Bitget Unveils $300M Program to Boost Institutional Traders

Bitget, a popular cryptocurrency exchange, has launched Project Archimedes, a $300 million capital program aimed at institutional traders. The project will provide funding to firms in the quantitative trading business, asset managers, and market makers.

The program has two funding tracks: one for new and developing quantitative companies with an allocation of $100 million, and another for existing institutions with proved strategies offering interest-free loans worth $200 million.

Firms eligible for the first track must be engaged in market-neutral strategies, while those on the second track will be chosen based on specified trading volume and/or position criteria. Bitget's CEO Gracy Chen stated that the goal is to 'boost over fifty projects in the next six months with this capital.'

The project comes at a time when quantitative companies are facing new challenges due to narrowed profits from traditional crypto arbitrage and increased competition in well-established markets.