Seychelles-based cryptocurrency derivatives exchange Bitget has seen prolific growth in its employee and user base in 2023.
According to its recently released year-end report, the crypto exchange Bitget has reported aggressive workforce expansion and a significant increase in its user base during 2023. The company’s team grew from 1,100 to 1,500 employees, reflecting a substantial leap in its growth trajectory.
This expansion aims to provide enhanced support across Bitget’s operations, particularly in the fast-growing spot markets. This aggressive hiring initiative is in contrast to the employment cuts observed in some other cryptocurrency firms during the recent market downturn.
Additionally, Bitget also witnessed more than double its user base, growing from 8 million to 20 million in 2023. The new users, predominantly from Generation Z, indicate the platform’s popularity among younger demographics.
Bitget emphasized its commitment to delivering superior customer support with a user-centric approach, having engaged with and assisted 600,000 users through online customer service and the recovery of over 495,000 USDT in missing assets.
The cryptocurrency trading platform also reported substantial growth in spot trading volumes in 2023, with a year-over-year increase of 94%. For instance, the platform’s volume at the beginning of the year was $15.3 billion, and by November 2023, it had grown to almost $30 billion, marking a significant increase.
The company initially focused on crypto derivatives and strategically reopened its spot markets in 2021, a move that proved successful in capturing market demand.
Sandra Chen, CEO of Bitget, highlighted the company’s strategic shift, stating, “Though originally focused on futures products, we reopened the spot market. In 2023, we went all-in in spot trading, and our efforts have paid off significantly.”
Notably, the decision to prioritize spot trading contributed to Bitget’s rapid growth and established it as a major player in the cryptocurrency exchange space. Additionally, the platform introduced 355 new coin listings in 2023, representing a 46% year-on-year increase in offerings.
Bitget Continues Global Expansion Amid Industry Challenges and Regulatory Developments
The crypto industry experienced both triumphs and obstacles, with the aftermath of the FTX collapse, industry security concerns, and regulatory frameworks dominating discussions.
Bitget aims to lead the way in global crypto adoption. The research team and listing team actively follow the market, seeking potential projects and introducing different zones in the spot market, including BRC20, AI, and more.
Throughout the year, Bitget implemented various strategic initiatives, including rebranding the BitKeep wallet to the Bitget Wallet after the acquisition. The platform also introduced a swap offering to enhance multi-chain trading capabilities.
Additionally, Bitget launched a fund called EmpowerX in the second half of the year, with a capital base of $100 million, aimed at investing in various cryptocurrency projects.
The exchange is aiming to expand its operations and attract more users in the face of tough competition from rival exchanges. In 2023, market leader Binance experienced declining figures due to the broader market downturn and regulatory challenges, leading to a consecutive decrease in its market share.
Notably, Bitget has obtained virtual asset service provider registration in Poland and Lithuania as part of its expansion into Europe. It also stated that it plans to establish a regional hub for operations in Dubai.
Bitget has also faced challenges in recent times with the decision to leave Hong Kong, abandoning plans to obtain a license, and announcing the closure of business on December 13. Amidst the challenges, Bitget’s wallet is set to enter the Turkish market, capitalizing on the country’s increasing crypto adoption driven by growing inflation.
However, Bitget’s native token, BGB, experienced exceptional growth in 2023. Starting the year at $0.18, BGB reached an all-time high of $0.70499 in December, marking a remarkable 291% surge. BGB became one of the top 5 CEX platform tokens by market capitalization.