Bitget Wallet has announced a joint investment with crypto investment firm Foresight X in Tomarket, a decentralized trading platform. This venture targets emerging asset classes and aims to expand the wallet's services beyond traditional decentralized exchanges (DEXs).
Bitget Wallet Eyes New Horizons
According to the press release, Tomarket, developed by experts from Binance and Microsoft, seeks to address markets that traditional DEXs have yet to explore. The platform allows trading of Real World Assets, crypto asset yield swaps, crypto points, and pre-TGE assets, enhancing liquidity and value discovery in these sectors.
Scheduled for a July launch, Tomarket will initially be available as a Telegram mini-app, providing an entry point for early adopters. This innovation is set against the backdrop of significant growth in the crypto industry in 2024, driven by the Bitcoin halving and SEC approval of the Bitcoin ETF.
This period has seen the rise of new asset classes, such as crypto project points trading and pre-TGE tokens, which face challenges like poor liquidity and high transaction trust costs. Tomarket aims to provide a comprehensive, one-stop platform to meet the trading needs of these new assets.
Alvin Kan, the COO of Bitget Wallet, mentioned: "Trading has always been at the heart of the crypto industry. Beyond traditional token assets, new asset types such as RWAs and points deserve significant attention."
"Through our investment and product collaboration with Tomarket, we aim to explore and develop markets beyond traditional DEXs, driving the growth of new crypto asset trading, thus cementing our dedication to catering to new user needs as they present themselves."
Navigating Web 3 Space
Earlier this year, Bitget Wallet introduced the Bitget Onchain Layer, an intermediary designed to help users navigate the Web3 ecosystem. As the first ecosystem partner, Tomarket will reportedly integrate deeply into Bitget Wallet, expanding use cases for the wallet's native token, BWB.
Bitget Wallet offers a range of features, including asset management, swap trading, and NFT services. It supports over 100 major blockchains and 250,000 cryptocurrencies.
Bitget's trading volumes have been steadily increasing recently. The company posted a 100% increase in spot and futures trading volumes compared to previous quarters, along with a significant jump in the price of the platform's native token, BGB.
Bitget's futures trading volume reached nearly $1.4 trillion, an expansion of 146% from the previous quarter. The exchange experienced the highest increase in derivatives market share, with a growth of 2.4% for March. The spot trading volume also experienced a substantial upswing of 113%, surpassing $60 billion in Q1 2024.
This article was written by Jared Kirui at www.financemagnates.com.
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