Gracy Chen Steps in as Bitget CEO: What to Expect Next

Bitget appoints Gracy Chen as CEO, after two years of working with the company to attract new users.

Gracy Chen sitting in a Executive office as CEO.
Created by Gabor Kovacs from DailyCoin
  • Bitget appoints Gracy Chen as the new CEO, effective May 2024.
  • Sandra Lou steps down, allegedly pursuing new business goals.
  • Chen had past success in growing Bitget’s user base.

Exchanges continue to dominate the crypto industry, rapidly evolving to the needs of crypto traders. One of them is Bitget, which has grown to 25 million users worldwide, since its launch in 2018. 

Most recently, Bitget has appointed Gracy Chen as its new Chief Executive Officer, succeeding Sandra Lou. This transition comes as Bitget aims to further solidify its position in the global crypto market. 

Gracy Chen Appointed CEO of Bitget

On Tuesday, May 21, Bitget announced that Gracy Chen would take over as CEO as the exchange continues to expand. Gracy Chen, who joined Bitget as Managing Director in June 2022, has been influential in the company’s recent growth.

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During her tenure as Managing Director, Gracy led several key initiatives. She co-led a strategy that increased Bitget’s user base through partnerships, including one with footballer Leo Messi. Her efforts also established a robust global affiliate network. 

The new Bitget CEO has a diverse professional background, including a career as a TV host starting in 2014. In that capacity, she developed an interest in blockchain technology through interviews with industry experts. This interest led her to invest in several crypto startups, including Bitkeep, now Bitget Wallet. 

In Bitget, she has stressed the importance of attracting new users and making crypto more accessible and inclusive. This is reflected in educational initiatives such as such as Blockchain4Youth and Blockchain4Her.

Bitget’s Record Market Share in Crypto Derivatives

Gracy Chen hopes to continue the exchange’s recent growth trajectory, especially in the growing crypto derivatives market. At the end of Q1 in 2024, derivatives grew in trading volumes, reaching a record high of $6.18 trillion in March. 

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Bitget saw the highest market share gain among the top 14 derivatives exchanges in April 2024, with a 1.39% increase. This brought its futures trading volume to $1.4 trillion in Q1 2024, representing a 146% increase.

This has contributed to the exchange’s market share reaching 12.8% in March. Its share in open interest (OI) was even higher, with its OI indicator $6 billion, representing 25% of the market.  

On the Flipside

  • