Following the surge in its user base, Bitget became the fourth-largest global crypto exchange in terms of trading volumes.
In an increasingly competitive cryptocurrency market, Bitget, a Seychelles-based crypto derivatives exchange, has been making waves.
The first half of 2023 has witnessed an unprecedented surge in the derivatives exchange's performance indicators, largely due to the successful integration of the recently purchased self-custodial wallet service, BitKeep.
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Now known as Bitget Wallet, the new acquisition has spurred the exchange's growth, leading to a significant uptick in its market performance metrics this year. This rise in fortunes has seen Bitget climb the ranks to become the fourth-largest cryptocurrency exchange globally in terms of trading volume.
Based on the Q2 report from TokenInsight, the four top exchanges now control 85% of the entire market's trading volume. Dominating the pack is Binance with a staggering 52% share, followed by OKX (15.13%), Bybit (10.6%), and Bitget with an impressive 8.1%.
Bitget's recent Q2 report, released on July 18th, boasts a spot trading volume exceeding $60 billion and a jaw-dropping $606 billion in futures trading. The report also attributes the marked increase in performance to the introduction of copy trading, a feature that enables users to mirror the strategies of select traders.
The inclusion of copy trading reportedly attracted an influx of 29,700 elite traders and 169,800 new followers, generating a profit of $33 million by the midpoint of 2023. The current Bitget user base exceeds 20 million.
Bitget has published its proof-of-reserves, confirming it holds more than 100% of all user assets on its platform. This covers Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC). At the time of this report, Bitget's reserve ratio stands at 223%.
As part of its international expansion strategy, Bitget secured virtual asset service provider registration in Poland and Lithuania in 2023. Additionally, the exchange has plans to establish a regional operational hub in Dubai.
The integration of Bitget Wallet and international expansion plans appear to be a winning formula for Bitget. The derivatives exchange's success story reinforces the opportunities in the evolving cryptocurrency landscape, even amidst fierce competition.
