Although the crypto space has gone through turbulent times over the past year, to bite She managed to grow and make great strides in building her brand, team, and business during this crypto winter. The platform extended its services to the global Web3 market for the first time in 2022 and pushed the speed of its business development beyond the boundaries, making it one of the fastest growing exchanges with the best business momentum.
Taking a look at the brief, some of the major developments for the platform included increasing its workforce from barely 200 people to over 1,100 employees, expanding its operational facilities from two weak locations to 12 operating facilities around the world, and also becoming the exclusive cryptocurrency exchange partner with Lionel Messi.
Initially, Bitget focused on only serving its customers from a select group of Asian countries. By the end of 2022, they have gained more than 8 million users in more than 100 countries with footprints in Turkey, Southeast Asia, Europe and Latin America.
The platform also saw a 300% increase in total transaction volume with over 4.2 million profitable trades. Looking at the platform’s on-chain data, more than 1,000,000 merchants shared $9.7 million in profit with their counterfeit products.
According to the latest data shared by TokenInsight reportBitget’s market share increased dramatically from 3% to 11% after the collapse of the former second largest exchange, FTX, marking the largest market share growth in the crypto derivatives sector. By the end of 2022, the total daily open interest of the 10 largest exchanges was down 27.1% from January and 41% from its peak in April of that year. Bitget significantly increased its open interest from $841 million to $3.74 billion, which represents an overall increase of 344%.
Master the copy shop
Over the past four years, the platform has spent time and effort improving its copy trading infrastructure and products to provide its users with the best social trading experience.
One Click Copy Trade is the leading social trading product that allows clients to automatically execute trades, shadow orders and strategies from experienced traders of their choice. This also simplified the one-click cryptocurrency trading process, eliminating the scope for making mistakes in price fluctuations and providing a good starting point for users to enter the game.
2022 also saw the launch of Bitget Insights and Strategy Plaza, giving customers the chance to find ways to maximize their revenue. These features are intended to help people choose the most profitable trading methods to sign up for.
Ensure the protection and safety of users
Bitget has achieved almost zero crashes despite the volatile market conditions over the past four years. This was the result of continuous monitoring and advancements in their IT and security systems.
The platform has also launched a protection fund of 300 million that will not be used for the next 3 years unless there is an emergency. They also have a Merkle Tree Proof of Reserves tracking page that updates the snapshot every month and guarantees a 1:1 reserve ratio for client funds. ‘Brand Validator’ is an open source tool available on GitHub that exposes its on-chain data to third-party platforms such as Nansen, CoinGecko, and more.
Prioritize vendors and work with KOLs
Bitget strives to put its vendors first, and this is evident in its approach to designing product attributes, interest protection mechanisms, and product thresholds. Retail users get better services and more favorable prices because the platform believes that retail investors are an important driver in the development of the crypto space, unlike the traditional financial space.
Accumulating enthusiastic Key Opinion Leaders (KOL) and affiliates was also a priority of the platform. Currently, they have a network of more than 100,000 KOL Close Partners all over the world. Together with KOLs and KOC (Key Opinion Consumers), they publish the most professional trading strategies and the highest quality content.
Social trading is another important part of this system, and Bitget has been shaping a distinct development path that fits its characteristics and remains focused on its continuous efforts over the past four years.
Insights from MD
Commenting on her vision for the cryptocurrency industry in 2023, Gracie Chen, CEO of Bitget, said that with the continued impact of macro liquidity on the cryptocurrency market, the rise in interest rates in 2023 is expected to gradually slow down. While it is uncertain when the interest rate cuts will happen, the impact of the Fed on overall liquidity will also continue to affect investor expectations in the cryptocurrency market.
In addition, she added, the number of locked positions in DeFi is expected to slowly increase in 2023. Regardless of the decline in the 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 DeFi blue chips slowly migrate into the ecosystem infrastructure, DeFi lock volume and TVL are also expected to increase in 2023.
Chen also advised other construction companies to create a product with distinct features and become an industry leader, focusing on the security and protection of blockchain companies. 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 a consumer’s perspective.
For more information about Bitget, check out our Official Website.
Disclaimer: This is a paid post and should not be taken as news/advice.