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

Other Questions People Ask

What factors contributed to Bitget surpassing 20M users as wallet integration spurs trading volumes?

Bitget's impressive growth to over 20 million users can be attributed to its recent wallet integration following the acquisition of Bitkeep, now known as Bitget wallet. This integration has enhanced user experience and accessibility, encouraging more traders to join the platform. Additionally, the launch of innovative features like copy trading has attracted new elite traders, further boosting user engagement and trading volumes.

How has Bitget's trading volume been impacted by its wallet integration?

The integration of the Bitget wallet has significantly spurred trading volumes on the platform, contributing to a reported trading volume exceeding $60 billion in Q2 2023. This increase is partly due to the enhanced functionality and security offered by the wallet, which has made trading more appealing to both new and existing users. Furthermore, Bitget's focus on maintaining a high reserve ratio has built trust among users, encouraging more trading activity.

What role did copy trading play in Bitget surpassing 20M users?

Copy trading has played a crucial role in Bitget's user growth, attracting approximately 29,700 new elite traders and 169,800 new followers in Q2 2023. This feature allows users to replicate the strategies of successful traders, making it easier for newcomers to engage with the market. As a result, this has not only increased user numbers but also generated significant revenue for Bitget, totaling $33 million at the halfway mark of the year.

What are the implications of Bitget's proof of reserves for its user base?

Bitget's commitment to maintaining proof of reserves, with a current ratio of 223%, reassures users about the safety of their assets on the platform. This transparency is particularly important in the wake of industry challenges, such as the collapse of FTX, as it fosters trust and confidence among traders. By ensuring that it holds more than 100% of user assets, Bitget positions itself as a reliable choice for cryptocurrency trading.

How is Bitget expanding its services in Europe following its user growth?

Following its growth to over 20 million users, Bitget is actively expanding its services in Europe by obtaining virtual asset provider registrations in Poland and Lithuania. This strategic move aims to establish a regional hub for operations in Dubai, enhancing its presence in the European market. By broadening its service offerings, Bitget seeks to attract even more users and solidify its position as a leading cryptocurrency exchange.