• Bitget Token (BGB) saw an increase after Dragonfly Capital pumped $10 million into the crypto derivatives exchange.
• The BGB price rose to highs above $0.42, with current price approximately 20% off the all-time highs of $0.51.
• The investment will help Bitget grow its market and services worldwide, as well as promote cryptocurrency education.

Bitget Token (BGB) experienced a jump in price as the community around the cryptocurrency derivatives exchange reacted positively to news of a $10 million venture capital injection from Dragonfly Capital.

The BGB price rose to highs of $0.42, after having traded at lows of $0.39 on Monday. The positive sentiment saw over $9 million worth of the token traded in the past 24 hours, resulting in a 2% and 9% increase in price in the past 24 hours and 7 days respectively.

The crypto’s price, currently above $0.41, is roughly 2% off the all-time highs above $0.51 reached on 18 February. If sellers take the $0.40 support, BGB could revisit the $0.31 region.

Dragonfly invests $10 million in Bitget

Dragonfly Capital, a venture capital firm that invests in projects in the digital assets ecosystem, made a strategic investment of $10 million in the crypto platform Bitget. 

Blockchain data and research platform Nansen highlighted on 4 April that a Dragonfly wallet had received 60,219,900 $BGB (approximately $24 million) a few days ago, potentially linked to the deal.

💫 NEWS: Dragonfly invests $10 million in derivatives exchange Bitget

That partly explains the 60,219,900 $BGB (~$24 million) sent to a Dragonfly wallet 6 days ago pic.twitter.com/xl4Td5u5dX

— Nansen 🧭 (@nansen_ai) April 4, 2023

The funds will support the crypto derivatives exchange’s market and service expansion across the globe, Dragonfly said in a press release. Additionally, the investment will go into Bitget’s corporate social responsibility initiatives as the platform looks to promote crypto education and adoption.

“As the fastest-growing exchange in the past 12 months, this investment is a recognition of our focus on BUIDL in the bear run. Apart from the cash influx, what will benefit us more from the Dragonfly partnership is their crypto savvy and insights. Jointly, we will be able to identify more growth opportunities and contribute more to the sustainable growth of our industry,” Gracy Chen, the Managing Director of Bitget stated.

The investment arrives as Bitget is ramping up its efforts across spot trading, launchpad, and earning products. 

Bitget recently collaborated with Space and Time to provide full transparency to its proof of reserves and has partnerships with soccer star Lionel Messi and Italian football giants Juventus.