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2022 was one of the toughest 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 crypto exchange – Bitget.
Despite the market difficulties, Bitget has grown in all aspects; the company has made great strides in building our team, brand, and business over the past 12 months during the crypto winter. The exchange extended its services to the global web3 market for the first time in 2022. This effort has pushed its trading speed beyond the limits, making it one of the fastest growing exchanges with the best momentum commercial.
Some key development areas of the business included:
Climbing the rankings ranked among the top 3 exchanges according to the Boston Consulting Group report, in terms of trading volume of crypto derivatives. According to the latest TokenInsight report, Bitget’s market share in the derivatives market increased from 3% to 11% after the collapse of FTX Over 300% increase in total trading volume, with the popularity of products commercial copy Workforce grew from just 200 in early 2022 to over 1,100 employees in January 2023 Became the exclusive crypto exchange partner with Lionel Messi
Look at the numbers
Previously, the company focused on serving customers from only a few Asian countries. However, by the end of 2022, the exchange had acquired over 8 million users in over 100 countries, with footprints in Turkey, Southeast Asia, Latin America and Europe.
Bitget saw an increase of over 300% in total trading volume with over 4.2 million profitable trades. The platform’s on-chain data shows that over 100,000 traders have shared a profit of over US$9.7 million with its copy trading products.
According to the latest data shared by the TokenInsight report, Bitget’s market share increased significantly from 3% to 11% after the collapse of the former second-largest exchange, FTX, which marked the biggest growth in market share in the crypto derivatives industry. By the end of 2022, total daily open interest across the top 10 exchanges had fallen 27.1% from January and 41% from its peak in April of the same year. Among exchanges, only Bitget achieved a significant increase in open interest, from $841 million to $3.74 billion, a total increase of 344%.
Regardless of the bear market, the stock market hit these many numbers when other players in the industry went bankrupt. Bitget beat the industry trend because they did four things right.
1. Copy Trade Defined
The platform has spent the past four years perfecting its copy trading infrastructure and products to provide the most exceptional social trading experience.
One-click Copy Trade, the flagship social trading product, which allows clients to execute trades automatically, following the orders and strategies of experienced traders of their choice, has done wonders for his business and his users. The exchange has seen many traders transfer funds from other top crypto exchanges to Bitget to take advantage of the ease of copy trading.
The One-click Copy Trade feature has simplified the entire crypto trading process to just one click, eliminating human error in price fluctuations and providing a good starting point for everyone to get into the game.
In 2022, the company launched Bitget Insights and Strategy Plaza, where users can find other ways to maximize their returns. 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 the largest crypto copy trading platform.
2. User protection and security
The company has also taken numerous security measures to ensure that users can trade with ease and comfort, as evidenced by the following:
Over the past four years, Bitget has nearly achieved zero crashes despite varying market conditions. This feat was the inevitable result of day and night monitoring and continuous improvement of our IT and security system over the past four years. As a result, the exchange set almost one of the best records in the industry. Bitget has also launched a 300 million protection fund which the company has pledged not to withdraw any withdrawals for the next three years in case of emergency. However, no emergency cases have been observed during the four years of operation of the platform. The company’s Merkle Tree Proof of Reserves tracking page updates our snapshot monthly, ensuring a 1:1 reserve ratio of client funds. Bitget has also developed an open source tool, “Merklevalidator”, available on GitHub. This resource reveals our on-chain data on third-party platforms such as Nansen, CoinGecko, etc., and also provides a tool for its users to check their account reserve information.
3. Equal priority to retail investors
The company has always adhered to the philosophy of putting our retail users first, going against many similar companies in the industry as most value institutional and VIP users more. But Bitget is more willing to serve retail users, so when designing product attributes, interest protection mechanisms, and product thresholds, the company always has retail users in mind.
At Bitget, retail customers enjoy better services and cheaper rates. The company believes that retail investors are a key driver for the development of the crypto industry, which is very different from traditional finance.
4. Work closely with influencers
Bitget has accumulated highly motivated Key Opinion Leaders (KOLs) and affiliates over the past four years and has a network of over 100,000 close KOL partners worldwide.
The company was the most KOL and Key Opinion Consumers (KOC) friendly platform in the industry. Together with these influencers, the company spreads the most professional trading strategies and high-quality content to users.
Social trading is one of the crucial elements of Bitget’s system. The company has found a distinct development path that suits the characteristics of the platform and remains focused. Therefore, while many accomplishments have only come to light this year, it is very much the result of the team’s continued efforts over the past four years.
Advice for other builders in the bear market
Create a product with distinctive qualities and become a leader in the field: people are naturally drawn to the number one in the industry for all the right reasons. Security and protection is the most critical aspect of blockchain businesses. Make sure the funds are still theirs and can be withdrawn on demand. This way, everyone will be ready to store assets with the product. Every business decision must be made from the perspective of consumers. For example, a product that provides user benefits and real use cases will eventually succeed because users will naturally stick around.
MD’s Vision for the Crypto Industry in 2023
“As macro liquidity continues to affect the crypto market, interest rate spikes are expected to gradually slow in 2023. While we don’t know when the interest rate cuts will take place, the impact of the Fed on macro liquidity will also continue to affect investor expectations for the crypto market.
Additionally, the number of locked positions in DeFi is expected to slowly increase in 2023. Regardless of the drop in value of popular blockchain tokens, the number of active users and new wallet addresses on chains like Polygon, Ethereum, and BSC remained on the rise.
As more and more DeFi blue chips slowly transition into ecosystem infrastructure, DeFi’s lockdown volume and TVL are expected to continue to rise in 2023. Therefore, I can’t wait to see how it plays out in 2023!
I hope my speech was able to give inspiration and confidence to the industry. If Bitget could still achieve steady growth in the bear market, other companies in the industry can achieve the same. Thus, we will build the industry with healthy competition and continued user base growth together!”
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Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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