BCG Report: Bitget Surpasses FTX in Derivatives Trading Volume
BANGALORE, India, Sept. 5, 2022 /PRNewswire/ — Bitget, one of the leading derivatives exchanges, has surpassed FTX and top exchanges including KuCoin, Crypto.com, Huobi Global and more in derivatives trading volume as per data provided on CoinGecko.
As the overall crypto market continues to face volatility and negative tailwinds, Bitget has moved inversely projecting 500% + growth in trading volumes. Maintaining a tremendous growth record to generate strong and recurring cash flow despite uncertain market conditions.
A recent research report issued in collaboration with Boston Consulting Group (BCG) has unveiled substantial development trends in crypto trading markets, its role in enabling the Web3 economy and shares insights on navigating the crypto space during a bear market.
The report states Bitget’s derivatives trading volume has exceeded that of FTX, ranking third globally. Since its global expansion in 2021, Bitget has grown rapidly, and captured 10% of the total global derivatives volume, predominantly due to the popularity of its flagship social trading products, most notably the One-Click Copy Trade product.
Bitget’s One-Click Copy Trade has amassed over 55,000 professional traders, with approximately 1.1 million followers.
Most recently, Bitget also announced the launch of the US$200 million Bitget Protection Fund, as part of its continued efforts in prioritising security, ensuring its users’ assets are safeguarded. The Bitget Protection Fund was created with the goal to provide unparalleled security and to ensure a secure and safe trading experience for users around the world. The fund will ultimately act as a safeguard for Bitget users and the Bitget trading platform, while also helping to usher in a new era of safety and protection in the crypto space as a whole.
Managing Director of Bitget, Gracy Chen said, “We are extremely proud of how far Bitget has come. To be able to surpass some of the leading market players is a testament to the dedicated contribution of the Bitget family. In the beginning of 2021, we had a small team of 150, and have since achieved a threefold increase in mid 2022. To cater to a burgeoning growth, we recently announced the acceleration of our hiring plan. As we continued to expand our product and service offerings, we also took the effort to ensure our users had a safe and secure trading experience. We look forward to reaching many more milestones in the years to come, with the support of our trusted traders and partners across the globe.”
About Bitget
Established in 2018, Bitget is one of the world’s leading cryptocurrency exchanges with a core focus on social trading. Currently serving over two million users in more than 50 countries around the world, Bitget accelerated its mission to promote decentralised finance with a 600-strong workforce.
Since Bitget’s official launch in the crypto derivatives market in June 2019, the platform has now become one of the world’s largest crypto copy trading and derivatives exchanges, and is ranked in the top five globally by CoinGecko for derivatives trading by volume. The exchange focuses on transforming the way people connect and trade with social trading. Its flagship offering, One-Click Copy Trade, is nothing short of a pioneer in social trading, and has amassed over 55,000 professional traders, with approximately 1.1 million followers, innovating the experience for crypto derivatives traders worldwide.
Adhering closely to its philosophy of ‘Better Trading, Better Life’, Bitget is committed to providing comprehensive and secure trading solutions to users globally, aiming to be the portal that transcends Web2 and Web3, that connects CeFi and DeFi, resulting in an expansive bridge to the vast web of crypto. In September 2021, Bitget announced its sponsorship of world-renowned football team Juventus as its first-ever sleeve partner and PGL Major’s official esport crypto partner soon after. Partnerships with the leading esports organisation, Team Spirit, and Turkey’s leading and long-standing football club, Galatasaray, were also announced in early 2022.
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