Cryptocurrency derivatives exchange Bitget has invested $30 million (£24.4m) into multi-chain wallet BitKeep to improve stability and security on its exchange.
The deal, which sees Bitget become the controlling shareholder of BitKeep, brings the wallet start-up’s valuation to $300 million (£244m).
Gracy Chen, managing director at Bitget, said: “Being one of the most trusted crypto exchanges with a $300 million user protection fund, we know how much security and reliability mean to cryptocurrency users and are confident that the integration of our native solutions in this domain into BitKeep’s framework will bolster its image as an attractive wallet.”
BitKeep is a self-custody wallet with a global userbase but a central focus in the Asia-Pacific region.
As well as providing access to DeFi protocols and NFTs, the wallet is able to process cross-chain swaps of digital assets between different blockchain networks in-application.
Bitget said the investment will give the wallet “access to the exchange’s proven technology and security capabilities in the exchange domain, thus helping it improve the stability and security of its services.”
Moka Han, chief operating officer at BitKeep, said: “The investment deal implies not only financial but also technical support, which will be provided to us by a professional team along with the experience necessary for product growth and market expansion. We are excited about this partnership and the potential it has to provide our users.”
BitKeep says it has more than eight million users and supports 250,000 cryptocurrencies across 80 blockchains.
Founded in 2018, the company raised $15 million (£12.2m) at a $100 million (£81m) valuation in 2022 through a funding round led by Dragonfly Ventures
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