Memecoins, P2P and TON drove 1,614% user growth in Africa — Bitget

Crypto alternate Bitget reported a major improve in its user base, surpassing 45 million customers throughout the globe because it celebrated its sixth anniversary. 

On Sept. 18, the platform introduced that the variety of customers on its crypto buying and selling platform had nearly tripled since 2023. The corporate highlighted that a lot of the growth was pushed by areas like Africa, South Asia and Southeast Asia.

In Africa, Bitget reported 1,614% user growth because the area continues to dive into the Web3 house. In South and Southeast Asia, the crypto alternate reported 729% and 216% growth, respectively. 

Memecoins, P2P and TON drive Bitget’s growth in Africa

Bitget CEO Gracy Chen advised Cointelegraph that the numerous growth in their platform’s user base is attributed to a few key components: the growth of their peer-to-peer (P2P) market, the rising recognition of memecoins and the emergence of The Open Community (TON) ecosystem.

Chen stated that Bitget facilitates a P2P market, which the manager described as what crypto was initially created for — a method of worth alternate. The Bitget CEO stated: 

“We’ve a powerful P2P market the place folks can commerce crypto for fiat in a safe and reliable setting. Given the difficulties with financial institution transfers and the inaccessibility of banking companies, this stays the first manner for a lot of to keep up monetary freedom.”

As well as, Chen stated that memecoins “performed an enormous position” in Bitget’s growth in the area. She added that as Africans embraced alternatives in the memecoin sector, Bitget offered a platform that supported them. 

Lastly, the emergence of the TON ecosystem additionally contributed to Bitget’s growth in Africa, in keeping with Chen. The chief stated that Africans rapidly get onboarded to the Web3 house as they use the Telegram messaging platform. 

“Hundreds of thousands of Africans use Telegram every day, and it has change into a gateway into the world of crypto for tens of millions,” Chen defined. The Bitget CEO added that the alternate positions itself as a “TON-friendly” platform. 

Associated: African blockchain venture funding down 70% in H1 2024 — CV Labs

Fast growth assessments capabilities to resist load

When requested in regards to the challenges accompanying fast user growth, Chen admitted that it continuously assessments their capability to resist the rising load on a number of fronts. This consists of technical infrastructure, safety, assist groups and different elements. 

Nevertheless, the Bitget CEO believes that the corporate’s 1,500 workforce is in a position to reply to this problem and proceed to push the business ahead. 

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