In the first half of 2023, Bitget, the cryptocurrency derivatives exchange, has experienced remarkable growth in its user base and trading volumes. This progress can be attributed to the seamless integration of its recently acquired self-custodial wallet service, now known as Bitget Wallet.
As a result of these strategic moves, Bitget has secured its place among the top four largest cryptocurrency exchanges by trading volume.
Rebranding and Integration Sparks Growth
Bitget’s acquisition of BitKeep led to a comprehensive rebranding effort, culminating in the rechristening of BitKeep as Bitget Wallet. This integration has proven to be a pivotal factor in the platform’s astounding market performance metrics. In 2023, Bitget emerged as the fourth-largest cryptocurrency exchange, commanding a substantial portion of the total market trading volume.
The top four exchanges collectively account for a staggering 85% of the overall market trading volume. This is according to TokenInsight’s comprehensive second-quarter report. Among these giants, Binance stands out with a commanding share of 52%, while OKX (15.13%), Bybit (10.6%), and Bitget (8.1%) solidify their positions in the market during Q2.
On July 18, Bitget released its Q2 report, boasting a spot trading volume exceeding $60 billion. This is alongside $606 billion in futures trading. The report further cites data from Nansen, a prominent blockchain analytics firm. It highlights Bitget as the sole exchange to experience a surge in futures trading volumes following the collapse of Sam Bankman-Fried’s FTX.
Copy Trading Feature, Transparency and Security Boosts Profitability
The introduction of the copy trading feature proved to be a game-changer for Bitget. This innovative tool allows users to replicate the trading strategies of elite traders. Notably, it attracted a whopping 29,700 new elite traders and 169,800 followers. As a result, this feature alone generated an impressive $33 million in profit for Bitget during the first half of 2023.
Bitget, following in the footsteps of exchanges like Binance, took the initiative to release its proof-of-reserves. Moreover, this is in line with its commitment to transparency and user trust. By maintaining reserves of over 100% of all users’ assets on the platform, including Bitcoin, Ether, Tether, and USD Coin, Bitget strengthens its position as a reliable and secure cryptocurrency exchange.
Global Expansion and Recognition
In 2023, Bitget expanded its services into Europe, receiving virtual asset service provider registration in Poland and Lithuania. These strategic moves further solidify its presence in the international market. Additionally, Bitget has expressed its ambition to establish a regional hub for operations in Dubai. This further signals its dedication to providing top-notch services to a global audience.