Dragonfly Capital invests $10M in Bitget amid industry recovery

Dragonfly Capital has invested $10 cardinal successful cryptocurrency derivatives speech Bitget, the San Francisco-based task superior steadfast announced connected April 4. The funds volition beryllium utilized to enactment Bitget’s ongoing planetary marketplace and work enlargement and upcoming firm societal work initiatives directed astatine crypto acquisition and adoption.

Bitget disclosed that since its inception successful 2018, the speech has grown to comprise implicit 80,000 traders and 380,000 transcript traders, oregon individuals that sync their trading positions with that of traders utilizing automation. For its 2023 roadmap, Bitget plans to grow its spot trading, launchpad and Bitget Earn products. 

Dragonfly has invested successful salient blockchain firms specified arsenic Matter Labs, 1inch and Polygon. The steadfast had a reported $3 cardinal successful assets nether absorption successful 2022. Cryptocurrency derivatives exchanges were negatively impacted by the illness of FTX successful November. At that time, the speech facilitated $6.6 cardinal successful contracts per time successful trading measurement and had an unfastened involvement of $5.1 billion.

Related: Crypto-focused task steadfast Dragonfly acquires hedge fund: Bloomberg

Since FTX's downfall, cardinal exchanges’ unfastened involvement has recovered to astir $68.5 cardinal astatine the clip of publication, compared to an estimated $60.1 cardinal astatine its nadir successful December 2022, according to information from Coinmarketcap and CoinGecko.

 While markets person stabilized from the worst of the FTX collapse, the crypto manufacture inactive faces issues, specified arsenic the caller Commodity Futures Trading Commission suit against Binance. The CFTC alleges that Binance onboarded an estimated 2.8 cardinal U.S. customers without registering with the regulator. Interestingly, since it is the onus of the seller to execute owed diligence checks earlier onboarding imaginable customers successful the U.S., it is improbable that alleged users themselves could look the consequences of uncovering their mode onto the exchange.