Dragonfly Capital has invested $10 million in cryptocurrency derivatives exchange Bitget, the San Francisco-based venture capital firm announced April 4. adoption.
Bitget revealed that since its inception in 2018, the exchange has grown to include more than 80,000 traders and 380,000 copy traders, or people who sync their trading positions with those of traders using automation. For its 2023 roadmap, Bitget plans to expand its spot trading, launchpad, and Bitget Earn products.
Dragonfly has invested in prominent blockchain firms like Matter Labs, 1inch, and Polygon. The firm had a reported $3 billion in assets under management in 2022. Cryptocurrency derivatives exchanges were negatively affected by the FTX crash in November. At that time, the exchange facilitated $6.6 billion in contracts per day in trading volume and had open interest of $5.1 billion.
Related: Crypto-Focused Venture Firm Dragonfly Acquires Hedge Fund: Bloomberg
From The fall of FTXOpen interest from core exchanges has rebounded to about $68.5 billion at press time, compared with an estimated $60.1 billion at its low point in December 2022, according to Coinmarketcap data. and CoinGecko.
While markets have stabilized since the worst of the FTX crash, the crypto industry still faces problems, such as the recent lawsuit by the Commodity Futures Trading Commission against Binance. The CFTC alleges that Binance incorporated about 2.8 million US customers without registering with the regulator. Interestingly, since it is the responsibility of the seller to perform due diligence checks before onboarding potential customers in the US, it is unlikely that prospective users will face any consequences of finding their way onto the exchange.
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