The Block: Bitget's aggressive plan to expand beyond derivatives in a bear market

Bitget, a centralized crypto exchange, has been making huge strides while everyone is scaling dow in the bear market. The platform started to gain its popularity with their one-click copy trading function and invited well-known traders to use the feature, allowing users to track their portfolio operations and follow their moves in one click. Bitget has then partnered with world-class footballers, such as Lionel Messi, Juventus F.C. and more to merge the sports communities into Web3. Furthermore, Bitget recently announced a $30 million investment in multi-chain wallet BitKeep to obtain a controlling stake as their big move in connecting CeFi and DeFi. We talked to Bitget's Managing Director, Gracy Chen, to find out Bitget's next plan.

Bitget has traditionally been known for its derivatives offerings. What specific products or services is Bitget planning to launch in the near future, and how do they fit into the company's overall strategy? Bitget is going beyond derivatives to expand its product offerings, creating a one-stop crypto investment solution for its users.

Bitget is actively expanding the variety of digital assets in its spot market. In the first 2 months of 2023, the platform listed over 50 promising blockchain projects. Up to date, Bitget has supported over 600 coins with over 670 trading pairs. And among all the top 10 spot trading platforms on Coinmarketcap, Bitget ranks 2nd in terms of the number of coins listed. Bitget constantly introduces different Trading Zones in the spot market to help investors make better trading decisions. As of now, Bitget has launched zones for AI (Artificial Intelligence), Arbitrum, NFT and Hong Kong-related tokens. Also, it launched an Innovation Zone to support more promising projects that are still in the early stage. In Feb 2023, Bitget re-launched its Launchpad , a token sale platform that lets crypto startups to raise funds and crypto investors to get early access to crypto hidden gems. As of now, it has launched six early-stage projects with an all-time-high (ATH) return of 200X in the first week of its listing. How will Bitget differentiate itself from other cryptocurrency exchanges that also offer similar services in the spot market during the bear market? Bitget was founded with a steadfast belief in being the last 10% who remain committed even in the face of adversity.

Compared to other glamorous crypto startups such as FTX at the same period, Bitget's early days were relatively unknown. If FTX's emergence was like a sprinter, Bitget would look more like a marathon runner. Born in a bear market, it insists on putting users first, focusing on product innovation, and advocating long-term prospects with the spirit of "earnestness." The company aims to inspire people to embrace crypto and improve the way they trade, one at a time.

High barriers to crypto investment hinder its mass adoption. Copy trading with more social interactions will be the key. Bitget is the first and largest crypto copy trading platform, connecting beginners with professional traders to create a "hands off, gains up" experience. Since its launch, the copy trading feature on Bitget has attracted more than 80,000 elite traders to share their strategies and more than 380,000 followers to copy.

As of Jan 2023, the number of profitable trades through Bitget copy trading is over 47 million, with gains from profitable trades reaching 300 million, and profits shared by elite traders reaching USD 20 million.

What role do you see Bitget playing in the broader cryptocurrency ecosystem, particularly as it continues to mature and evolve? Bitget dives into Web3 by introducing innovative products that combine the best of CeFi and DeFi

To allow investors to get access to a wider range of cryptocurrencies, Bitget MegaSwap was launched in December 2022. As an advanced DeFi aggregator, MegaSwap gathers liquidity from the top 10 DEXs including Uniswap, Pancakesawp, Curve, etc. Through MegaSwap, users can swap between over 10,000 coins for the best price and lowest fee. Also, MegaSwap has supported 8 chains including ETH, BNB chain, Polygon, OP, Fantom, and so forth, allowing it to offer a seamless experience to bridge a coin from one chain to another on the CeFi platform. Bitget announced the US$30 million investment to become the controlling company of BitKeep (soon-to-be Bitget Wallet), a decentralized multi-chain digital wallet that provides an all-in-one solution for a comprehensive portfolio of services, including an integrated NFT Marketplace, wallet function, swap services, DApp Browser, and Launchpad. This is one of Bitget's crucial moves towards Web3 entry as part of its new Go Beyond Derivatives strategy, which foresees linking CeFi and DeFi, transforming the platform from a leading contract exchange to a comprehensive and holistic exchange with its own ecosystem. This post is commissioned by Bitget and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.