Bitget sees largest market share growth after FTX bankruptcy
The exchange moved into the Top 3 derivatives exchange list with a 2.6x market share increase and growth in traders.
January 19, 2023 - Bitget, has moved into the top 3 crypto exchanges in the derivatives sector following a 2.6x market share increase and 8 million registered users in 100+ countries globally.
Despite the challenging circumstances of 2022 which saw the collapse of Terra LUNA, Celsius, and FTX, and wiping an estimated US$2 trillion from the crypto market.
Bitget announced that they had seen growth in all aspects of their business with highlights including:
- Ranked as a Top 3 exchange according to the Boston Consulting Group report, in terms of crypto derivative trading volume.
- Growth in derivative market share increased from 3% to 11% after the collapse of FTXAccording to the latest TokenInsight report,
- Over 300% increase in total transaction volume, with a focus on copy trading products
- The workforce growth from 200 people at the beginning of 2022 to over 1100 employees in Jan 2023
- Welcomed Lionel Messi as crypto exchange partner
The platform's One-Click Copy Trade, as of Dec 2022, had attracted over 80,000 traders and over 338,000 followers with more than 42 million trades.
Following the collapse of the former second-largest exchange, FTX, marked the single largest market share growth in the crypto derivatives sector. At the end of 2022, the top 10 exchanges' total daily open interest had dropped by 27.1% from January and 41% from its peak in April of the same year. Among the exchanges, only Bitget saw a significant increase in open interest, from $841 million to $3.74 billion, representing a 344% total increase.
The company, previously focused on serving customers from a few Asian countries alone, has expanded by acquiring over 8 million users in more than 100 countries, with footprints in Turkey, Southeast Asia, Latin America, and Europe.
Gracy Chen, Managing Director of Bitget remarks "2022 marked one of the most important years in the history of Bitget. Our achievements for the year are nothing short of remarkable, making us a dark horse in the face of those black swan events. Although a few negative incidents happened in the industry, Bitget remained steady in our growth and took this as an opportunity to further strengthen our capability. Working with Leo Messi also reminded all of us that winning and building an everlasting business requires passion, perseverance, and teamwork. The significant growth we have achieved is a testament to all of the hard work and immense efforts our team has dedicated to the company."
"As macro liquidity continues to affect the crypto market, the interest rate spike is expected to slow down in 2023 gradually. The impact of the Fed on macro liquidity will also continue to affect investors' expectations for the crypto market. In addition, the TVL(Total Value Locked) amount in DeFi is expected to increase slowly in 2023. Regardless of the decline in the value of popular blockchain tokens, the number of active users and new wallet addresses on chains like Polygon, Ethereum, and BSC has remained on the rise."
"We believe 2023 will be a year full of opportunities and challenges, and our goal will remain focused on providing the best social trading and derivatives trading experience for our users. We will also continue to expand our spot markets and improve our overall capabilities to optimize the trading experience on Bitget. As the industry continues to consolidate and deleverage, and the macroeconomic conditions improve, we will emerge from this crypto winter, thrive in the year ahead, burgeon into a leading player and propel the industry forward."
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