Seychelles-based cryptocurrency derivatives exchange Bitget has seen significant growth in key metrics through the first half of 2023, driven by the integration of a recently acquired self-custodial wallet service.
Bitget is currently undergoing a rebranding plan following the acquisition of BitKeep, which was renamed Bitget Wallet. The platform has produced some impressive market performance metrics in 2023, ranking it as the fourth largest cryptocurrency exchange by trading volume.
According to the second quarter report of TokenInsight, the top four exchanges accounted for 85% of the total market trading volume. Binance alone accounted for 52%, with OKX (15.13%), Bybit (10.6%), and Bitget (8.1%) ranking the top four in Q2 trading volume statistics.
company freed The company’s second-quarter report, released on July 18, showed that its spot trading volume exceeded $60 billion, and its futures trading volume was $606 billion.
The report also links to Research In the six months following the debacle of Sam Bankman-Fried’s FTX, Bitget was the only exchange to increase futures volume, according to an article by blockchain analytics firm Nansen.
The exchange also noted that its performance in the second quarter was affected by the launch of copy trading, a feature that allows users to mimic a specific trader’s trading strategy. Bitget said it attracted 29,700 new elite traders and 169,800 new followers, generating $33 million in profits by mid-2023.
Bitget is one of the exchanges like Binance release Its reserves prove that it strives to maintain a reserve of more than 100% of all user assets on the platform. This includes Bitcoin (BTC), Ether (ETH), Tether (USDT) and USD Coin (USDC).
Related: Bitget Launches $100M Web3 Fund for Asian Crypto Projects
At press time, the exchange’s current reserve ratio (calculated by dividing platform assets by user assets) is 223%.
Bitget will also obtain virtual asset service provider registrations in Poland and Lithuania in 2023 and expand its services to Europe. It also said it intends to create a regional center in Dubai for its operations.
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