Seychelles-based Bitget Sees Rapid Growth in 2023
Cryptocurrency derivatives exchange Bitget has experienced impressive growth in its employee and user base during 2023, according to its recently released year-end report. The company’s team expanded from 1,100 to 1,500 employees, reflecting significant growth. This expansion aims to provide enhanced support across Bitget’s operations, particularly in the fast-growing spot markets.
Bitget also saw its user base more than double, growing from 8 million to 20 million in 2023. The platform’s popularity among younger demographics, especially Generation Z, is evident with the influx of new users.
The exchange emphasized its commitment to superior customer support and engagement, assisting over 600,000 users and recovering over 495,000 USDT in missing assets through online customer service.
Bitget also reported substantial growth in spot trading volumes in 2023, with a year-over-year increase of 94%. The platform’s volume grew from $15.3 billion at the beginning of the year to almost $30 billion by November.
The decision to prioritize spot trading contributed significantly to Bitget’s rapid growth and established it as a major player in the cryptocurrency exchange space. Additionally, the platform introduced 355 new coin listings in 2023.
Bitget Continues Global Expansion Amid Challenges
Bitget is actively expanding globally despite industry challenges and regulatory developments. The exchange aims to lead the way in global crypto adoption by following market trends and introducing different zones in the spot market.
In addition to strategic initiatives such as rebranding the BitKeep wallet to the Bitget Wallet and launching a swap offering for multi-chain trading capabilities, Bitget also established a $100 million fund called EmpowerX to invest in various cryptocurrency projects.
Bitget is expanding its operations and attracting more users to compete with rival exchanges. Market leader Binance experienced declining figures in 2023 due to market downturns and regulatory challenges, resulting in a decrease in its market share.
To expand into Europe, Bitget obtained virtual asset service provider registration in Poland and Lithuania. The exchange also plans to establish a regional hub for operations in Dubai.
Despite challenges, Bitget’s native token, BGB, saw exceptional growth in 2023, reaching an all-time high of $0.70499 in December, marking a remarkable 291% surge. BGB became one of the top 5 CEX platform tokens by market capitalization.
Hot Take: Bitget Sets Sights on Bitcoin Expansion in 2024
Bitget Exchange has experienced significant growth in its employees and user base throughout 2023. With a focus on spot trading and superior customer support, the exchange has become a major player in the cryptocurrency space. As it continues its global expansion amid industry challenges and regulatory developments, Bitget aims to lead the way in crypto adoption.
The exchange’s strategic initiatives, such as rebranding its wallet and launching new offerings, have contributed to its success. Additionally, Bitget’s native token, BGB, has seen remarkable growth throughout the year.
In 2024, Bitget sets its sights on expanding further and focusing on Bitcoin expansion. With its commitment to innovation and customer satisfaction, Bitget is poised for continued success in the cryptocurrency industry.
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