Bitget’s Remarkable Growth in Q2 2024
Crypto exchange Bitget has had a standout quarter, reporting a substantial $700 million capital inflow for Q2 2024. The platform also saw a significant boost in website traffic, with a 50% increase compared to the previous quarter, drawing in 10 million monthly visitors.
User Expansion and Market Volume Surge
Bitget’s user base expanded notably, with 2.9 million new users joining the exchange in Q2. This influx of users contributed to a 10% rise in spot trading market volume from Q1. The exchange’s holdings in major cryptocurrencies also saw impressive growth:
Bitcoin (BTC): Up by 73%
Tether (USDT): Up by 80%
Ether (ETH): Up by 153%
These figures underscore the significant $700 million capital inflow Bitget reported.
Strategic Partnerships and New Ecosystem Fund
In Q2, Bitget partnered with three Turkish national athletes: wrestler Buse Tosun Çavusoglu, boxer Samet Gümüs, and volleyball player Ilkin Aydin. These partnerships are part of a broader campaign that also features football legend Lionel Messi, reflecting Bitget’s efforts to enhance its global presence.
Gracy Chen, CEO of Bitget, expressed her gratitude for the community’s support and emphasized the company’s commitment to advancing the future of Web3:
“Q2 2024 has been a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is a part of our global expansion.”
In addition, Bitget launched a $20 million ecosystem fund in collaboration with Singapore-based investment firm Foresight Ventures. This fund aims to support early-stage projects on The Open Network (TON) and foster the development of the TON ecosystem.
Enhanced Security and Proof-of-Reserve Assurance
Bitget’s proof-of-reserves (PoR) report showed that the exchange maintains ratios above 100% for all major assets, reassuring users of its financial stability. The company holds more than 100% of the cryptocurrencies compared to user funds. Additionally, Bitget’s protection fund is valued at over $420 million, providing added security for its users.
To combat the rising threat of deepfake scammers, Bitget partnered with Know Your Customer (KYC) verification provider Sumsub. This initiative addresses the increasing prevalence of deepfakes in the crypto space. On June 27, Bitget researchers indicated that losses from deepfake attacks in the crypto sector could potentially reach $25 billion in 2024.
Conclusion
Bitget’s robust performance in Q2 2024 highlights its strategic initiatives and commitment to security, user growth, and the expansion of the Web3 ecosystem. With significant capital inflow, an expanding user base, and enhanced security measures, Bitget is well-positioned for continued growth and innovation in the dynamic crypto landscape.
