Insights from Bitget on how to achieve growth through the crypto winter

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With 2022 in the past now, many crypto users are hoping that the FTX crisis will also remain just a bitter memory from last year. As the effects of the crash of one of the biggest CEX in the crypto industry still reverberate through space, a platform is taking bold steps to keep its clients’ funds safe.

Gracy Chen, Managing Director of Bitget, shares her insights and tips for navigating the crypto bear market.

Q: How does Bitget ensure the security of customer assets?

Bitget always strives to provide a secure and one-stop trading solution to users. We have taken various initiatives and adopted various security policies to protect user assets.

Bitgets Protection Fund was valued at around $200 million at launch and was increased to $300 million, consisting of 6,500 Bitcoin (BTC) and 200 million USDT following the bankruptcy of FTX. Bitget is committed to securing the value of the funds for the next three years, regardless of market price.

Bitget has released its reserve proof Merkle tree to provide maximum transparency. Our POR page shows that our total reserve ratio is 244%, with separate reserves of BTC at 725%, USDT at 202%, and ETH at 186% as of December 31, 2022. Bitget is one of the exchanges out there with the highest reserve rate.

In addition to these two essential measures, we serve and protect users with our first-rate security and risk management measures already implemented, including the separation of hot and cold wallets, multi-signature wallets, the architecture of zero trust security and more to protect user assets.

Q: What are the top user concerns about security in crypto right now?

After the FTX incident, the market is actively looking for a transparent and credible platform where assets can be safely stored. That’s why we’re making all seven wallet addresses of our $300 million protection fund public, so users can monitor the fund at all times. In addition to this, we have also developed an open source Merklevalidator reserve proof verification tool which is available on GitHub. Users can then check if their account assets are included in our Merkle Tree Proof of Reserves to ensure their funds are securely stored on the platform.

On the other hand, we also launched a fund custody service in January 2023 for users who have combined assets of 100,000 USDT or more to request a dedicated custody wallet. The separate wallet address allows qualified users to check and withdraw separate funds from the main reserve, thus preventing the funds from being affected in case of emergencies like loss, theft and other cybersecurity threats.

Q: What was the biggest goal that Bitget successfully achieved in 2022?

Last year was one of the biggest in Bitget’s history. Our accomplishments for the year are nothing short of remarkable. Although there have been a few negative incidents in the industry, Bitget has remained stable in our growth and has taken the opportunity to further strengthen our capabilities.

Some of Bitgets key development areas included:

According to the Boston Consulting Group report, market share in the derivatives market fell from 3% to 11% following the collapse of FTX. Over 300% increase in total trading volume, with the increasing popularity of copy-trading products. Staff growth from just 200 people in early 2022 to over 1,100 employees in January 2023. Became a partner exclusive crypto exchange with Lionel Messi.

Bitget saw a 300% increase in total trading volume thanks to the growing popularity of copy and crypto futures trading products. The platforms’ flagship offering, One-Click Copy Trade, attracted over 80,000 traders and 338,000 subscribers in December 2022.

Q: The collaboration with Messi is not your first football partnership. What do you think celebrity campaigns do for your users? Is it a matter of trust and credibility?

Trust and trust are the essential basis for the development of the crypto industry. This is why Bitget launched a $20 million marketing campaign during the 2022 World Cup in Qatar to build trust and restore trust in the community. We are happy to have witnessed the victory of our partner Lionel Messi.

I want to point out that Messi is not only a great football player, but also a player who focused on his skills to overcome his physical difficulties for many years, with almost no negative incidents. He is not only persevering but humble and dedicated at the same time. Bitget chose him as a partner because his pragmatic and trustworthy image matches our zero incident profile and our commitment to developing the best trading products.

Working with Messi reminded us all that winning and building an eternal business takes passion, perseverance and teamwork. The significant growth we have achieved is a testament to all the hard work and immense effort our team has put into the business.

Disclaimer. Cointelegraph does not endorse any content or product on this page. Although we aim to provide you with all important information we may obtain, readers should do their own research before taking any action related to the company and take full responsibility for their decisions, and this article cannot no longer be considered as investment advice.

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