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Bitget Transparency Report: Q1 2024

Bitget Transparency Report: Q1 2024


● Bitget now serves 25M users worldwide, futures trading volume increased 146% to US$ 1.4 trillion and spot was also up 100% in Q1 2024.

● Bitget recorded the highest increase in derivatives market share, with a growth of 2.4% in March.

● Supporting crypto communities, Bitget announced a donation of all SLERF trading fees to the community.

● Bitget launched a $10M Blockchain4Her initiative and invited 3 industry leaders as ambassadors.

● Kicked off the second-year partnership with Messi.

BGB price breached $1 witnessing the largest increase of CEX tokens with a 434% gain since 2023.

● Bitget listed 186 new tokens with 7 Launchpool projects in the period.

Q1 2024 has been notable for several key developments in crypto. The approval of spot Bitcoin ETFs marked a significant step toward integrating crypto with traditional financial systems. February saw a robust market recovery, with Bitcoin soaring to unprecedented heights. Together with the buzz around Solana and advancements in the AI sector underscored the market's dynamic nature.

Along with these trends, Bitget has also achieved different milestones in the three months. In this report, we will walk you through our key growths, initiatives and footprints.

Bitget In Numbers

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Trading Volume

In Q1 2024, Bitget's spot trading volume increased by 113% to over US$ 160 billion and our futures trading volume was approximately US$ 1.4 trillion, representing a 146% increase.

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In March, Bitget witnessed the most significant growth in derivatives market share, at 2.4%, propelling it to become the third-largest derivatives trading platform by volume for the first time since December 2022. In March, it achieved a market share of 12.8%, according to CCdata. Meanwhile, Bitget's user base has expanded to over 25 million users globally, demonstrating significant growth and widespread adoption.

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New Listings

Bitget is steadfastly redoubling its efforts to build its spot market. Our strategy is to proactively identify and nurture early-stage projects with potential, so that more crypto gems could shine after getting listed on Bitget. Through this approach, Bitget has positioned itself as a frontrunner in offering diverse asset options, boasting an impressive lineup of 750+ tokens available and 820+ spot trading pairs.

We have added 186 new listings in this quarter alone. Among the standout performers, WIF and ALT have mesmerized traders with the highest gains of over 1000%.

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Bitget Launchpool is a platform where users can stake their assets and farm new tokens. By engaging with Launchpool using BGB or other cryptocurrencies, participants have the opportunity to receive free airdrops. During this period, Bitget Launchpool emerged as a hotbed of innovation, hosting 7 projects available for staking, further solidifying its role in fostering the growth of novel crypto initiatives.

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Support Crypto Community

We announced our decision to donate all SLERF trading fees on Bitget to the SLERF community on March 19th, helping those affected users participating in the presale. And the donation details will be unveiled every week. In March, we made two donations of 630.36 $SOL to the SLERF community.

To celebrate a few industry milestones such as Bitcoin breaking ATH in this quarter, Bitget launched a zero-fee trading campaign for BTC/USDT and ETH/USDT spot trading pairs to reward the crypto community. Starting from March 20, crypto trading on Bitget is getting more accessible and cost-effective.

Bitget Token (BGB)

In the past three months, BGB has continued its upward trajectory, breaking its all-time high (ATH) price and hitting $1 for the first time on February 17, experiencing a surge of over 80% in Q1.

According to a TokenInsight report, its daily trading volume skyrocketed to over $50 million in February, with the peak daily trading volume recorded on February 18, reaching $83 million. BGB is the exchange token with the largest price increases since the beginning of 2023, with increases of 432.7%, outperformed BTC. Meanwhile, it also saw the largest increases in market cap, with gains of 434%.

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Customer Service

Our commitment to outstanding customer service and prioritizing the user experience has been recognized and rewarded. Through our support channels, we've engaged with and supported more than 190,000 customers. We're proud to report that our response times averaged under three minutes, reflecting our commitment to swift support. Additionally, our team has played a crucial role in successfully retrieving over $190,000 in assets for our customers in the past quarter.

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Social Presence

At Bitget, we hold the voice of our community in the highest regard. We are actively cultivating a dynamic social media presence across all platforms. Our followers on Twitter, Instagram, Facebook, TikTok, and YouTube have increased to 2.6 million. We're incredibly grateful for your support and look forward to continuing to serve you with our timely notice and insightful discussions.

Better Protection, Compliance Progress

We strive to go beyond the industry norms of transparency and security. As part of our ongoing commitment to enhancing user confidence, Bitget introduced Bitget Proof of Reserves (PoR) in late 2022. This system employs Merkle Tree to accumulate on-chain data, ensuring users that their assets are maintained in our custody on a one-to-one basis.

Looking at the reserves number of the third quarter below, we can see an evident rise in the amount of users’ funds deposited onto Bitget, which rightly serves as a measure of users’ trust in us. It’s worth noting that our total reserve ratio remained well above 100% in every monthly snapshot since launching the initiative. The latest POR report reveals the assets of BTC, ETH, and USDT increasing by over 20%.

