Bitget surpasses 20M users as wallet integration spurs trading volumes

Seychelles-based cryptocurrency derivatives exchange Bitget has seen prolific growth in key metrics through the first half of 2023, driven by the integration of a recently acquired self-custodial wallet service.

Bitget is currently undergoing a rebranding initiative following its acquisition of BitKeep, with the latter being renamed Bitget Wallet. The platform has produced some impressive market performance metrics in 2023, ranking as the fourth-largest cryptocurrency exchange by trading volume.

According to TokenInsight’s second-quarter report, the top four exchanges account for 85% of the total market trading volume. Binance alone accounted for 52%, with OKX (15.13%), Bybit (10.6%) and Bitget (8.1%) rounding off the top four in Q2’s trading volume statistics.

*Total trading volume of the biggest exchanges. Source: TokenInsight*

The company released its own Q2 report on July 18, pinning its spot trading volume at over $60 billion, with $606 billion in futures trading.

The report also links to a research piece from blockchain analytics firm Nansen, which shows that Bitget was the only exchange to increase futures trading volumes in the six-month time frame following the collapse of Sam Bankman-Fried’s FTX.

*Average month volume for major crypto exchanges. Source: Nansen*

The exchange also notes that the launch of copy trading, its feature allowing users to imitate the trading strategies of select traders, influenced its performance in Q2. Bitget said it attracted 29,700 new elite traders and 169,800 new followers, which generated $33 million in profit at the midway mark of 2023.

Bitget was among exchanges like Binance that went on to release its proof-of-reserves, endeavoring to maintain reserves of more than 100% of all users’ assets on its platform. This includes Bitcoin (BTC), Ether (ETH), Tether (USDT) and USD Coin (USDC).

The exchange’s current reserve ratio, which is calculated by the platform’s assets divided by the users’ assets, was 223% at the time of publication.

Bitget has also received virtual asset service provider registration in Poland and Lithuania in 2023 as it expands its services into Europe. It also stated that it intends to create a regional hub for its operations in Dubai.

Magazine: Web3 Gamer: Earn Bitcoin in Minecraft, BGA’s 50/50 gender split, Oath of Peak hot take