Cryptocurrency exchange Bitget has become one of the top three derivatives exchanges, increasing its market share approximately two and a half times in the market shaped after the FTX bankruptcy.
Popular crypto derivatives exchange Bitget managed to increase its market share by 2.6 times in the market shaped by the FTX bankruptcy. Thanks to this growth, the exchange has become one of the best cryptocurrency exchanges in the world with 8 million registered users in more than 100 countries. In addition, Bitget was able to expand its staff during the popularization of layoffs and downsizing. Having 200 employees at the beginning of 2022, the stock market has 1000 employees as of this month.
Bitget Experienced Significant Growth and Development
Crypto derivatives exchange Bitget has spent the last 12 months working hard on improving its team, brand structure and business processes. According to the Boston Consulting Group report, the stock market was among the top 3 exchanges in terms of crypto derivatives trading volume.
According to TokenInsight, after the FTX bankruptcy, Bitget’s market share increased from 3 percent to 11 percent. This ratio has led the exchange to gain dominance in terms of crypto derivatives.
Again in this period, Bitget gained popularity with its Copy Trade products. The exchange’s Copy Trade product recorded more than 300 percent growth in trading volume. Bitget Copy Trade gained attention by reaching more than 80 crypto traders and more than 338 thousand followers.
In addition, world-famous football player Lionel Messi drew attention by signing an exclusive crypto partnership with Bitget. In the period when cryptocurrencies were adopted but the stock markets were insecure, the partnership of such a football player came to the fore.
Bitget Comes To The Forefront In 2022
Cryptocurrency exchange Bitget has tightened its security measures with a $300 million hedge fund, fund custody services and the Merkle Tree model.
Acting with a global expansion and first-class security perspective, the exchange managed to reach 8 million users in more than 100 countries.
Bitget Manager Gracy Chen said the following on the subject;
“Our achievements this year have made us a black horse in the face of these black swan events. Although there were some negativities in the markets, Bitget maintained its growth momentum. In such a period, we evaluated the opportunities to strengthen our capacity. Also, working with Leo Messi is about earning and building an ongoing business; reminded that it can be possible with passion, determination and teamwork. This significant growth we have achieved is testament to the hard work and tremendous efforts of our team.”
Bitget Manager Gracy ChenEvaluating his expectations for 2023 and the course of the stock market, Gracy Chen said that he expects interest rate hikes to slow down gradually.
Chen suggested that the improvement in the global and macro economy will also reflect positively on the crypto money market. Referring to the opportunities, Chen said;
“As macro liquidity continues to impact the crypto market, rate hikes are expected to slow gradually. During this period, the Fed’s impact on macro liquidity will continue to affect investors’ expectations from the crypto market. In addition, the amount of TVL (Total Locked Value) in DeFi is expected to gradually rise in 2023. Despite the depreciation of popular blockchain tokens, the number of new wallet addresses and active users on chains such as Polygon, Ethereum and BSC continues to increase. Our goal is to provide our users with the best social and derivatives trading experience. We will continue to increase our spot markets and improve the overall trading experience on Bitget. We will emerge from the crypto winter as the industry continues to consolidate and leverage, and as macroeconomic conditions improve. As we continue to evolve next year, we aim to become a leading player and move the industry forward.”
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