Bitget surpasses 20M users as wallet integration spurs trading volumes

The firm is currently undergoing a rebranding initiative following its acquisition of Bitkeep, with the latter being renamed as Bitget wallet. The platform has produced some impressive market performance metrics in 2023, ranking as the fourth largest cryptocurrency exchange by trading volume.

According to TokenInsight’s second quarter report, the top four exchanges command 85% of the combined total market trading volume. Binance alone accounted for 52%, while OKX (15.13%), Bybit (10.6%) and Bitget (8.1%) rounded off the top four in Q2’s trading volume statistics.

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Source: TokenInsight

The company released its own Q2 report on July 18, pinning its trading spot trading volume in excess of $60 billion and $606 billion in futures trading.

The report also links to a research piece from blockchain analytics firm Nansen, whose data shows that Bitget was the only exchange to increase futures trading volumes in the six month time frame following the collapse of Sam Bankman-Fried’s FTX.

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Source: Nansen Research.

The exchange also notes that the launch of copy trading, its feature that allows users to imitate trading strategies of select traders, influenced its performance in Q2. Bitget said it attracted 29,700 new elite traders and 169,800 new followers, which in turn generated $33 million in profit at the midway mark of 2023.

Bitget was among exchanges like Binance that went on to establish proof of reserves, endeavoring to maintain more than 100% of all users assets on its platform. This includes Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USD Coin (USDC).

Related: Bitget launches $100M Web3 fund for crypto projects in Asia

The exchange’s current reserve ratio, which is calculated by the platform’s assets divided by the users’ assets, was 223% at the time of publication.

Bitget has also received virtual asset service provider registration in Poland and Lithuania in 2023 as it expands its services into Europe and noted that it intends to create a regional hub for its operations in Dubai.

Seychelles-based cryptocurrency derivatives exchange Bitget has seen prolific growth in key metrics through the first half of 2023, driven by the integration of a recently acquired self-custodial wallet service.

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