance, the biggest cryptocurrency exchange in the world.
“We are the largest web3 wallet in Asia with around 9.5 million users,”
Moka Han, chief operating officer of BitKeep
According to Han, the wallet will continue to run independently. Han said that the wallet would eventually incorporate more capabilities, including support for ZK-rollup-based Layer 2 networks, with the ultimate goal of onboarding the next 1 billion people to cryptocurrency.
Karry Cheung, the current chief product officer of BitKeep, is promoted to CEO as a result of the Bitget agreement, replacing Kevin Como, the company’s pseudonymous CEO, Han added. According to Chen and Han, Bitget and BitKeep currently employ 1,300 and 100 individuals, respectively.
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