As the overall crypto market continues to face volatility and downside headwinds, many crypto exchanges have had a hard time and many of the users have also faced issues such as withdrawal freezes. Leveraging a solid foundation and strong team, leading global crypto exchange Bitget has continued to record tremendous growth and generate cash flow despite uncertain market conditions.
A recent research report titled “What’s Next for Crypto Exchanges,” published in collaboration with Boston Consulting Group (BCG) and Foresight Ventures, explained the role of key development trends in crypto markets in the Web3 economy and shared insights on how to navigate the crypto space during a bear market. It was also noted that Bitget’s derivatives trading volume surpassed FTX and ranked third worldwide. As stated in the report, since its global expansion in 2021, Bitget has grown rapidly, capturing 10% of the total global derivatives volume, mainly due to the popularity of its flagship social trading products, particularly One Click Copy Trade.
Since its launch in May 2020, Bitget’s flagship product, One Click Copy Trade, has broken the trading patterns in the crypto market, connecting elite traders and their fans as well as traders from all corners of the world. Thus, a social trading model has been placed on Bitget, where followers and traders can interact without limits and chart their path to financial freedom. Bitget One Click Copy Trade has brought together more than 55,000 professional traders with approximately 1.1 million followers to date. As stated in the report, Bitget, one of the most popular exchanges in Korea with its copy trade product, also dominated the derivatives markets overseas.
Recently, Bitget also announced the launch of the $200 million Bitget Protection Fund as part of its ongoing efforts to prioritize security and ensure that its users’ assets are protected. The Bitget Protection Fund was created to provide unmatched security and a safe and reliable trading experience for users worldwide. The fund will ultimately act as a safeguard for Bitget users and the Bitget platform, while also helping usher in a new era of security and protection in the crypto space as a whole.
Bitget manager Gracy Chen said, “We are extremely proud of how far Bitget has come. Being able to surpass some of the leading players in the market is a testament to the selfless contribution of the Bitget family. We had a small team of 150 people at the beginning of 2021 and have since tripled by mid-2022. To continue to evolve, we recently announced the acceleration of our hiring plan. As we continue to expand our product and service offerings, we have also made efforts to ensure our users have a safe and reliable trading experience. With the support of our trusted traders and partners around the world, we look forward to reaching many milestones in the years ahead.” said.
crypto in Turkey
Crypto is gaining huge popularity in Turkey amid high inflation. According to DW, it is estimated that more than 10 million Turks, about 12% of the population, currently own cryptocurrencies. Data from cryptocurrency specialist Elliptic shows that Turkish lira trading volumes more than tripled in the second half of 2021.
The thriving crypto scene in Turkey is an excellent innovation zone and attractive market for all BUIDLers. It is known that global exchanges such as Binance, Coinbase and Kucoin all have plans to enter the Turkish market and expand their operations. However, Binance Turkey was fined TL 8 million for failing to comply with money laundering regulations amid numerous compliance reviews in other countries; Coinbase and Kucoin, on the other hand, have a track record of being hacked resulting in the loss of their users’ assets. Although the Turkish government has not yet reached a conclusion on crypto and blockchain regulations, Bitget is respectful and cautious about its operation in Turkey. Therefore, they did not receive any warning or violation detection in Turkey.
Meanwhile, to best protect users’ assets, Bitget does much more for security and compliance. They provide world-class customer protection by obtaining operational licenses from three different authorities, USA, Canada and Australia, while adhering to local regulations to ensure uninterrupted operations worldwide. They also have a combination of hot and cold wallets validated by the giants in security technology to protect the exchange from potential attacks. Applying Suntwin Technology, Qingsong Cloud Security, HEAP and Armors. While these comprehensive measures have not been in vain as Bitget has not faced any compatibility or security mishaps, other exchanges such as Binance and Kucoin are under fire for attacks and compatibility issues.
