The Bitcoin market left behind a very long crypto winter in 2023, allowing companies in the industry to continue their dynamic development. Among them was Bitget, the crypto exchange that celebrated its fifth anniversary and expanded significantly across several key metrics.
Gracy Chen, the Managing Director of Bitget, published an open letter in which she summarized the increase in spot volumes, employment growth, and the acquisition of a record number of clients, as well as outlined the exchange's plans for 2024.
Bitget’s Spot Trading Volumes Surge 94%
Although Bitget originally focused on crypto derivatives, the company reopened its spot markets in 2021. This strategic move paid dividends in 2023, with spot trading volumes rising 94% year-over-year.
"Though originally focused on futures products, we reopened the spot market," said Chen. "In 2023, we went all-in in spot trading and our efforts have paid off significantly."
The increase outpaced broader spot market growth and cemented Bitget as a major exchange. For example, Bitget's volume at the beginning of the year was $15.3 billion, and in the record-breaking November 2023, it grew to almost $30 billion.
Over the year, the company, among other things, rebranded the BitKeep wallet to Bitget Wallet following its acquisition. It additionally introduced a swap offering, enhancing multi-chain trading capabilities. In the second half of the year, the exchange launched a fund called EmpowerX with a capital base of $100 million to invest in a range of cryptocurrency projects.
✨ Stepping into 2024 with a recap of 2023's #crypto journey – victories, challenges, and thrilling developments. Uncover the pivotal events steering the market's path! Dive into @GracyBitget's open letter for insights on this year's transformative breakthroughs!
— Bitget (@bitgetglobal) January 3, 2024
Number of Employees Grows to 1,500
Bitget aggressively expanded its workforce in 2023 to help drive growth. "Bitget's team has expanded from 1,100 to 1,500 employees, and the increase marks a significant leap in our growth trajectory," Chen noted.
The additional employees will provide enhanced support across Bitget's operations, especially for the fast-growing spot markets. The hiring spree contrasts with major layoffs at crypto firms during the recent crypto winter.
In 2023, employment cuts in the cryptocurrency industry were discussed in the case of KuCoin, Luno, and the Winklevoss brothers' platform, Gemini.
Bitget’s User Base Doubles to 20 Million
Bitget further saw its user base more than double from 8 million to 20 million in 2023. Among the new users, younger people, particularly those from Generation Z, are predominant. Bitget mentioned the popularity of cryptocurrencies among this age group in one of its reports in the middle of last year.
"We've taken substantial measures to elevate our customer service, firmly reaffirming our dedication to delivering superior support with a user-centric approach," explained Chen. "In 2023, we have engaged with and assisted 600,000 users through our online customer service."
The influx of new users was an additional factor that helped drive increased spot trading volumes on Bitget's platform.
Poised for Further Expansion
With a visible growth across key areas in 2023, Bitget seems poised for even stronger expansion going forward. The company plans to continue increasing its workforce, enhancing its product offerings, and expanding into new markets in 2024.
"Together with our users, we will continue to build the world's largest crypto copy trading community, leveraging new technologies like AI to help the community trade smarter as a whole,” Chen concluded.
If 2023 is any indication, Bitget has a strategy that could cement its position as one of the leading global cryptocurrency exchanges.
This article was written by Damian Chmiel at www.financemagnates.com.
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