Bitget's Q3 Growth: Second-Highest Market Share Surge and Record High for BGB Holders - Chainwire

20Oct

Bitget’s Q3 Growth: Second-Highest Market Share Surge and Record High for BGB Holders

Victoria, Seychelles, October 20th, 2023, Chainwire

Key Takeaways:

Irrespective of the decline in the market, Bitget recorded one of the highest increases in market share, rising to 9.43% in September
BGB token became one of the Top 5 platform tokens by market cap and the number of BGB holders kept increasing and reached 354,472 in Q3
Bitget unveiled its expansion plans into the Middle East region
Bitget launched the US$100 million EmpowerX Fund to support the development of its Web3 ecosystem

Bitget, top crypto derivatives and copy trading platform, has released its quarterly Transparency Report highlighting the major achievements of the platform for Q3 of 2023. The report emphasizes the platform’s remarkable performance during a challenging market period and showcases the exceptional growth of its native token, BGB.

In Q3 2023, the overall industry faced a gloomy market situation. According to CCData’s report, the spot trading volume on centralized exchanges is US$1.33 trillion, and the derivative trading volume is US$4.8 trillion, decreasing by 22% and 23% respectively. In September, the combined spot and derivatives trading volume on centralized exchanges fell for the third consecutive month, dropping 20.3% to US$1.67 trillion. Irrespective of the decline, Bitget recorded one of the highest increases in market share, rising to 9.43%.

Factors contributing towards this growth include Bitget’s native token BGB’s exceptional performance this year. BGB outperformed most platform tokens as the Top 5 platform tokens by market cap. The price rose from US$0.18 at the beginning of the year to a quarterly high of US$0.4927 in September.

“The exceptional performance of BGB reflects Bitget’s strong commitment to accelerating crypto adoption with its DeFi and CeFi products in the ecosystem. We are dedicated to providing our users with innovative and secure trading solutions, and the growth of BGB is the result of trust and support of our growing community,” said Gracy Chen, Managing Director at Bitget.

The anticipation surrounding the relaunch of the system’s launchpad led to an extraordinary surge, pushing its value to an all-time high of US$0.5152 in February. The holders of BGB kept increasing and reached 354,472 in Q3 while the volume of BGB traded in the last three months reached over US$1.3 billion.

The overall Bitget ecosystem performance has been stable through the market turbulence. Bitget’s Protection Fund consistently exceeded US$300 million past quarter. In July, its worth peaked at US$368 million, representing the highest level attained that month. This provides an extra security layer to users’ funds besides Bitget’s over 200% Proof-of-Reserves ratio.

Bitget partnered up with multiple industry stakeholders to bring simplicity and convenience to crypto tax reporting, portfolio management, and trading automation, and introduce better data offerings. This includes collaborations with Cointracking, Coinstats, CCData, Koinly, 3commas, Cobo Superloop, and more.

Bitget constantly leads initiatives aligning with its vision of creating a more equitable future where crypto evolution reforms finance. In Q3 Bitget, implemented its latest rebranding initiative, and focused on strengthening its position as a leader in innovative trading products.

Bitget also emphasized its expansion plans into the Middle East region. Among the countries the exchange is exploring are Bahrain and the UAE, including the crypto-friendly emirates of Dubai, Abu Dhabi, and Ras Al Khaimah.

In Q3 September, Bitget launched its US$100M EmpowerX Fund dedicated to fostering the platform’s ecosystem development. This strategic fund is tailored to explore investment opportunities in regional exchanges, data analytics firms, media organizations, and other entities contributing to the platform’s growth trajectory.

Celebrating its fifth anniversary, Bitget hosted the momentous EmpowerX Summit in Singapore, a flagship event that brought together nearly 1900 esteemed guests, featuring over 247 distinguished speakers and partners. The summit served as a platform for engaging in discussions on the transformative potential of crypto and web3 ecosystems. Notable keynote speakers such as Tim Draper, Haseeb Qureshi, and Justin Sun emphasized the platform’s continued commitment to empowering the crypto community.

With its quarterly reports, Bitget aims to establish industry gold standards for transparency and trustworthiness. As it continues to lead innovation and create a more inclusive financial future for all, Bitget demonstrates an uncompromising commitment to security and reliability.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Bitget Wallet, the web3 arm of Bitget, is a decentralized multi-chain digital wallet supporting 250,000+ cryptocurrencies across 90+ chains, enabling exploration of DEX, DeFi, NFT, and metaverse. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For media inquiries, please contact: media@bitget.com