BGB/USDT and MX/USDT pairs will be introduced on MEXC and Bitget, respectively, on Monday, July 31. It’s not uncommon for crypto exchanges to list their competitors’ native tokens. However, the joint timing of these listings suggests a strategic collaboration between Bitget and MEXC.
Benefits of cooperation of cryptocurrency platforms
The scope of the Bitget and MEXC partnership is somewhat limited. However, the simultaneous listing of the tokens marks a planned effort. So what’s in it for these two cryptocurrency exchanges? The answer lies in increasing market visibility. Bitget and MEXC adopt a mutually beneficial strategy, aiming to expand the audience of BGB and MX tokens.
BGB and MX Price Performance. Source: TradingViewThese tokens serve similar roles as Binance’s BNB or OKX’s OKB. Both exchanges offer benefits such as low transaction fees and staking rewards. Thus, they encourage using their native tokens. Bitget has made it mandatory for users who want to join its launchpad to trade using BGB. In turn, MX token holders have the opportunity to vote for candidates in MEXC’s Innovation Zone.
Targeting non-US markets for expansion
Another layer of Bitget and MEXC’s partnership is a strategic move to grow the potential audience of their tokens. Giants such as Binance and Coinbase have made significant entrances to the United States market. However, Bitget and MEXC seem to be taking a different path. Leveraging each other’s regional strengths, they prioritize other global markets over the US.
As you follow on Kriptokoin.com, both exchanges have established a significant footprint in Asian regions, particularly Singapore and crypto-savvy South Korea. Targeting these alternative markets could solidify their position outside the US. Because while they stay away, the big players are competing for the dominant US market.
Worldwide Crypto Users. Source: StatistaAlternative markets to the USA are also growing!
Meanwhile, the US remains the largest retail market for cryptocurrencies. However, many countries have surpassed the United States in crypto adoption rates. To give an example, the UK experienced a staggering 450% growth in the crypto industry between 2020 and 2022. In contrast, the US cryptocurrency industry expanded by about 120% in the same time frame.
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