Analysis platform TradingView has claimed Bitget as the frontrunner among digital asset exchanges, citing remarkable growth and innovation over the past year.
In 2023, Bitget achieved notable milestones in the cryptocurrency landscape in its fifth year of operation. The platform excelled in areas such as user expansion, trade volume and compliance.
Bitget’s performance numbers reveal operational efficiency that sets a benchmark for exchanges aspiring to compete with industry leaders. In 2023, the platform recorded an overall trading volume of $3.14 trillion, with spot trading volume experiencing a 94 percent surge to $81.6 billion.
The exchange’s success was partly driven by an overall positive market trend, with Bitcoin’s market cap surging by 154.37 percent and the total digital asset market witnessing a 70.7 percent increase.
Bitget’s remarkable growth can also be attributed to its robust trading infrastructure and widespread appeal to a diverse global audience, including both casual users and experienced investors.
The Seychelles-based platform’s increased market penetration was also a result of a substantial rise in user numbers, with accounts skyrocketing from eight million to 20 million during the year. In addition, the staff strength also increased from 1,100 to 1,500. Bitget now caters to crypto users in over 100 countries, with a global workforce spanning 60 nations.
With the improved trading volume and user base, the Bitget Token (BGB) experienced significant gains in response to growing demand. Over the year, BGB witnessed a 291 percent growth, soaring from $0.18 at the beginning of the year to an all-time high of $0.70499 in December. This surge placed BGB among the top five exchange tokens by market capitalization, alongside major tokens like Binance’s BNB and Okex’s OKB.
BGB also offers its holders various benefits, particularly in staking and airdrops. In the past year, the exchange introduced BGB staking with zero withdrawal fees, resulting in an 83 percent increase in BGB holders to nearly 217,000 in total. BGB’s trade volume also surged by 110 percent, exceeding $5.15 billion during the same period.
Financial security, transparency achievements
Bitget’s achievement is also underscored by its commitment to financial security and transparency through Bitget’s monthly Protection Fund Valuation Reports. This monthly report is designed to reassure account holders about the platform’s readiness to counteract hacks, scams and extreme market volatility.
The December 2023 report highlighted Bitget’s record-high fund valuation, increasing to $424 million from its initial $300 million valuation. This self-insured fund remains among the largest in the exchange landscape.
Adding to the Protection Fund Valuation Reports, Bitget’s dedication to transparency and financial health is evident in its Proof-of-Reserves (PoR) initiative. This practice ensures that users’ funds are fully backed 1:1 and available for withdrawal anytime.
Notably, Bitget reported a PoR ratio of 171 percent in December, consistently surpassing industry standards of 100 percent and often hovering around 200 percent. This initiative covers various tokens, including BTC, ETH, USDT and USDC.
Bitget has also invested $30 million in the multi-chain Web3 wallet BitKeep, now rebranded as Bitget Wallet. The digital asset exchanges also launched the EmpowerX Fund and Web3 Fund, each endowed with $100 million in capital, to foster the Web3 ecosystem growth.
In terms of compliance, Bitget implemented mandatory KYC requirements in September, aligning itself with global compliance standards. The platform’s regulatory efforts received support as it registered as a Virtual Asset Service Provider (VASP) in Poland and Lithuania, two countries witnessing a surge in crypto usage.