Insights from Bitget on how to achieve growth throughout crypto winter

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Insights from Bitget on how to achieve growth throughout crypto winter

With 2022 now in the past, many crypto users are hoping that the FTX crisis will also remain a mere bitter memory of last year. As the fallout from the collapse of one of the largest CEXs in the crypto industry continues to ripple through space, one platform is taking bold steps to ensure the security of its customers’ funds.

Gracy Chen, Managing Director of Bitget shares her views and tips for making it through the crypto bear market.

Q: How does Bitget ensure the security of customer assets?

Bitget always strives to provide a safe, one-stop trading solution for users. We have taken various initiatives and adopted various security policies to protect users’ assets.

Bitget’s protection fund was valued at about $200 million at launch and was increased to $300 million, consisting of 6,500 Bitcoin (BTC) and 200 million USDT after FTX’s bankruptcy. Bitget has promised to guarantee the fund’s value for the next three years, regardless of the market price.

Bitget released its proof-of-reserves Merkle tree to provide maximum transparency. Our POR page shows that our total reserve ratio is at 244%, with separate reserves of BTC at 725%, USDT at 202% and ETH at 186% as of December 31, 2022. Bitget is one of the exchanges out there with the highest reserve ratio.

Apart from these two essential measures, we serve and protect users with our already implemented, top-notch security measures and risk management, including hot and cold wallet separation, multi-signature wallets, zero-trust security architecture and much more to protect user assets. .

Q: What are users’ top concerns regarding security in crypto right now?

After the FTX incident, the market is actively looking for a transparent and credible platform where assets can be safely stored. That’s why we publish all seven wallet addresses of our $300 million Protection Fund, so users can monitor the fund at all times. Apart from that, we have also developed an open source “Merklevalidator” proof-of-reserve verification tool available on GitHub. Users can then verify that their account assets are included in our Merkle Tree proof-of-reserves to ensure that their funds are stored securely on the platform.

On the other hand, we also launched a fund custody service in January 2023 for users who combined assets of 100,000 USDT or more to apply for a dedicated custody wallet. The separate wallet address allows qualified users to check and withdraw funds separated from the main reserve, to prevent funds from being affected in case of emergencies such as loss, theft and other cyber security threats.

Q: What was the biggest goal that Bitget successfully achieved in 2022?

Last year was one of the most important in the history of Bitget. Our achievements for the year are nothing short of remarkable. Although some negative incidents happened in the industry, Bitget remained steady in our growth and used it as an opportunity to further strengthen our capability.

Some of Bitget’s key development areas include:

  • Ranked as the top-3 exchange in terms of crypto-derivative trading volume according to the Boston Consulting Group report.
  • Market share increased in the derivatives market from 3% to 11% after the collapse of FTX.
  • More than 300% increase in total transaction volume, with a rising popularity of copy trading products.
  • Workforce grows from barely 200 people at the start of 2022 to more than 1,100 employees in January 2023.
  • Became an exclusive crypto exchange partner with Lionel Messi.

Bitget has seen a 300% increase in total transaction volume thanks to increasing popularity of copy trading and crypto futures products. The platform’s flagship offering, One-Click Copy Trade, attracted more than 80,000 traders and 338,000 followers by December 2022.

Q: The collaboration with Messi is not your first football partnership. What do you think celebrity campaigns bring to your users? Is it a matter of trust and credibility?

Trust and confidence are the core basis for the development of the crypto industry. That’s why Bitget launched a $20 million marketing campaign during the 2022 World Cup in Qatar to strengthen trust and rebuild trust in the community. We are happy to see our partner Lionel Messi’s victory.

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I want to emphasize that Messi is not only a great soccer player, but also a player who has concentrated on his skills for many years to overcome his physical difficulties, with almost no negative incidents. He is not only persistent, but at the same time humble and dedicated. Bitget chose him as a partner because his pragmatic and reliable image matches our zero-incident profile and commitment to developing the best trading products.

Working with Messi reminded us all that winning and building an everlasting business requires passion, perseverance and teamwork. The significant growth we have achieved is a testament to all the hard work and tremendous efforts our team has dedicated to the company.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim to provide you with all important information we can obtain, readers should do their own research before taking any actions related to the company and take full responsibility for their decisions, nor can this article not be considered investment advice.

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