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Crypto: Exchanges reinvent themselves into the DeFi ecosystem!

Sun 26 May 2024 ▪ 3 min of reading ▪ by La Rédaction C.
Centralized Exchange (CEX)

Crypto exchanges are no longer just trading platforms. They are transforming into full-fledged DeFi ecosystems. This is the case with Bitget Wallet, which has just announced the launch of Bitget Onchain Layer, an ambitious integrated layer to access the entire universe of decentralized finance. All supported by a dedicated $10 million fund.

Bitget-Wallet

The giants of crypto are building their empires!

Bitget Wallet has just announced the creation of a $10 million fund to develop its crypto ecosystem. Its goal? To deploy its own on-chain services layer, “Bitget Onchain Layer.” But this heavyweight is not an isolated case. Many reputable crypto platforms are now taking this strategic path.

OKX, Binance, and Kraken, all these global leaders have doubled down. Each offers their integrated decentralized crypto wallet as well as their proprietary blockchain. A large-scale initiative to provide a comprehensive service to users.

Simplified access to the vast DeFi world

At the heart of this transformation is a quest for massive crypto adoption. By bringing all services within a unique ecosystem, exchanges greatly facilitate access to decentralized finance. No more tedious back-and-forth between applications!

Now, a simple multi-chain wallet like Bitget Wallet is enough to interact with the vast DeFi world. Users can thus access numerous DeFi services, all within an integrated and simplified interface.

New challenges ahead

However, this DeFi shift comes with challenges for these platforms. The main difficulty remains to design a smooth and user-friendly global experience. It is necessary to master the inherent complexity of these multiple interconnected decentralized services.

Another major issue: properly integrating all the constantly evolving innovations in the crypto universe. Whether it’s DEXs, NFTs, the metaverse, Web3, or DeFi on new networks like Celestia.

The launch of Bitget Onchain Layer illustrates the profound transformation occurring with crypto exchanges. We no longer see platforms limited to simple asset trading. Now, we have integrated “all-in-one” ecosystems where decentralized financial services take center stage.

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La Rédaction C. avatar
La Rédaction C.

The Cointribune editorial team unites its voices to address topics related to cryptocurrencies, investment, the metaverse, and NFTs, while striving to answer your questions as best as possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.