Bitget recorded over 50% in transaction volumes in India when most exchanges shut down in wavering market conditions
The cryptocurrency landscape has seen many high-performing corporate crypto products come and go over the years. One exchange that has been garnering attention from crypto enthusiasts is Bitget. When Gracy Chen, Managing Director at Bitget, was asked about the origin of Bitget and how the exchange has thrived in the current economy, “The child of a bear market succeeds in it everytime,” she said.
Bitget started during the crypto winter in 2018, when markets were uncertain and regulations were not-so-friendly. This year, Bitget celebrated their 5th anniversary as they made it to the top #5 list of crypto derivatives exchanges.
The year has been a rollercoaster ride for the crypto market. In 2023, the overall industry faced a gloomy market situation. According to a CCData report, in September the combined spot and derivatives trading volume on centralised exchanges fell for the third consecutive month, dropping to US$1.67 trillion. Irrespective of the decline, Bitget’s value in the market was recorded at 9.43%.
From humble beginnings to taking over a significant market share Bitget’s journey of success is a story worth telling. In the past year, Bitget has taken over a multitude of centralized exchanges to position itself in the top with over $7.5B trading volume (24 hours). With zero fees on multiple products, improved customer service and world-class derivatives, Bitget’s growth in 2023 is commendable.
Bitget's native token, $BGB, has also been making headlines. Among exchanges that have issued exchange tokens and are still in operation, $BGB’s performance surpassed other exchange tokens at a reported value of 400% year-to-date, and has achieved multiple ATHs this year. This remarkable performance has drawn attention to Bitget's innovative approach which includes giving out free trending tokens to its native token holders along with multiple discounts and benefits.
Bitget's workforce has also seen explosive growth. In just one year, the exchange has expanded its team by over 1500 employees, a remarkable feat for a company that had only 300 employees in 2022.
Bitget's journey started as an underdog exchange and grew to become one of the largest centralised exchanges in the world. As the crypto landscape continues to evolve, Bitget's impressive performance directs to the dynamic nature of the cryptocurrency industry. The platform plans to grow its operations in the Middle East and Turkey while it targets India as a hub for blockchain innovation and investments.
Chen says, “India has the highest digital transactions in the world with UPI payments. There are over 300 million people using a complex payment mechanism easily. The people in India already know about modern payment methods. Bitget’s plan is to help them learn more about crypto,”.
Bitget has mandatory KYC which makes the platform safe and secure for new users and helps them to avoid getting scammed. In efforts to comply with regulatory requirements and being easy-to-use, Bitget enabled one click KYCs for Indians with OTP verifications through Digilocker. Bitget’s users in India can add their UPI IDs and get started with buying and selling crypto with a few clicks.
In the year of 2023 alone, Bitget toured over 8 cities in India and connected with people throughout the country. Bitget’s volumes in the region recorded an ATH in this quarter. In October 2023, Bitget invested in three India-based blockchain startups: Greasepencil, Derma360, and HR-AI.Bitget aims to further accelerate the innovations with their recently announced initiative, Blockchain4Youth, where they have pledged $10 million towards uplifting web3-centric projects. With a major focus on India, the program will include investments for winning startups.
Currently the WEB3 company is looking for India-based startups around DeFi, Tokenized ecosystems, Blockchain-AI solutions and more.
Signing off, Gracy Chen says, “Our plans in India include investing in high potential startups to scale them as we accelerate the utility of decentralized products for the broader economy.”
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