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The Year that Was for Bitget: A Recap of the Key Events that Shaped the Exchange’s 2023

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Since its launch in 2018, Bitget has emerged as one of the world’s leading cryptocurrency exchanges, with the platform specially showcasing an immense amount of growth this past year. This article delves into the key factors contributing to its 2023 success, focusing on the impressive performance of its native token (BGB), the robustness of its user protection fund, and its use of various transparency-rooted practices.  

A Closer Look at BGB’s Monumental Rise

The Bitget Token (BGB), which drives the exchange’s internal operations and is used by traders for staking, social trading, profit sharing or receiving discounts on trading fees, played a pivotal role in forging the platform’s impressive 2023 growth narrative. Registering an astounding 291% profit and peaking at an all-time high value of $0.66 on Dec 22, BGB emerged as a symbol of user confidence and market validation of Bitget’s wide array of services.

Several factors contributed to this success, including the introduction of new features such as staking for zero withdrawal fees and eligibility for new coin airdrops for holders. In fact, by the end of the year, the number of BGB holders surged by 83%, with its trading volume witnessing a 110% increase, reaching an impressive total of $5.15 billion.  

Fostering Market Stability, One Step at a Time

In addition to BGB’s success, Bitget’s ‘Protection Fund’ which serves as a critical component of its security infrastructure, also achieved a remarkable high of $424 million (during Q4 2023). By encompassing a diversified portfolio, including cryptocurrencies like Bitcoin (BTC), Tether USD (USDT), and USD Coin (USDC), the fund continues to ensure a high degree of financial stability and adaptability during periods of market volatility. 

On a technical note, it bears mentioning that the protection fund operates with a high degree of autonomy, allowing for prompt/efficient asset coverage when needed — thereby circumventing external dependencies as well as any bureaucratic delays. Such a high degree of agility is crucial when it comes to addressing and mitigating risks arising from hacks and extreme market conditions. 

An Expanding User Base and Surging Operational Growth  

Bitget’s client base witnessed a remarkable expansion during 2023, growing from 8 million to an impressive 20 million users. To accommodate this surge, Bitget increased its staff count from 1100 to 1500 employees. Additionally, the platform experienced a significant boost in its engagement levels, with its website recording 10.4 million average monthly visits (peaking at 13.6 million during May). 

Furthermore, Bitget’s proactive approach to expanding its offerings was evidenced by its spot trading numbers. Over the course of the year, the platform added 355 new listings, resulting in an extensive selection of over 600 tokens and 700 spot trading pairs.  

Surplus Reserves and Other Positive Financial Data

Bitget’s commitment to transparency and financial stability came to the forefront in 2023 after the exchange released a comprehensive Proof of Reserves (PoR) report, revealing a robust reserve ratio of 175%. The ratio — which stands significantly above the standard 100% mark — indicates excess reserves in comparison to its liabilities, ensuring that user funds are fully backed and readily accessible at all times. 

Delving deeper into the PoR data, Bitget’s reserve status included holdings of substantial digital assets like BTC, ETH, USDT, and USDC, collectively exceeding $1.7 billion. This financial prudence was paralleled by Bitget’s trading volume, which reached an astounding $3.14 trillion last year. The platform also witnessed a significant surge in spot trading volume, which climbed to $81.6 billion, marking a remarkable 94% increase from the previous year.

Investments and Strategic Initiatives  

Bitget’s strategic foresight was further highlighted by its significant investments and initiatives. A notable move was the $30 million investment in BitKeep — a crypto custody platform that has since been rebranded as Bitget Wallet — marking a decisive step in integrating decentralized and centralized finance solutions. 

Additionally, Bitget demonstrated its commitment to supporting innovation and growth within the crypto sector by establishing two major funds, namely the EmpowerX Fund and the Web3 Fund, each capped at an impressive $100 million. The funds seek to nurture promising projects and partnerships within the digital asset arena.

Lastly, aligning with the ever-evolving needs of the crypto market, Bitget underwent a strategic rebranding in 2023. The platform’s new motto, ‘Trade smarter,’ reflects the firm’s focus on empowering users with more intuitive and intelligent trading tools. The change was not just meant to be a cosmetic one but a reaffirmation of Bitget’s over-arching mission to provide a sophisticated and user-friendly trading experience, especially for those new to the crypto world.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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