How Bitget Became a Dark Horse and Earns Market Share?

2022 was one of many roughest years within the crypto business, which noticed the collapse of Terra LUNA, Celsius, and FTX, consequently wiping out over $2 trillion from the crypto market. However, the darkish horse within the face of those ugly occasions was the crypto trade – Bitget.

Despite the hardships available in the market, Bitget grew in all points;  the corporate made nice strides in constructing our workforce, model, and enterprise over the past 12 months in the course of the crypto winter. The trade expanded its providers to the worldwide Web3 marketplace for the primary time in 2022. This effort pushed its enterprise velocity past bounds, making it one of many fastest-growing exchanges with the very best enterprise momentum.

Some key growth areas of the corporate included:

Climbing the chart ranked because the Top 3 trade in accordance with the Boston Consulting Group report, when it comes to crypto by-product buying and selling quantity.
According to the newest TokenInsight report, Bitget’s market share within the by-product market elevated from 3% to 11% after the collapse of FTX
Over 300% improve in whole transaction quantity, with the recognition of copy buying and selling merchandise
The workforce grew from barely 200 folks in the beginning of 2022 to over 1100 workers in Jan 2023
Became the unique crypto trade associate with Lionel Messi

Looking on the Numbers

Previously, the corporate targeted on serving prospects from a few Asian international locations alone. However, by the top of 2022, the trade had acquired over 8 million customers in additional than 100 international locations, with footprints in Turkey, Southeast Asia, Latin America, and Europe.

Bitget noticed an over 300% improve in whole transaction quantity with greater than 4.2 million worthwhile trades. The platform’s on-chain information exhibits that 100,000 plus merchants shared a revenue of over 9.7 million US {dollars} with its copy buying and selling merchandise.

According to the newest information shared by the TokenInsight report, Bitget’s market share elevated dramatically from 3% to 11% after the collapse of the previous second-largest trade, FTX, marked the one largest market share development within the crypto derivatives sector. At the top of 2022, the highest 10 exchanges’ whole each day open curiosity had dropped by 27.1% from January and 41% from its peak in April of the identical 12 months. Among the exchanges, solely Bitget achieved a vital improve in open curiosity, from $841 million to $3.74 billion, representing a 344% whole improve.

Regardless of the bearish market, the trade attained these quite a few figures when another business gamers went bankrupt. Bitget beat the business development as a result of they did 4 issues accurately.

1.    Defined Copy Trading

The platform spent the final 4 years perfecting its infrastructure and merchandise for copy buying and selling to supply probably the most excellent social buying and selling expertise.

One-click Copy Trade, the flagship social buying and selling product, which permits prospects to execute trades routinely, shadowing orders and methods from the skilled merchants of their alternative, has labored wonders for its enterprise and customers. The trade noticed many merchants shifting funds from different main crypto exchanges to Bitget to benefit from the ease of copy buying and selling.

The One-click Copy Trade function streamlined the entire strategy of crypto buying and selling to a single click on, eliminating human errors in worth fluctuations and offering a good place to begin for everybody to get into the sport.

In 2022, the corporate launched Bitget Insights and Strategy Plaza, the place customers can discover extra methods of maximizing their yields. These options on the location assist customers select probably the most profitable buying and selling strategies to subscribe to.

Innovative copy buying and selling merchandise and social buying and selling providers are Bitget’s quintessential attributes and have made Bitget the biggest crypto copy buying and selling platform.

2.    Protection and Security for Users

The firm have additionally taken many safety measures to make sure customers can commerce with ease and consolation, as demonstrated by the next:

In the previous 4 years, Bitget nearly achieved zero accidents regardless of the varied market situations. This feat was the inevitable results of the day and evening monitoring and steady development in our IT and safety system up to now 4 years. The trade have set nearly top-of-the-line data within the business.

Bitget additionally launched a 300 million Protection Fund that the corporate pledged no withdrawal within the subsequent three years in case of emergency, though no emergency instances have been noticed within the 4 years of the platform’s operations.

The firm’s Merkle Tree Proof of Reserves monitoring web page updates our snapshot month-to-month, making certain a 1:1 reserve ratio of buyer funds. Bitget has additionally developed an open-source instrument, ‘Merklevalidator,’ accessible on GitHub. This useful resource reveals our on-chain information on third-party platforms like Nansen, CoinGecko, and extra, in addition to offering a instrument for its customers to confirm their very own accounts reserve info.

3.    Equal Priority to Retail Investors

The firm has constantly adhered to the philosophy of placing our retail customers first, going towards many of comparable companies within the business as most of them worth institutional and VIP customers extra. But Bitget is extra keen to serve retail customers, so when designing product attributes, curiosity safety mechanisms, and product thresholds, the corporate at all times has retail customers in thoughts.

At Bitget, retail prospects get higher providers and extra favorable charges. The firm believes retail buyers are a vital momentum driver within the growth of the crypto business, which could be very totally different from conventional finance.

4.    Working intently with Influencers

Bitget accrued extremely motivated Key Opinion Leaders (KOL) and associates over the previous 4 years. We at present have a community of over 100,000 shut KOL companions worldwide.

The firm was probably the most pleasant platform for KOL and Key Opinion Consumers (KOC) within the business. Together with these influencers, the corporate unfold probably the most skilled buying and selling methods and high-quality content material with customers.

Social buying and selling is without doubt one of the essential elements of Bitget’s system. The firm discovered a distinct growth path that fits the platform’s traits and stays targeted. Therefore, though many achievements have solely manifested this 12 months, it’s certainly the results of the workforce’s steady efforts over the previous 4 years.

The Advice for Fellow Builders within the Bear Market

Create a product with distinguishing qualities and turn out to be a chief within the subject: individuals are naturally drawn to primary within the business for all the proper causes.

Security and safety is probably the most essential side of blockchain companies. Ensure customers that their funds are at all times theirs and are withdrawable at request. This method, everybody can be keen to retailer belongings with the product.

Every enterprise determination must be made out of the customers’ perspective. A product that gives customers advantages and actual use instances will finally succeed as a result of customers will naturally stick round.

MD’s Vision for the Crypto Industry in 2023

“As macro liquidity continues to have an effect on the crypto market, the rate of interest spike is anticipated to decelerate in 2023 step by step. Although we’re not certain when the rate of interest cuts will occur, the influence of the Fed on macro liquidity may even proceed to have an effect on buyers’ expectations for the crypto market.

In addition,  the variety of locked positions in DeFi is anticipated to extend slowly in 2023. Regardless of the decline within the worth of common blockchain tokens, the variety of lively customers and new pockets addresses on chains like Polygon, Ethereum, and BSC has remained on the rise.

As extra DeFi blue chips slowly rework into the ecosystem’s infrastructure, the lock-up quantity and TVL of DeFi are anticipated to proceed to rise in 2023. Therefore, I look ahead to seeing the way it will play out in 2023!

Hopefully, my speech has been capable of give some inspiration and confidence to the business. If Bitget might nonetheless obtain regular development within the bear market, I imagine fellow business companies can accomplish the identical. We will construct the business with wholesome competitors and continued userbase development collectively!”