Seychelles-based cryptocurrency derivatives exchange Bitget has experienced significant growth in various metrics during the first half of 2023. This growth can be attributed to the integration of a self-custodial wallet service that the exchange recently acquired.
As part of its rebranding efforts after the acquisition of BitKeep, Bitget renamed the acquired service as Bitget Wallet. The platform’s market performance has been impressive, propelling it to become the fourth-largest cryptocurrency exchange in terms of trading volume.
According to TokenInsight’s second-quarter report, the top four exchanges collectively account for 85% of the total market trading volume. Among these exchanges, Binance holds the largest share at 52%, followed by OKX at 15.13%, Bybit at 10.6%, and Bitget at 8.1%. These statistics demonstrate Bitget’s prominence in the cryptocurrency market during the second quarter of 2023.
Bitget released its own Q2 report on July 18, revealing that its spot trading volume surpassed $60 billion, while futures trading reached an impressive $606 billion. These figures indicate the significant trading activity carried out on the exchange during the second quarter.
The report also references a research piece from blockchain analytics firm Nansen, highlighting Bitget as the only exchange that experienced an increase in futures trading volumes following the collapse of Sam Bankman-Fried’s FTX. This suggests that Bitget successfully attracted traders seeking alternative futures trading platforms.
Bitget attributes its Q2 performance to the launch of copy trading, a feature that allows users to replicate the trading strategies of selected traders. This feature proved to be influential in attracting 29,700 new elite traders and 169,800 new followers. As a result, the exchange generated $33 million in profit during the first half of 2023.
Like other major exchanges such as Binance, Bitget prioritizes the security and transparency of users’ assets. It has released its proof-of-reserves, ensuring that it maintains reserves of more than 100% of all users’ assets on its platform. This includes cryptocurrencies like Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC).
Currently, Bitget’s reserve ratio, calculated by dividing the platform’s assets by the users’ assets, stands at 223%.
In addition to its growth and security measures, Bitget has expanded its services into Europe. It has obtained virtual asset service provider registration in Poland and Lithuania in 2023. Furthermore, the exchange plans to establish a regional hub for its operations in Dubai, solidifying its presence in the global cryptocurrency market.
By continuously improving its offerings, expanding its reach globally, and prioritizing user security, Bitget has positioned itself as a leading player in the cryptocurrency derivatives market. Its remarkable growth in the first half of 2023 is a testament to its success as a trusted platform for cryptocurrency traders.
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