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Cryptocurrency
exchange Bitget has emerged as the second-largest crypto exchange ecosystem
globally, following a year that saw its user base expand by 400% to reach 100
million users, according to its 2024 transparency report released today (Thursday).
The
platform’s growth was accompanied by a surge in trading activity, with daily
volumes doubling to $20 billion and spot trading volumes expanding from $160
billion in the first quarter to $600 billion in the fourth quarter of 2024.
Gracy Chen, Source: LinkedIn
“Over
the past six years, with the robust foundation we’ve built and an incredible
team by my side, Bitget has transformed into a leading crypto platform,”
said Gracy Chen, who
was elevated to CEO from her previous role as Managing Director, becoming
the only female chief executive among the top 10 global exchanges.
The
exchange’s geographic diversification also played a role in its expansion.
While East Asia’s dominance in the user base declined from 90% in 2021, regions
including South Asia, Southeast Asia, and Latin America saw significant growth.
South Asia’s market share tripled to 15%, while Southeast Asia grew to 12% of
total users.
In the
meantime, the Bitget Wallet surged
past 60 million users, marking a 300% growth in 2024.
“Our vision
is to build a superapp that seamlessly connects Web2 and Web3, enabling a
billion users to embrace financial freedom,” said Alvin Kan, COO
of Bitget Wallet.
“We are committed to leading this transformation and becoming the definitive
bridge between the real world and the onchain economy.”
Bitget Token Rallies 900%
Bitget’s
native token, BGB, reflected
the exchange’s success, surging over 900% to reach $8 by year-end,
supported by new burn mechanisms and enhanced utility features. The platform
also made a strategic $30 million investment in The Open Network (TON)
blockchain, positioning itself to capitalize on emerging GameFi and Tap-to-Earn
trends.
“As the
crypto market matures, only the most resilient assets with strong ecosystems
and real-world utility can thrive through cycles,” Chen added. “BGB, ranked
among the top 30 tokens, has established itself as a leading utility token with
exceptional liquidity and a strong community. This merger will enhance BGB’s
role within Bitget’s ecosystem and create new opportunities for exploring the decentralized
world.”
New Locations and Chief Legal
Officer
The
exchange strengthened its regulatory position in 2024, securing
approvals in the United Kingdom and El Salvador, while launching a
localized exchange in Vietnam. These developments were complemented by key
executive appointments, including Hon
Ng as Chief Legal Officer and Min
Lin as Chief Business Officer.
Hon Ng, Source: LinkedIn
“This is an exciting opportunity
for me to be working with incredibly talented people and to continue to be able
to enhance the industry’s culture of compliance, working side-by-side with
regulators, in order to contribute meaningfully to the sustainability of the
digital assets ecosystem,” Ng said.
Other updates
Professional
trading activity on the platform showed robust growth, with the number of pro
traders increasing 43% to 200,000, while copy-trading followers grew to
900,000. Successful trades exceeded 100 million, generating over $600 million
in profitable trades.
The
platform expanded its offerings significantly, increasing its token listings
from 600 to over 800 and nearly doubling its USDT-M futures trading pairs to
400. New features including Bitget Pay, Pre-market trading, and PoolX were
introduced to enhance user engagement and investment opportunities.
Cryptocurrency
exchange Bitget has emerged as the second-largest crypto exchange ecosystem
globally, following a year that saw its user base expand by 400% to reach 100
million users, according to its 2024 transparency report released today (Thursday).
The
platform’s growth was accompanied by a surge in trading activity, with daily
volumes doubling to $20 billion and spot trading volumes expanding from $160
billion in the first quarter to $600 billion in the fourth quarter of 2024.
Gracy Chen, Source: LinkedIn
“Over
the past six years, with the robust foundation we’ve built and an incredible
team by my side, Bitget has transformed into a leading crypto platform,”
said Gracy Chen, who
was elevated to CEO from her previous role as Managing Director, becoming
the only female chief executive among the top 10 global exchanges.
The
exchange’s geographic diversification also played a role in its expansion.
While East Asia’s dominance in the user base declined from 90% in 2021, regions
including South Asia, Southeast Asia, and Latin America saw significant growth.
South Asia’s market share tripled to 15%, while Southeast Asia grew to 12% of
total users.
In the
meantime, the Bitget Wallet surged
past 60 million users, marking a 300% growth in 2024.
“Our vision
is to build a superapp that seamlessly connects Web2 and Web3, enabling a
billion users to embrace financial freedom,” said Alvin Kan, COO
of Bitget Wallet.
“We are committed to leading this transformation and becoming the definitive
bridge between the real world and the onchain economy.”
Bitget Token Rallies 900%
Bitget’s
native token, BGB, reflected
the exchange’s success, surging over 900% to reach $8 by year-end,
supported by new burn mechanisms and enhanced utility features. The platform
also made a strategic $30 million investment in The Open Network (TON)
blockchain, positioning itself to capitalize on emerging GameFi and Tap-to-Earn
trends.
“As the
crypto market matures, only the most resilient assets with strong ecosystems
and real-world utility can thrive through cycles,” Chen added. “BGB, ranked
among the top 30 tokens, has established itself as a leading utility token with
exceptional liquidity and a strong community. This merger will enhance BGB’s
role within Bitget’s ecosystem and create new opportunities for exploring the decentralized
world.”
New Locations and Chief Legal
Officer
The
exchange strengthened its regulatory position in 2024, securing
approvals in the United Kingdom and El Salvador, while launching a
localized exchange in Vietnam. These developments were complemented by key
executive appointments, including Hon
Ng as Chief Legal Officer and Min
Lin as Chief Business Officer.
Hon Ng, Source: LinkedIn
“This is an exciting opportunity
for me to be working with incredibly talented people and to continue to be able
to enhance the industry’s culture of compliance, working side-by-side with
regulators, in order to contribute meaningfully to the sustainability of the
digital assets ecosystem,” Ng said.
Other updates
Professional
trading activity on the platform showed robust growth, with the number of pro
traders increasing 43% to 200,000, while copy-trading followers grew to
900,000. Successful trades exceeded 100 million, generating over $600 million
in profitable trades.
The
platform expanded its offerings significantly, increasing its token listings
from 600 to over 800 and nearly doubling its USDT-M futures trading pairs to
400. New features including Bitget Pay, Pre-market trading, and PoolX were
introduced to enhance user engagement and investment opportunities.
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