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.
Bitget is currently undergoing a rebranding initiative following its acquisition of BitKeep, with the latter being renamed 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 highest 4 exchanges account for 85% of the entire market trading quantity. Binance alone accounted for 52%, with OKX (15.13%), Bybit (10.6%) and Bitget (8.1%) rounding off the highest 4 in Q2’s trading quantity statistics.
The corporate released its personal Q2 report on July 18, pinning its spot trading quantity at over $60 billion, with $606 billion in futures trading.
The report additionally hyperlinks to a research piece from blockchain analytics agency Nansen, which exhibits that Bitget was the one trade to extend futures trading volumes within the six-month time-frame following the collapse of Sam Bankman-Fried’s FTX.
The trade additionally notes that the launch of copy trading, its function permitting users to mimic the trading methods of choose merchants, influenced its efficiency in Q2. Bitget stated it attracted 29,700 new elite merchants and 169,800 new followers, which generated $33 million in revenue on the halfway mark of 2023.
Bitget was amongst exchanges like Binance that went on to release its proof-of-reserves, endeavoring to take care of reserves of greater than 100% of all users’ belongings on its platform. This contains Bitcoin (BTC), Ether (ETH), Tether (USDT) and USD Coin (USDC).
Associated: Bitget launches $100M Web3 fund for crypto projects in Asia
The trade’s present reserve ratio, which is calculated by the platform’s belongings divided by the users’ belongings, was 223% at the time of publication.
Bitget has additionally received virtual asset service provider registration in Poland and Lithuania in 2023 as it expands its companies into Europe. It additionally acknowledged that it intends to create a regional hub for its operations in Dubai.
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Cointelegraph By Gareth Jenkinson Bitget surpasses 20M users as wallet integration spurs trading volumes cointelegraph.com 2023-07-25 12:53:07
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