By George Ward
Bitget, the Seychelles-based crypto derivatives platform, has made substantial progress in one of the key aspects of its objectives in the first half of this year. This impressive progress can be attributed to the integration of a newly acquired self-custodial wallet solution.
Rebranding For The Future
Bitget Wallet has emerged as one of the products of a dynamic rebranding effort following the crypto firm’s acquisition of BitKeep. The platform’s performance in 2023 has been remarkable, pushing it to become the fourth-largest cryptocurrency exchange globally by trading volume.
On-chain data for Q2 2023 indicates that the combined trading volume of the top four exchanges accounts for an incredible 85% of total market activity. Binance led the pack with 52%, while OKX (15.13%), Bybit (10.6%), and Bitget (8.1%) solidified their positions in the elite top four.
Bitget released its highly anticipated Q2 report last week. The company’s performance boasted impressive figures, such as spot trading volumes exceeding $60 billion and trading volumes surpassing $606 billion.
The company’s Q2 report also offered a comprehensive overview of its performance and valuable industry analysis. Nansen’s research findings revealed that Bitget was the only exchange with a significant increase in trading volumes in the six months following the collapse of Sam Bankman-Fried’s FTX.
Despite the challenging operating conditions in the aftermath of FTX’s fallout, Bitget recorded remarkable growth in trading volumes, which speaks volumes about its resilience and strategic prowess. Furthermore, Bitget’s Q2 report included Nansen’s research analysis, proving its commitment to providing comprehensive and relevant data for its users and investors.
It also shows its commitment to transparency and reliable information to empower traders, thus, strengthening Bitget’s reputation as a reliable exchange platform.
Bitget Unveils Copy Trading Service
During the firm’s eventful Q2 2023, Bitget noted a gap in the trading landscape. Its solution to filling this gap was the introduction of copy trading.
This feature allows users to replicate the trading strategies of selected traders. This innovative offering impacted Bitget’s performance positively, as evidenced by the influx of 29,700 new elite traders and 169,800 new followers.
Furthermore, the increase in user engagement resulted in a $33 million profit for the exchange, reflecting its growing prominence in the competitive cryptocurrency market. Bitget and firms like Binance also took a commendable step toward transparency and user trust by releasing its proof-of-reserves.
This initiative aims to reassure users that the platform has sufficient liquidity and that users can access their funds at any time without issues or delays. Bitget’s reputation in the cryptocurrency industry has risen after launching its copy trading feature, expanding its user base, and having robust proof-of-reserves.
If the crypto platform continues to evolve and expand its offerings, it will maintain its position as a leading exchange platform and gain the trust and loyalty of traders worldwide. Current on-chain data shows that the exchange has a reserve ratio of 223%, a key metric calculated by dividing the platform’s assets by the users’ assets.
This ratio demonstrates Bitget’s commitment to maintaining solid reserves and instills trust in its user base. Furthermore, it reinforces the company’s position as a trustworthy cryptocurrency exchange. Nevertheless, Bitget has been making moves to expand its services into the European market. Accordingly, the exchange obtained an operating license in Lithuania and Poland earlier this year.