Bitget, crypto derivatives and copy trading exchange, has stayed true to its word and released the quarterly report outlining the major highlights of its performance for the quarter. An in-depth look at the document reveals that the Bitget team can be commended on its dogged determination, as evidenced by the impressive metrics and the hints at possible future achievements.
Crypto Winter might be over, numbers say
The numbers speak louder than words when it comes to exchange performance, and Bitget is a clear illustration of the adage. With its total trading volume on the spot and futures market reaching $59 billion and $658 billion respectively, or 8% and 27% quarter-over-quarter, Bitget propelled itself straight into the top 4 CEX list according to TokenInsights. And with good reason, since the exchange has also proven to be the best performer in terms of attracting new users, its latest copy trading feature alone siphoning over 100 thousand traders off the market to its benefit, of those 20,669 being elite traders and 84,552 copiers.
108 new coins were added to the exchange’s list, bringing the total number of trading pairs to over 500. The Bitget Launchpad can be lauded for such impressive additions, as the platform gives users considerable privileges upon new listing and is a fast-track to the Bitget Launchpool – a lucrative spot for those seeking farming. The performance of such tokens as BBO (5,820% return) are clear evidence that there is considerable traction being made on Bitget. With a total of 20 pools, Bitget Launchpool sports an impressive APY, the highest being 79% for VELO1.
The financial performance numbers were directly reflected in the dynamics showcased by the BGB token, which managed to lock in 120% gains in Q1 of 2023, outperforming all other exchange tokens, and even Bitcoin, Ethereum and BNB. The traction was not left unnoticed by users from across the market, as they flocked to stock up on BGB, rising in number terms by 146% over the quarter. Website and mobile traffic surges by 35% to 33.1 million views are clear indicators thereof, in addition to social media follower growth by 181% to 1 million over the same period.
Bitget performance gains steam in Q1, 2023
The performance of the Bitget exchange can be used as a benchmark for evaluating market activity as a whole, considering that its capitalization overstepped the $1.2 trillion mark recently – an important psychological threshold during the ongoing crypto winter. However, Bitget Managing Director Gracy Chen made an important statement after the release of the transparency report:
At Bitget, we believe transparency builds trust. By releasing our quarterly report, we aim to increase visibility into our progress, share our milestones and strengthen accountability to our community. Despite market volatility, Q1 2023 was a productive quarter filled with new feature releases, partnerships, and other key achievements with our focus on BUIDL
The term ‘BUIDL’ is of key focus in the statement, as it is a direct reflection of Bitget’s recent actions and strive in the direction of crypto adoption and popularization. Bitget recently acquired the BitKeep Wallet, bootstrapping its 8 million strong user base. The rebranding of the app into Bitget Wallet and its repurposing into acting as an access key to Bitget’s growing ecosystem of Web3 products is but one of the steps the exchange is taking into becoming a DeFi powerhouse as a Bitget DeFi-verse.
The expansion is in line with the exchange’s ‘Go Beyond Derivatives’ strategy, which also entails numerous partnerships outside the crypto space. The partnerships with Juventus Football Club, the Juventus Women’s Team, and the launch of the Bitget Academy are some of the initiatives the exchange has been taking recently to promote crypto adoption and empower a new generation of users by attracting role models.
By taking up yet another step up the coveted CEX ranking, Bitget is proving that a crypto winter market sentiment is no reason to stop growing or BUIDLing. The exchange has been growing across new regions, adding 300 new talents to the team, growing it to 1,300 over the quarter, and still having another 300 vacancies open. Considering the indicators revealed in the transparency report, Bitget itself can act as a role model for other exchanges in the space to follow.