On March 22, cryptocurrency derivatives exchange Bitget announced a $30 million investment into the multichain wallet BitKeep at a $300 million valuation. The deal will see Bitget become the controlling shareholder of BitKeep and allow the latter to “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 will bolster the firm's technical capacity and provide resources for "product growth and market expansion."
BitKeep is a self-custody wallet popular among users in the Asia-Pacific region, although it also has a substantial global presence. Aside from providing access to decentralized finance protocols and non-fungible tokens, the wallet is known for its ability to process cross-chain swaps of digital assets between different blockchains within the application itself.
The firm says BitKeep wallet has surpassed 8 million users and supports thousands cryptocurrencies across 80 blockchains. Previously in May 2022, BitKeep raised $15 million at a valuation of $100 million, with Dragonfly Capital leading the investment.
Although venture capital in blockchain has dried up amid the bear market, investors continue to back projects building infrastructure and cross-chain solutions. Cointelegraph recently reported that crypto and blockchain venture capital funding has declined in four consecutive quarters.
Magazine: Account abstraction’ supercharges Ethereum wallets: Dummies guide