Seychelles-based cryptocurrency derivatives trade Bitget has seen prolific progress in its worker and person base in 2023.
According to its recently released year-end report, the crypto trade Bitget has reported aggressive workforce growth and a major improve in its person base throughout 2023. The corporate’s crew grew from 1,100 to 1,500 staff, reflecting a considerable leap in its progress trajectory.
This growth goals to supply enhanced help throughout Bitget’s operations, notably within the fast-growing spot markets. This aggressive hiring initiative is in distinction to the employment cuts noticed in another cryptocurrency companies throughout the current market downturn.
Moreover, Bitget additionally witnessed more than double its user base, rising from 8 million to twenty million in 2023. The brand new customers, predominantly from Technology Z, point out the platform’s reputation amongst youthful demographics.
Bitget emphasised its dedication to delivering superior buyer help with a user-centric method, having engaged with and assisted 600,000 customers via on-line customer support and the restoration of over 495,000 USDT in lacking property.
The cryptocurrency buying and selling platform additionally reported substantial progress in spot buying and selling volumes in 2023, with a year-over-year improve of 94%. As an illustration, the platform’s quantity initially of the 12 months was $15.3 billion, and by November 2023, it had grown to virtually $30 billion, marking a major improve.
The corporate initially centered on crypto derivatives and strategically reopened its spot markets in 2021, a transfer that proved profitable in capturing market demand.
Sandra Chen, CEO of Bitget, highlighted the corporate’s strategic shift, stating,
“Although initially centered on futures merchandise, we reopened the spot market. In 2023, we went all-in on spot buying and selling, and our efforts have paid off considerably.”
Notably, the choice to prioritize spot buying and selling contributed to Bitget’s fast progress and established it as a significant participant within the cryptocurrency trade area. Moreover, the platform launched 355 new coin listings in 2023, representing a 46% year-on-year improve in choices.
Bitget Continues International Growth Amid Business Challenges and Regulatory Developments
The crypto trade skilled each triumphs and obstacles, with the aftermath of the FTX collapse, trade safety considerations, and regulatory frameworks dominating discussions.
Bitget goals to paved the way in world crypto adoption. The analysis crew and itemizing crew actively observe the market, in search of potential tasks and introducing completely different zones within the spot market, together with BRC20, AI, and extra.
All year long, Bitget applied numerous strategic initiatives, together with rebranding the BitKeep pockets to the Bitget Pockets after the acquisition. The platform additionally launched a swap providing to boost multi-chain buying and selling capabilities.
Moreover, Bitget launched a fund referred to as EmpowerX within the second half of the 12 months, with a capital base of $100 million, aimed toward investing in numerous cryptocurrency tasks.
The trade is aiming to broaden its operations and appeal to extra customers within the face of robust competitors from rival exchanges. In 2023, market chief Binance skilled declining figures because of the broader market downturn and regulatory challenges, resulting in a consecutive decrease in its market share.
Notably, Bitget has obtained digital asset service supplier registration in Poland and Lithuania as a part of its growth into Europe. It additionally acknowledged that it plans to determine a regional hub for operations in Dubai.
Bitget has additionally confronted challenges in current instances with the decision to leave Hong Kong, abandoning plans to acquire a license, and asserting the closure of enterprise on December 13. Amidst the challenges, Bitget’s pockets is ready to enter the Turkish market, capitalizing on the nation’s growing crypto adoption pushed by rising inflation.
Nevertheless, Bitget’s native token, BGB, skilled distinctive progress in 2023. Beginning the 12 months at $0.18, BGB reached an all-time excessive of $0.70499 in December, marking a outstanding 291% surge. BGB grew to become one of many high 5 CEX platform tokens by market capitalization.