Although the crypto space has gone through turbulent times over the past year, bitget has managed to grow and make great strides in building its brand, team, and business over this crypto winter. The platform extended its services to the global web3 market for the first time in 2022 and pushed its speed of business development beyond the limits, making it one of the fastest growing exchanges with the better business momentum.
Looking at the recap, some of the platform’s major developments included growing its workforce from just 200 to over 1100 employees, expanding its commercial operating locations by 2 lean sites to 12 operational establishments around the world, and also become the exclusive crypto exchange partner with Lionel Messi.
Grow in number
Initially, the Bitget platform only focused on serving its customers from a select group of Asian countries only. By the end of 2022, they have acquired over 8 million users in over 100 countries with footprints in Turkey, Southeast Asia, Europe and Latin America.
The platform also saw a 300% increase in total trading volume with over 4.2 million profitable trades. Looking at the platform’s on-chain data, over 1,000,000 traders shared a profit of $9.7 million with their copy trading products.
According to the latest data shared by the TokenInsight report, Bitget’s market share increased significantly from 3% to 11% after the collapse of the former second-largest exchange, FTX, which marked the largest market share growth in the crypto derivatives sector . By the end of 2022, total daily open interest across the top 10 exchanges had fallen 27.1% from January and 41% from its peak in April of the same year. Bitget achieved a significant increase in open interest, from $841 million to $3.74 billion, a total increase of 344%.
Perfecting copy trading
Over the past 4 years, the platform has spent time and effort perfecting its infrastructure and products for copy trading to provide its users with the most exceptional social trading experience.
One-click Copy Trade is their flagship social trading product that allows clients to execute trades automatically, following the orders and strategies of experienced traders of their choice. It also simplified the crypto trading process to just one click, eliminating the possibility of making mistakes in price fluctuations and giving users a good starting point to get into the game.
2022 also saw the launch of Bitget Insights and Strategy Plaza, giving clients a chance to find ways to maximize their returns. These features aim to help people choose the most lucrative trading methods to subscribe to.
Ensuring the protection and security of users
Bitget has achieved almost zero crashes despite varying market conditions over the past 4 years. This was the result of continuous monitoring and improvement of their IT and security system.
The platform also launched a protection fund of 300 million which will not be used in the next 3 years, except in case of emergency. They also have a Merkle Tree Proof of Reserves tracking page that updates their snapshot monthly guaranteeing a 1:1 reserve ratio of client funds. “Merkevalidator” is their open-source tool available on GitHub that reveals their on-chain data on third-party platforms like Nansen, CoinGecko, etc.
Prioritize retail users and work with KOLs
Bitget strives to put its retail users first, this can be seen in its approach to the design of product attributes, interest protection mechanisms and product thresholds. Retail users enjoy better services and cheaper rates, as the platform believes that retail investors are a key driver for the development of the crypto space, unlike the traditional financial space.
The accumulation of Key Opinion Leaders (KOL) and highly motivated affiliates has also been a priority for the platform. Currently, they have a network of over 100,000 close KOL partners around the world. In partnership with these KOLs and KOCs (Key Opinion Consumers), they deliver the most professional trading strategies and quality content.
Social trading is another crucial part of this system, Bitget has been working on forming a distinct development path that matches its characteristics and remains focused on its consistent efforts over the past 4 years.
Gracy Chen, Managing Director of Bitget, commented on her view of the crypto industry in 2023 and said that as macro-liquidity continues to affect the crypto market, soaring interest rates are expected to gradually slow in 2023. While it is uncertain as to when the interest rate cuts will occur, the Fed’s impact on macro-liquidity would also continue to affect investor expectations for the crypto market.
Moreover, she added, the number of locked positions in DeFi is expected to slowly increase in 2023. Regardless of the drop in value of popular blockchain tokens, the number of active users and new wallet addresses on chains like Polygon, Ethereum and BSC has been on the rise.
As more and more DeFi blue chips slowly transition into the ecosystem infrastructure, DeFi lockdown volume and TVL are also expected to increase in 2023.
Chen also advised fellow builders to create a product with distinctive qualities and become a leader in the field while also focusing on security and protection for blockchain enterprises. This should be done by ensuring that users’ funds are always available to them and can be withdrawn at their request. She also added that business decisions should always be made from the perspective of the consumer.
For more information on Bitget, please see their official site.
Disclaimer: This is a paid publication and should not be considered news or advice.