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Bitget Acquires Controlling Stake in BitKeep With Additional Investment at $300 Million Valuation

Crypto exchange Bitget acquired a controlling stake in crypto wallet BitKeep with an additional $30 million investment at a $300 million valuation.

"The investment in the wallet is an important move for Bitget as it will expand its business territory to the wallet sector and help it provide native storage and asset management services," Bitget said in a statement.

The controlling stake is well above 51%, Bitget's managing director Gracy Chen told The Block in an interview. She declined to comment on the specific stake percentage and how much Bitget has previously invested in BitKeep. But she noted that Bitget invested in BitKeep in 2021 and 2022 without making the information public.

The acquisition of a controlling stake comes amid crypto and bank collapses. Chen said the demand for non-custodial wallets has jumped due to recent events like the bankruptcy of FTX and will continue to grow, and that's why it made a deal with BitKeep. "It is also part of our new 'go beyond derivatives' strategy to offer DeFi and other services," Chen said.

As part of the Bitget deal, Kevin Como, BitKeep's pseudonymous CEO, is stepping down and Karry Cheung, the current chief product officer of BitKeep, is getting promoted to CEO, Han said.

(By Yogita Khatri)

Related News:

SUIBG, Launched by BitKeep and Bitget, Achieves a Daily On-Chain Transaction Count of Over 130,000

BitKeep is set to authorize swaps of Arbitrum futures token (ARBK) for ARB

BitKeep to Strike a Strategic Partnership with Conflux

Bitget Partners With Capitual To Participate in Brazil CBDC Project

Bitget Integrates With TradingView for Crypto Derivatives Trading

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