Bitget Marks 2023 End with 94% Jump in Spot Volumes

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The Bitcoin
market left behind a very long crypto winter in 2023, allowing companies in the
industry to continue their dynamic development. Among them was Bitget, the
crypto exchange that celebrated its fifth anniversary and expanded
significantly across several key metrics.

Gracy Chen,
the Managing Director of Bitget, published an open letter in which she
summarized the increase in spot volumes, employment growth, and the acquisition
of a record number of clients, as well as outlined the exchange’s plans for
2024.

Although
Bitget originally focused on crypto derivatives, the company reopened its spot
markets in 2021. This strategic move paid dividends in 2023, with spot trading
volumes
rising 94% year-over-year.

“Though
originally focused on futures products, we reopened the spot market,” said
Chen. “In 2023, we went all-in in spot trading and our efforts have paid
off significantly.”

The increase
outpaced broader spot market growth and cemented Bitget as a major exchange . For
example, Bitget’s volume at the beginning of the year was $15.3 billion, and in
the record-breaking November 2023, it grew to almost $30 billion.

Over the
year, the company, among other things, rebranded the BitKeep wallet to Bitget
Wallet
following its acquisition. It also introduced a swap offering, enhancing
multi-chain trading capabilities. In the second half of the year, the exchange
launched a fund called EmpowerX with a capital base of $100 million to invest
in a range of cryptocurrency projects.

Number of Employees Grows
to 1,500

Bitget
aggressively expanded its workforce in 2023 to help drive growth. “Bitget’s
team has expanded from 1,100 to 1,500 employees, and the increase marks a
significant leap in our growth trajectory,” Chen noted.

The
additional employees will provide enhanced support across Bitget’s operations,
especially for the fast-growing spot markets. The hiring spree contrasts with
major layoffs at crypto firms during the recent crypto winter.

In 2023,
employment cuts in the cryptocurrency industry were discussed in the case of
KuCoin
, Luno, and the Winklevoss brothers’ platform, Gemini.

Bitget’s User Base Doubles
to 20 Million

Bitget also
saw its user base more than double from 8 million to 20 million in 2023. Among
the new users, younger people, particularly those from Generation Z, are
predominant. Bitget mentioned the popularity of cryptocurrencies among this age
group in one of its reports in the middle of last year.

“We’ve
taken substantial measures to elevate our customer service, firmly reaffirming
our dedication to delivering superior support with a user-centric
approach,” explained Chen. “In 2023, we have engaged with and
assisted 600,000 users through our online customer service.”

Source: Bitget

The influx
of new users was an additional factor that helped drive increased spot trading
volumes on Bitget’s platform.

Poised for Further
Expansion

With a visible
growth across key areas in 2023, Bitget seems poised for even stronger
expansion going forward. The company plans to continue increasing its
workforce, enhancing its product offerings, and expanding into new markets in
2024.

“Together
with our users, we will continue to build the world’s largest crypto copy
trading community, leveraging new technologies like AI to help the community
trade smarter as a whole,” Chen concluded

If 2023 is
any indication, Bitget has a strategy that could cement its position as one of
the leadig global cryptocurrency exchanges.

The Bitcoin
market left behind a very long crypto winter in 2023, allowing companies in the
industry to continue their dynamic development. Among them was Bitget, the
crypto exchange that celebrated its fifth anniversary and expanded
significantly across several key metrics.

Gracy Chen,
the Managing Director of Bitget, published an open letter in which she
summarized the increase in spot volumes, employment growth, and the acquisition
of a record number of clients, as well as outlined the exchange’s plans for
2024.

Although
Bitget originally focused on crypto derivatives, the company reopened its spot
markets in 2021. This strategic move paid dividends in 2023, with spot trading
volumes
rising 94% year-over-year.

“Though
originally focused on futures products, we reopened the spot market,” said
Chen. “In 2023, we went all-in in spot trading and our efforts have paid
off significantly.”

The increase
outpaced broader spot market growth and cemented Bitget as a major exchange . For
example, Bitget’s volume at the beginning of the year was $15.3 billion, and in
the record-breaking November 2023, it grew to almost $30 billion.

Over the
year, the company, among other things, rebranded the BitKeep wallet to Bitget
Wallet
following its acquisition. It also introduced a swap offering, enhancing
multi-chain trading capabilities. In the second half of the year, the exchange
launched a fund called EmpowerX with a capital base of $100 million to invest
in a range of cryptocurrency projects.

Number of Employees Grows
to 1,500

Bitget
aggressively expanded its workforce in 2023 to help drive growth. “Bitget’s
team has expanded from 1,100 to 1,500 employees, and the increase marks a
significant leap in our growth trajectory,” Chen noted.

The
additional employees will provide enhanced support across Bitget’s operations,
especially for the fast-growing spot markets. The hiring spree contrasts with
major layoffs at crypto firms during the recent crypto winter.

In 2023,
employment cuts in the cryptocurrency industry were discussed in the case of
KuCoin
, Luno, and the Winklevoss brothers’ platform, Gemini.

Bitget’s User Base Doubles
to 20 Million

Bitget also
saw its user base more than double from 8 million to 20 million in 2023. Among
the new users, younger people, particularly those from Generation Z, are
predominant. Bitget mentioned the popularity of cryptocurrencies among this age
group in one of its reports in the middle of last year.

“We’ve
taken substantial measures to elevate our customer service, firmly reaffirming
our dedication to delivering superior support with a user-centric
approach,” explained Chen. “In 2023, we have engaged with and
assisted 600,000 users through our online customer service.”

Source: Bitget

The influx
of new users was an additional factor that helped drive increased spot trading
volumes on Bitget’s platform.

Poised for Further
Expansion

With a visible
growth across key areas in 2023, Bitget seems poised for even stronger
expansion going forward. The company plans to continue increasing its
workforce, enhancing its product offerings, and expanding into new markets in
2024.

“Together
with our users, we will continue to build the world’s largest crypto copy
trading community, leveraging new technologies like AI to help the community
trade smarter as a whole,” Chen concluded

If 2023 is
any indication, Bitget has a strategy that could cement its position as one of
the leadig global cryptocurrency exchanges.



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