'This Approach Sets Bitget Apart From Others': CEO Gracy Chen on CEXes Evolution, Upcoming Trends and Bitget's Ambitions

Gracy Chen is the CEO of the top crypto derivatives and copy trading platform Bitget, where she oversees market expansion, business strategy and corporate development. Under her leadership, Bitget's user base has quadrupled, propelling the exchange to the top five among crypto exchanges in terms of crypto derivatives trading volumes.

Before joining Bitget, she held executive positions at the fintech unicorn company Accumulus and Foxconn-backed VR start-up XRSPACE. Gracy was also an early investor in BitKeep, Asia's leading decentralized wallet.

In 2015, Gracy was honored as a Global Shaper by the World Economic Forum. She graduated from the National University of Singapore and is currently pursuing an MBA degree at the Massachusetts Institute of Technology. She is also a delegate to the United Nations Conference on the Status of Women.

In an exclusive interview, Gracy Chen, CEO of the fastest-growing futures exchange and copy trading platform Bitget, shares her views on what makes Bitget an outstanding choice for 2024 - and what is next for the exchange and its segment as a whole.

U.Today: Hey Gracy, thank you for coming! The past two years have been incredibly fruitful for Bitget. Once a relatively young platform, we've managed to surpass long standing industry leaders and now rank highly in terms of user traffic, trading volumes, and media presence. What's the main secret behind this success?

Gracy Chen: To stand out in the market, you have to offer something new and original. In 2020, Bitget pioneered copy trading in the crypto industry. Since then, we've continuously surprised our users with regular feature updates, new products, and innovations. As our user base surged by 2.9 million in the second quarter of 2024 alone, we've intensified our efforts to introduce new features, especially in this highly competitive market.

In June, we launched PoolX, a stake-to-mine platform where users can stake coins to earn popular tokens. Today, thousands of traders engage with PoolX daily, finding this interactive trading experience both rewarding and exciting. Alongside PoolX, we introduced Pre-market, bringing over 100 new coins to the market and expanding the choice of trading instruments across various categories.

We've also focused heavily on multi-faceted initiatives to enhance financial and technical literacy globally. Our flagship educational projects, such as Blockchain4Youth and Blockchain4Her, as well as partnerships with celebrities such as Leo Messi have reached wide audiences worldwide. Many participants have become new Bitget users, drawn by our values and experiences.

U.Today: And the company’s growth continues. According to the latest report by CCData, Bitget has seen the highest market share growth among cryptocurrency exchanges in 2024, with an increase of 38.4% since the beginning of the year. Did you predict such a growth in 2023 or the actual performance outperformed management’s expectations?

Gracy Chen: While we anticipated a strong performance based on our strategic initiatives, financial plans, and market positioning, the results exceeded our expectations. Every year, we develop growth plans and strategies tailored to various market scenarios, enabling us to thrive even during challenging times and bear markets. This proactive approach sets Bitget apart from other exchanges, allowing us to achieve significant market gains during turbulent periods such as the FTX crash and regulatory scrutiny faced by other exchanges.

Despite the crypto market drop in June, Bitget token BGB recorded remarkable growth, emerging as the best-performing centralized exchange token and hitting an all-time high of $1.43. It was also ranked among the Top 10 cryptocurrencies by Forbes. We anticipate further growth in the coming months, considering Bitget’s quarter-on-quarter growth rate — our website traffic increased by 50% in Q2 alone.

U.Today: Running Bitget involves many aspects that require your attention and input. What are your main focus areas and end goals for Bitget currently?

Gracy Chen: Navigating the regulatory landscape and maintaining relationships with policymakers is a constant effort for us at Bitget. We’re always focused on staying compliant and proactive.

Our top priority is security and stability, protecting our users from the growing threats in the crypto world. Our Proof-of-reserves and the industry’s second-largest Protection fund have helped us win trust and credibility in the market. 

Recently, Bitget released research highlighting a rise in crypto-related deepfake crimes. In response, we’ve been implementing updates, forging key partnerships, and enhancing our protection. Partnering with top security and KYC providers is crucial, but we also emphasize user education. In June, Bitget launched an anti-scam campaign to raise public awareness about cryptocurrency threats and scams. In Vietnam, we placed educational banners in public spaces to inform people about risks in an engaging way, and we found them quite efficient.

And of course, expanding Bitget's product and service offerings to meet the needs of retail and institutional investors is always a priority. If I had to highlight one unique feature that sets us apart, it would be our focus on crafting innovative and user-centric products.

U.Today: Regarding up-and-coming tokens and projects, does the Bitget team have a specific strategy for building relationships with them?

Gracy Chen: We have dedicated teams and programs for proactively scouting for promising early-stage projects and establishing relationships with founders and teams.

Project founders are always on the lookout for exchanges that offer a robust listing and support program that provides guidance, resources, and visibility for projects looking to list on the exchange — and we deliver them just that. 

U.Today: Is your team more focused on seeking out early gems or creating an environment that attracts them?

Gracy Chen: We strive for balance. While we put significant effort into seeking out high-potential 'early gem' projects, we also prioritize their legitimacy. We work hard to create an attractive environment that organically draws in quality projects, which includes streamlined listing processes, developer tools, and ecosystem incentives.

