• Thursday, July 25, 2024
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Bitget Surpasses FTX in trade Volume, ranks third globally- report

Bitget sets up $5m fund to help users affected by FTX crash

Bitget, a global derivatives exchange, has continued to record growth, generating strong and recurring cash flow despite uncertain Crypto market conditions.

Recent research report issued in collaboration with Boston Consulting Group (BCG) and Foresight Ventures, titled “What Does the Future Hold for Crypto Exchanges”, stated that Bitget derivative trading volume has exceeded that of FTX, ranking third globally.

According to the exchange company, the success behind the storm can be traced to the solid foundation of the company and a dedicated leadership team.

As quoted in the report, since the global expansion of Bitget in 2021, it Bitget has since grown rapidly, and captured 10 percent of the total global derivatives volume, predominantly due to the popularity of its flagship social trading products, most notably the One-Click Copy Trade product.

Gracy Chen, managing director of Bitget, said, “We are extremely proud of how far Bitget has come. To be able to surpass some of the leading market players is a testament to the dedicated contribution of the Bitget family. In the beginning of 2021, we had a small team of 150, and have since achieved a threefold increase in mid 2022.”

“To cater to a burgeoning growth, we recently announced the acceleration of our hiring plan. As we continued to expand our product and service offerings, we also took the effort to ensure our users had a safe and secure trading experience. We look forward to reaching many more milestones in the years to come, with the support of our trusted traders and partners across the globe,” Chen said

Read also: Bitget, BCG, highlight Crypto Exchanges’ roles in Web3 transformation

The report also unveils substantial development trends in crypto trading markets, its role on enabling the Web3 economy and shares insights on how to navigate the crypto space during a bear market.

Crypto trading markets

Also, the company disclosed that since its launch in May 2020, Bitget’s flagship product, One-Click Copy Trade, has broken the mould of trading patterns in the crypto market, bridging the gap between traders from all corners of the world, in addition to elite traders and their fans and a social trading pattern has been forged into Bitget’s core, where followers and traders can interact without boundaries and carve their own interconnected path to financial freedom.

“To date, Bitget’s One-Click Copy Trade has amassed over 55,000 professional traders, with approximately 1.1 million followers. As noted in the report, derivative markets are dominated by offshore exchanges with Bitget as one of the leading players in Korea due to its popular one-click copy trading feature among traders in the region,” Bitget stated.

Most recently, Bitget said it announced the launch of the $200 million Bitget Protection Fund, as part of its continued efforts in prioritising security, ensuring its users’ assets are safeguarded.