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Bitget's Protection Fund stands as a pioneering testament to safeguarding users' crypto assets, reflecting the platform's commitment to user protection and financial security. We release our Protection Fund Valuation Report on a monthly basis. In March 2024, its worth peaked at US$612 million, representing an all-time high since its launch.

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The fund serves as a robust financial shield to protect users' holdings in the face of force majeure incidents, hacking attacks, or extreme market situations. To further increase its stability and liquidity against external events. The fund encompasses a diversified portfolio of high-liquidity cryptocurrencies, including BTC, USDT, and USDC.

Expansion and Footprints

New Appointments

To fuel our growth and expansion, we're excited to welcome fresh talents to Bitget. Vugar Usi Zade steps in as our new COO, armed with over 15 years of leadership and communication prowess from Fortune 500 companies to startups, enriching Bitget with his vast experience. In the same stride, Alvin Kan joins Bitget Wallet as COO, ready to spearhead our global expansion, brand evolution, and operational strategies, leveraging his 15 years of expertise from notable stints at BNB Chain and Sei Labs.

Introducing BWB

Bitget Wallet has introduced its official ecosystem token, BWB, along with an innovative BWB Points airdrop event. With a total supply of 1 billion tokens, including a generous 5% allocation for community airdrops, Bitget aims to energize its user base and encourage participation. The launch of BWB signifies a new chapter focused on empowering users, expanding the ecosystem, and fostering community-driven governance.

Product Expansion

Bitget Wallet has launched an innovative 'Smart Money' feature, utilizing advanced AI to analyze on-chain data and track high-performing Ethereum addresses, enhancing trading strategies with real-time insights. We also introduce GetScribe, a pioneering full-stack management tool for omnichain inscriptions, supporting over 19 blockchains and offering features like batch inscriptions, a market leaderboard, and analysis tools.

Moreover, Bitget Wallet's recent updates include ARC-20 inscription support and Bitcoin Lightning Network integration, enhancing Bitcoin ecosystem compatibility and broadening inscription capabilities. These strategic enhancements are designed to simplify user access to emerging tokens and inscriptions, and reduce entry barriers.

Driving Industry Growth

Bitget Blockchain4Her Project

Bitget aims to tackle gender disparity in crypto by launching Blockchain4Her after revealing that female-led startups received just 6.34% of funding. With a $10 million commitment, this initiative aims to elevate blockchain knowledge and open up funding avenues for women. Bitget further solidified its support through the Blockchain4Her Ambassador program, engaging leaders to foster a supportive female network. Additionally, Bitget's Managing Director, Gracy Chen, underscored the company's dedication to gender equality at the 68th Commission on the Status of Women, advocating for women's empowerment and systemic reforms.

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#MakeItCount with Messi

Bitget celebrated the second anniversary of its partnership with Lionel Messi by releasing a new brand film as part of the #MakeItCount campaign, encouraging people to transcend their limits and embrace opportunities for success.

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We also hosted a Messi-themed charitable event in Puerto Madero, Argentina. The event drew over 1000 attendees and served as a fundraiser for Club Caacupé, a Buenos Aires-based charity sports club dedicated to improving life for children and families in need.

Meet Bitget Team Globally

Bitget is actively leveraging diverse global events to accelerate the adoption and understanding of the cryptocurrency industry.

During the World Economic Forum in January, Bitget collaborated with CV Labs to host the notable Innovation Tuesday at Web3 Hub Davos, attracting nearly 200 prominent figures and focusing on gender inclusivity in crypto's future. In February, Bitget initiated the Blockchain4Youth campus roadshows, kicking off at the University of Perpetual Help System in Laguna, Philippines, engaging over 200 students. Furthermore, at the Crypto Expo Europe in March, Bitget's COO, Vugar Usi Zade, contributed insights, joining a convergence of over 2000 industry enthusiasts, experts, and businesses, marking a significant event in the European cryptocurrency landscape.

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Editor's Choice

We believe in the power of crypto education. In this quarter, we released over 50 educational articles in different languages on Bitget Academy, covering everything from in-depth guides and practical tips to market updates.

Looking for the best ones to read?

What is ARC-20?

Memecoin Season Is Unstoppable

What to Expect and Prepare for Bitcoin Halving 2024 as An Investor

Easy Steps to Purchase Bitcoin Before the Halving Rush

Mastering Bitget's Perpetual Futures Trading

Closing Thoughts

After navigating the industry's fluctuations throughout the past year, Bitget remains steadfast in its dedication to growth and empowerment for every crypto enthusiast. Our enduring commitment to enhancing our trading services and broadening the array of asset options available has led to substantial growth. As we reflect on the past quarter, we are energized by the progress made and look forward to further innovation and service enhancements in the ongoing pursuit of excellence within the crypto space.