Fostering a collaborative ecosystem where projects can integrate with the exchange's infrastructure and leverage its user base and liquidity is crucial for giving Bitget a competitive edge. Unique products like Pre-Market and PoolX allow our users to access a wide range of innovative assets early on. For instance, my colleagues from the Bitget Research team discovered PEPE due to its active on-chain data and listed it three weeks before Binance. As a result of such achievements, the high engagement from our traders and active community encourages projects to choose Bitget to onboard their tokens.

We also recognize the importance of timing and strategic listings, understanding that successful launches can happen even during a bear market. As you can see, it’s a multi-faceted approach that empowers the entire project cycle, making Bitget a preferred platform for innovative projects.

U.Today: From your experience on Killer Whales, what qualities define a promising startup?

Gracy Chen: Qualities that define "early gem" crypto projects often include innovative technology, an experienced and committed team, strong community engagement, a clear product-market fit, a sustainable business model, and alignment with regulatory best practices.

I prioritize projects that demonstrate strong fundamentals and real-world use cases above all else. Practicality is key!

Another quality I always look for in founders and product developers is their level of preparation for worst-case scenarios. If you have venture capital expertise, you know that ABC strategies are a must and that negative past experiences can be more valuable than positive ones. Founders with this mindset typically anticipate potential threats and hurdles long before they arise and are better prepared for market volatility.

U.Today: Do you have a personal favorite project from the show so far, and why? 

Gracy Chen: One of my most memorable moments from filming Season 2 was when I grilled the community influencer of BRETT, a memecoin with a high FDV. The intensity and passion behind the project were palpable, and it was fascinating to see how they handled the tough questions. Another highlight was interacting with the founders of WAGMI Games. Some of them handled the scrutiny exceptionally well, demonstrating a deep understanding of their vision and strategy, while others struggled to articulate their plans.

As for a personal favorite, it's hard to choose just one because each project brought something unique to the table. However, I found Kaleicodo particularly intriguing. With two strong female founders and extensive offline and Web2 experience, they are positioned to make a significant impact. Their AR gaming platform offers AR mobile games, virtual reality interactions, interactive AR NFTs, and AR e-commerce. The team has strong backing from top institutions like Animoca, and as AR and VR technologies continue to gain traction, Kaleicodo is well-placed for future success.

U.Today: As someone who prioritizes the practicality and safety of crypto products, what do you think will be the catalyst for the next wave of crypto adoption?

Gracy Chen: The next wave of cryptocurrency adoption will likely be driven by a combination of macro and micro factors. Among these, clear regulation stands out as the most crucial, ensuring customer protection against fraud and crimes. Government-provided clear and supportive regulatory frameworks can reduce uncertainty and risk for both individuals and institutions.

The year 2024 has demonstrated the significant impact of institutional adoption on the cryptocurrency landscape. The involvement of large companies and financial institutions in cryptocurrencies for payments, investments, and other uses is poised to legitimize and mainstream crypto. Increased institutional investment can stabilize the market and drive growth.

For end users, ultimate security measures and a user-friendly experience will become increasingly important. Platforms that offer robust encryption, multi-factor authentication, and insurance for losses due to hacking or fraud will dominate the market and encourage adoption. User-friendly interfaces and more accessible crypto products will attract more users as the demand for a better user experience grows. Simplifying the processes of buying, storing, and using cryptocurrencies is essential.

True adoption of cryptocurrencies hinges on the smooth integration of digital assets and applications with traditional finance and the real world. Developing real-world applications, such as decentralized finance (DeFi), supply chain management, and cross-border payments, can demonstrate the utility of cryptocurrencies. To make everyday use of cryptocurrencies more accessible and to bridge the gap between traditional finance and digital assets, widespread use of stablecoins in transactions is required. We’ll see a spike in growth in stablecoin transactions already this year.

Since the inception of Bitcoin in 2008, the crypto industry has undergone numerous upgrades, innovations, and technological improvements, a trend that will continue. Advances that address the scalability issues of blockchain technology, making transactions faster and cheaper, and enhancing interoperability between different blockchain networks to facilitate cross-platform asset use and transfer, are particularly noteworthy.

Despite the widespread awareness of cryptocurrencies, public financial literacy remains below necessary levels globally. Increasing awareness and understanding of cryptocurrencies, their risks, and benefits through educational campaigns will reduce misconceptions and fear.

Lastly, global economic factors play a crucial role. Amidst continuing global economic uncertainty, particularly in regions with high inflation, the role of cryptocurrencies as a hedge against currency devaluation will continue to grow.

U.Today: In your opinion, which country or region currently holds the most potential for widespread crypto adoption?

Gracy Chen: Regions with large underbanked populations, supportive regulatory frameworks, and tech-savvy, early-adopting demographics, such as those in Asia, Africa, and Latin America, hold significant potential for widespread crypto adoption.

As the crypto exchange landscape rapidly evolves, successful platforms must balance innovation, security, compliance, and user experience to build mainstream trust and drive the adoption of digital assets.