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Bitget

B

Overview

Bitget, founded in July 2018 and based in Seychelles, is a comprehensive cryptocurrency exchange and derivatives platform offering a wide range of services and features:

Services and Trading Options

  • Spot Trading: Users can buy and sell over 800 listed tokens at current market prices.
  • Futures Trading: Offers COIN-M, USDT-M, and USDC-M futures with up to 125x leverage on over 200 margin trading pairs.
  • Copy Trading: Allows users to follow elite traders and benefit from their expertise, supported by Bitget Insights.

Key Features

  • Bitget Insights: Combines social media with social trading, providing valuable insights from experienced traders.
  • Risk Management Tools: Includes position tiers, futures calculator, and funding rate management.
  • Bitget Launchpad: Offers early access to new cryptocurrency tokens from various projects.

Security and Transparency

  • Dual-Wallet System: Utilizes cold and hot wallets for optimized security.
  • Decentralized Data Warehouse: First centralized exchange to use this technology, enhancing transparency.

Global Expansion and Partnerships

  • Registered in Seychelles to facilitate global expansion.
  • Partnerships with Lionel Messi, Juventus, and institutional collaborations like Copper.
  • Launched BitEXC for the Vietnamese market.

Community and Education

  • Partnered with IEEE at Manipal University Jaipur for crypto education.
  • Expanding workforce to support user demand and business growth.

Additional Initiatives

  • Introduced GMCI Meme Index for top memecoins.
  • Upgraded API for improved tax reporting with Koinly. Bitget continues to innovate and expand, focusing on user-centric services, transparency, and global reach in the cryptocurrency trading space.

Leadership Team

Bitget's leadership team comprises experienced professionals driving the company's growth and innovation in the cryptocurrency space:

Gracy Chen - Chief Executive Officer (CEO)

  • Appointed in May 2024, succeeding Sandra Lou
  • Over 10 years of experience in business management, marketing, and investment
  • Previously served as Managing Director since June 2022
  • Key achievements:
    • Expanded user base fourfold
    • Established strategic partnerships, including with Leo Messi
    • Built a robust global affiliate network
  • Educational background:
    • Bachelor's Degree from the National University of Singapore (NUS)
    • MBA from the Massachusetts Institute of Technology (MIT)
  • Recognized as a Global Shaper by the World Economic Forum
  • Elected to the Forbes Business Council
  • Columnist for major publications like Forbes and Cointelegraph

Min Lin - Chief Business Officer

  • Appointed in October 2024
  • Previous experience:
    • Regional Vice President for Latin America and Head of Business Development at Binance
    • Executive Director in the Global Markets Division at Goldman Sachs for over five years
  • Responsibilities at Bitget:
    • Strengthening presence in key regional markets
    • Driving strategic expansion

Leadership Initiatives

  • Focus on Corporate Social Responsibility (CSR) programs:
    • #Blockchain4Youth: Fostering education in blockchain
    • #Blockchain4Her: Promoting diversity in the blockchain space Bitget's leadership team is characterized by its global perspective, extensive industry experience, and commitment to innovation and user-centric services. The diverse backgrounds of its leaders contribute to the company's growth and adaptability in the rapidly evolving cryptocurrency market.

History

Bitget, founded in July 2018 in Seychelles, has established itself as a prominent player in the cryptocurrency exchange market. Here's a chronological overview of its key developments:

2018-2021: Founding and Early Growth

  • July 2018: Bitget is founded, offering spot, futures, and copy trading services
  • October 2021: Partners with Juventus FC as official sleeve sponsor

2022: Expansion and Security Enhancements

  • August: Introduces $200 million Protection Fund
  • November:
    • Registers in Seychelles to facilitate global expansion
    • Increases Protection Fund to $300 million

2023: Strategic Partnerships and Initiatives

  • March: Becomes official sponsor of Juventus Women's Team
  • April:
    • Launches $200 million ecosystem fund with Core DAO
    • Introduces Bitget Web3 Fund with $100 million initial investment
  • May:
    • Announces Bitget Academy training project with $10 million investment
    • Partners with Copper for off-exchange settlement solution
  • September: Forms educational partnership with IEEE at Manipal University Jaipur

Ongoing Developments

  • Technological Advancements:
    • First centralized exchange to use a decentralized data warehouse
    • Continuous improvement of trading platform and tools
  • Token Initiatives:
    • July 2021: Updates BGB (Bitget Token) as native utility token
    • Total supply: 2 billion BGB tokens
  • Global Expansion:
    • Partnerships with high-profile figures like Lionel Messi
    • Launch of region-specific platforms (e.g., BitEXC for Vietnam) Throughout its history, Bitget has demonstrated a commitment to security, innovation, and user-centric services. The exchange continues to expand its offerings, forge strategic partnerships, and contribute to the broader cryptocurrency and blockchain ecosystem.

