Bitget, a prominent cryptocurrency exchange, has unveiled a $10 million BWB Ecosystem Fund as part of its initiative to introduce the Bitget Onchain Layer. This strategic move aligns with the company's aspiration to follow the footsteps of industry giants such as Binance, OKX, and KuCoin by establishing a flourishing on-chain ecosystem within its platform. The envisioned ecosystem will host native decentralized applications (DApps) seamlessly integrated into the Bitget Wallet. To expedite this vision, Bitget has introduced the $10 million BWB Ecosystem Fund.

While the primary focus of the fund revolves around nurturing the onchain ecosystem ambitions, it will also extend support to other projects that resonate with its overarching plans, as stated by the exchange. Just like Binance's BNB token and Trust Wallet's TWT token, Bitget has its own native tokens - BWB and BGB. BWB serves as the native token of the Bitget Wallet, while BGB can be utilized to offset trading fees, akin to the utility of Binance's BNB token, KuCoin's KCS token, and OKX's OKB token.

Breaking down the spending strategy concerning the fund, Bitget outlines its intention to concentrate on investing in and fostering various Web3 trading services. The platform will initially focus on supporting approximately three pre-market price aggregators, an on-chain derivatives market, and trading bots, all of which are envisioned to complement its interchain swap service.

With a robust user base exceeding 20 million users in the Asia-Pacific (APAC) region, Bitget has solidified its standing as a popular self-custody wallet provider. The forthcoming launch of its native token, BWB, set for this quarter, will reserve a portion of its maximum supply for community members. Notably, BWB boasts a maximum supply of 1 billion tokens, with 5% earmarked for community members.

According to Bitget, BWB is slated to play a vital role in fueling the Bitget Wallet and Onchain Layer ecosystem, facilitating functions such as governance voting, participation in Launchpad events, staking rewards, and the payment of multichain gas fees. This strategic maneuver by Bitget aligns with its overarching objective of enabling seamless day-to-day trading activities, positioning itself to make a significant impact and broaden its footprint in the ever-evolving crypto landscape. Drawing inspiration from the triumphs of industry leaders like Binance and OKX, Bitget is on a trajectory to establish itself as a distinguished player in the dynamic realm of cryptocurrencies.