Competition between digital assets exchanges is notoriously intense, with dozens of platforms vying for supremacy. Truthfully, it’s not easy to tease some of them apart as the majority offer users many of the same features, trading pairs, security protections and so forth. Perhaps the best way of gauging a platform’s usability and credentials, then, is to examine its growth and innovation over time. By these metrics, Bitget has certainly come to the fore over the last 12 months.
One of crypto’s standout success stories of 2023, the trading platform achieved numerous impressive milestones in its fifth year, particularly in areas such as user growth, trade volume and compliance, cementing its status as a leading player in what is a fiercely crowded space. In part, Bitget’s success was aided by a brightening market picture more generally, with Bitcoin’s market cap surging by 154.37% and that of the total digital asset market by 70.7%. It would be derivative, though, to credit Bitget’s performance solely to an improving macro picture. Positive industry drivers may have set the scene for success, but few platforms grew at such a rapid rate.
Bitget Rides Swell of Market Optimism
At a glance, Bitget’s numbers indicate the kind of operational efficiency that will inspire envy in exchanges aiming to challenge the top dogs. In 2023, the Seychelles-based platform saw overall trading volume reach a staggering $3.14 trillion, with spot trading volume surging by 94% to $81.6 billion. While healthy market sentiment helped, this spectacular growth was testament to Bitget’s stellar trading infrastructure and its appeal to a global audience of both casual users and seasoned investors.
The platform’s improved market penetration was also a consequence of rising user numbers: amazingly, the year saw accounts surge from 8 million to 20 million, with staff numbers also jumping from 1,100 to 1,500. Bitget now services crypto users in over 100 countries, while its global workforce is spread throughout 60 nations.
Unsurprisingly given improved volume and user figures, the Bitget Token (BGB) made some major gains as demand for it rose. Over the course of the year, BGB grew by 291%, soaring from $0.18 at the start of the year to an all-time high of $0.70499 come December. This growth even propelled BGB into the top 5 rankings by market capitalization in its category, alongside the likes of BNB and OKB.
As with other exchange tokens, BGB furnishes holders with a range of benefits, especially in areas such as staking and airdrops. Last year the exchange rolled out BGB staking with zero withdrawal fees as the number of BGB holders jumped by 83%, reaching almost 217,000. During the same period, BGB trade volume soared by 110% to cross $5.15 billion.
Don’t Trust, Verify: Bitget’s Protection Fund Leads the Way
Bitget’s Protection Fund Valuation Reports, published on a monthly basis, are intended to reassure account-holders that funds are in place to safeguard against hacks, scams and extreme market volatility. December’s report reiterated the platform’s professed desire to inspire trust among users, revealing the Fund hit an all-time high of $424 million. Initially valued at $300m, Bitget’s self-insured fund remains one of the largest in the exchange landscape.
The platform’s commitment to transparency and financial health, meanwhile, extends beyond the Protection Fund. A Proof-of-Reserves (PoR) initiative ensures users’ funds are fully backed 1:1 and readily available whenever they wish to withdraw. The PoR covers a range of assets including BTC, ETH, USDT and USDC, and in December Bitget reported a PoR ratio of 171%. Moreover, average ratios have consistently surpassed the industry standards of 100%, often hovering around 200%.
Expanding Horizons: Strategic Investments and Global Compliance
The last 12 months have also seen Bitget make several strategic investments, including a notable $30 million investment in multi-chain Web3 wallet BitKeep. Additionally, the launch of the EmpowerX Fund and Web3 Fund – each with $100 million capital – marked the platform’s commitment to foster innovation in the blockchain space.
As for compliance, Bitget rolled out mandatory KYC requirements in September to fall in line with global compliance standards. The platform’s regulatory efforts were also bolstered after it registered as a Virtual Asset Service Provider (VASP) in Poland and Lithuania, two countries where crypto usage is on the march.
Bitget’s achievements in 2023, particularly the strong performance of its native token and Protection Fund, and the transparency of its Proof of Reserves, mark it out as one of the world’s fastest-growing and most dependable exchanges. With over 20 million users attesting to its reliability, security and ease of use, the trading platform has pledged to keep building in 2024, a year that’s started on a positive note with 11 spot Bitcoin ETF approvals. Whether we’re on the cusp of the best bear market is up for debate. Less debatable is the status of Bitget as an important driver of innovation in the crypto world.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.