Products & Solutions

Bitget offers a diverse range of products and solutions catering to various user needs and investment strategies in the cryptocurrency and Web3 space:

Bitget Earn Products

  1. Bitget Savings:
    • Fixed Savings: High interest rates for locked assets (7-120 days)
    • Flexible Savings: Redeemable anytime with higher maximum subscription amounts
  2. Bitget Shark Fin: Principal-guaranteed structured investment with unique APR scenarios based on asset price movements
  3. Bitget Smart Trend: Seven-day, principal-protected investment product for BTC or ETH price speculation
  4. Bitget Launchpool: Staking platform for BGB or other coins, offering free airdrops and prize pool participation
  5. Bitget Staking: Allows staking of high-quality Proof of Stake (PoS) projects for network security and rewards

Trading Products

  1. Spot Trading: Over 800 listed tokens for portfolio building
  2. Futures Trading: USDT-M, USDC-M, and Coin-M futures for over 200 coins
  3. Copy Trading: Follow elite traders to earn profits without active trading

Financial Products

  • Bitget Crypto Loans: Borrow fiat or cryptocurrencies using crypto assets as collateral, managed through LTV ratios

Other Solutions

  1. Bitget Wallet: Multi-chain crypto wallet with comprehensive Web3 solutions
  2. Bitget Launchpad: Early access to promising new cryptocurrencies These products and solutions provide users with diverse options to manage, grow, and utilize their crypto assets while ensuring a secure and efficient trading environment.

Core Technology

Bitget's involvement with Core DAO is significant, focusing on several key aspects of the Core network and its ecosystem:

Core DAO Overview

Core DAO is a next-generation Layer-1 blockchain aiming to solve the blockchain trilemma by balancing security, scalability, and decentralization. It utilizes the Satoshi Plus consensus mechanism, combining Proof of Work (PoW) and Delegated Proof of Stake (DPoS).

Satoshi Plus Consensus

This hybrid mechanism leverages PoW for security and decentralization, while DPoS enhances scalability and reduces energy consumption. Validators are elected based on staked CORE tokens and hash power.

Bitget's Investment and Partnership

  • $50 million investment in the Core DAO Ecosystem Fund
  • Validator role in the Core network
  • Support for Core ecosystem projects through listing and a new Core Trading Zone

Core DAO Governance and Tokenomics

  • CORE Token: Native utility and governance token with a total supply of 2.1 billion
  • User-led governance model managed by Core DAO

Integration and Compatibility

Core DAO integrates with Ethereum Virtual Machine (EVM) and the 0x protocol, ensuring compatibility with Ethereum's smart contracts and decentralized token exchanges. Bitget's partnership with Core DAO is a strategic move to support the development and growth of the Core network, promoting the adoption of its innovative technology while enhancing security, scalability, and decentralization.

Industry Peers

Bitget operates within a competitive landscape of cryptocurrency exchanges. Here are some notable peers:

Binance

  • One of the largest global cryptocurrency exchanges
  • Major competitor in terms of trading volume and market share
  • Bitget surpasses Binance's APAC trading volume during certain hours

Bybit

  • Significant player in derivatives trading
  • Similar focus on futures and derivatives as Bitget
  • Bitget outperforms Bybit in APAC trading hours and weekend activity

KuCoin

  • Global exchange offering a wide range of trading products
  • Faced challenges during crypto winter while Bitget expanded

FTX (formerly)

  • Previously a major competitor before its collapse in 2022
  • Bitget's market share in crypto derivative contracts increased from 3% to 11% following FTX's collapse

Gemini

  • U.S.-based exchange with a focus on regulatory compliance and institutional clients
  • Contrasts with Bitget's continued growth during crypto winter These exchanges highlight the competitive environment in which Bitget operates, each with unique strengths and strategies in the cryptocurrency market. Bitget has shown resilience and growth, particularly in the APAC region and derivatives trading, while adapting to market changes and expanding its user base.

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