How Bitget Became a Dark Horse and Earns Market Share and Trust from Millions in Crypto Winter
A letter from Gracy Chen, Managing director of Bitget
2022 was one of the roughest years in the crypto industry, which saw the collapse of Terra LUNA, Celsius, and FTX, consequently wiping out over $2 trillion from the crypto market. However, the dark horse in the face of these ugly events was the Bitget crypto exchange.
Bitget grew in all aspects; we made great strides in building our team, brand, and business over the last 12 months during the crypto winter. We expanded our services to the global Web3 market for the first time in 2022. This effort pushed our business development velocity beyond bounds, making it one of the fastest-growing exchanges with the best business momentum.
Some of Bitget’s key achievements included:
Ranking Top 3 in terms of crypto derivative trading volume, according to the Boston Consulting Group report.
According to TokenInsight’s latest report, Bitget's market share in crypto derivative contracts increased from 3% to 11% after the collapse of FTX.
Over 300% increase in total transaction volume, with the popularity of copy trading products.
Bitget’s workforce grew from barely 200 people at the beginning of 2022 to over 1100 employees in Jan 2023.
It has become the exclusive crypto exchange partner with Lionel Messi.
Looking at the Numbers
Previously, we focused on serving customers from a few Asian countries alone. However, by the end of 2022, we had acquired over 8 million users in more than 100 countries, with footprints in Turkey, Southeast Asia, Latin America, and Europe.
We Bitget saw an over 300% increase in total transaction volume, with the popularity of copy trading products. The platform's flagship offering, One-Click Copy Trade, as of Dec 2022, has attracted over 80,000 traders and over 338,000 followers with more than 42 million profitable trades, leading the industry in the copy trading market.
In the derivatives market, Bitget’s market share increased dramatically from 3% to 11% after the collapse of the former second-largest exchange, FTX, according to the latest data shared by the Tokeninsight report. At the end of 2022, the top 10 exchanges’ total daily open interest had dropped by 27.1% from January and 41% from its peak in April of the same year. Among the exchanges, only Bitget achieved a significant increase in open interest, from $841 million to $3.74 billion, representing a 344% total increase.
Despite the bearish market, we attained these numerous figures when some other industry players went bankrupt. Our exchange beat the industry trend because we did four things correctly.
We Define Copy Trading
We spent the last four years perfecting our infrastructure and products for copy trading to provide the most outstanding socia l trading experience.
One-click Copy Trade, our flagship social trading product, which enables customers to execute trades automatically, shadowing orders and strategies from the experienced traders of their choice, has worked wonders for our business and users. We saw many traders moving their funds from other big crypto exchanges to Bitget to enjoy the ease of copy trading.
Our One-click Copy Trade feature streamlined the whole process of crypto trading to a single click, eliminating human errors in price fluctuations and providing a good starting point for everyone to get into the game.
In 2022, we launched Bitget Insights and Strategy Plaza, where our customers can find ways of maximizing their yields. These features on the site help users choose the most lucrative trading methods to subscribe to.
Innovative copy trading products and social trading services are Bitget’s quintessential attributes and have made Bitget one of the largest crypto copy trading platforms.
Protection and Security for Users
We have also taken many security measures to ensure users can trade with ease and comfort, as demonstrated by the following:
- In the past four years, Bitget almost achieved zero accidents despite the various market conditions. This feat was the inevitable result of the day and night monitoring and continuous advancement in our IT and security system in the past four years. We have set almost one of the best records in the industry.
- We also launched a 300 million Protection Fund that we will never use in the next three years in case of emergency, although we have not seen any emergency case in our four years of operations.
- Our Merkle Tree Proof of Reserves tracking page updates our snapshot monthly, ensuring a 1:1 reserve ratio of customer funds. We have also developed an open-source tool, ‘Merklevalidator,’ available on GitHub. This resource reveals our on-chain data on third-party platforms like Nansen, CoinGecko, and more.
Equal Priority to Retail Investors
We have consistently adhered to putting our retail users first, going against many of our peers in the industry as they may value institutional and VIP users more. But we are more willing to serve retail users, so when designing product attributes, interest protection mechanisms, and product thresholds, we always have retail users in mind.
At Bitget, retail customers get better services and more favorable rates. We believe retail investors are an essential momentum driver in the development of the crypto industry, which is very different from traditional finance.
Working closely with Influencers
Bitget accumulated highly motivated Key Opinion Leaders (KOL) and affiliates over the past four years. We currently have a network of over 100,000 close KOL partners worldwide.
We were the most friendly platform for KOL and Key Opinion Consumers (KOC) in the industry. Together with these influencers, we spread the most professional trading strategies and high-quality content with users.
Our social trading is one of the crucial parts of this system. We found a distinct development path that suits our characteristics and remains focused. Therefore, although many achievements have only manifested this year, it is indeed the result of continuous efforts over the past four years.
Advice for Fellow Builders in the Bear Market
- Create a product with distinguishing qualities and become a leader in the field: people are naturally drawn to number one in the industry for all the right reasons.
- Security and protection is the most critical aspect of blockchain businesses. Ensure users that their funds are always theirs and are withdrawable at request. This way, everyone will be willing to store assets with the product.
- Every business decision should be made from the consumers' perspective. A product that provides users benefits and real use cases will eventually succeed because users will naturally stick around.
My Vision for the Crypto Industry in 2023
As macro liquidity continues to affect the crypto market, the interest rate spike is expected to slow down in 2023 gradually. Although we are not sure when the interest rate cuts will happen, the impact of the Fed on macro liquidity will also continue to affect investors' expectations for the crypto market.
In addition, the number of locked positions in DeFi is expected to increase slowly in 2023. Regardless of the decline in the value of popular blockchain tokens, the number of active users and new wallet addresses on chains like Polygon, Ethereum, and BSC has remained on the rise.
As more DeFi blue chips slowly transform into the ecosystem's infrastructure, the lock-up volume and TVL of DeFi are expected to continue to rise in 2023. Therefore, I look forward to seeing how it will play out in 2023!
Hopefully, my speech has been able to give some inspiration and confidence to the industry. If Bitget could still achieve steady growth in the bear market, I believe fellow industry businesses can accomplish the same. We will build the industry with healthy competition and continued userbase growth together!