Bitget surpasses 20M users as wallet integration spurs trading volumes

The firm is presently undergoing a rebranding initiative following its acquisition of Bitkeep, with the latter being renamed as Bitget wallet. The platform has produced some remarkable market performance metrics in 2023, ranking as the fourth largest cryptocurrency exchange by trading volume.According to TokenInsights second quarter report, the top four exchanges command 85% of the combined overall market trading volume. Binance alone accounted for 52%, while OKX (15.13%), Bybit (10.6%) and Bitget (8.1%) settled the top 4 in Q2s trading volume statistics.Source: TokenInsightThe company launched its own Q2 report on July 18, pinning its trading area trading volume in excess of $60 billion and $606 billion in futures trading. The report likewise connects to a research study piece from blockchain analytics firm Nansen, whose data shows that Bitget was the only exchange to increase futures trading volumes in the six month timespan following the collapse of Sam Bankman-Frieds FTX. Source: Nansen Research.The exchange likewise notes that the launch of copy trading, its function that allows users to mimic trading strategies of choose traders, influenced its performance in Q2. Bitget stated it attracted 29,700 new elite traders and 169,800 new followers, which in turn created $33 million in revenue at the midway mark of 2023. Bitget was among exchanges like Binance that went on to establish proof of reserves, venturing to maintain more than 100% of all users properties on its platform. This includes Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USD Coin (USDC). Related: Bitget introduces $100M Web3 fund for crypto tasks in AsiaThe exchanges current reserve ratio, which is computed by the platforms properties divided by the users properties, was 223% at the time of publication. Bitget has actually likewise received virtual property provider registration in Poland and Lithuania in 2023 as it broadens its services into Europe and kept in mind that it plans to create a regional hub for its operations in Dubai.Seychelles-based cryptocurrency derivatives exchange Bitget has seen respected growth in crucial metrics through the very first half of 2023, driven by the integration of a just recently gotten self-custodial wallet service.Magazine: Web3 Gamer: Earn Bitcoin in Minecraft, BGAs 50/50 gender split, Oath of Peak hot take