Bitget acquired a controlling stake in BitKeep, a wallet provider, with an additional $30 million investment at a $300 million valuation.
The acquisition is an important move that will allow the company to expand its business territory to the wallet sector, which provides native storage and asset management services, according to a statement from Bitget.
The stake percentage and how much Bitget has previously invested in BitKeep are not known, but the controlling stake is well above 51%.
Managing Director Gracy Chen said the company invested in BitKeep in 2021 and 2022, but did not make the information public.
Following the recent bank collapse, the acquisition of a controlling stake in BitKeep resulted in a surge in demand for non-custodial wallets.
In order to grow, Chen believed that non-custodial wallets would continue to grow, and that's why Bitget made a deal with BitKeep.
Chen stated that the acquisition of BitKeep is part of the company's new go beyond strategy to offer DeFi and other services.
According to Moka Han, COO of BitKeep, BitKeep claims to be the largest Web 3 wallet in Asia with around 9.5 million users, and its monthly active users have jumped to 1.6 million, while its total transaction volume has crossed $4 billion.
The valuation of BitKeep has gone up in recent months due to its rapid growth, according to Han. The wallet provider was valued at $100 million in May last year when it raised $15 million in Series A funding.
Read Next: The Only Guarantee In Crypto Is Risk' Is What Belgium Wants Firms To Add In Their Advertisements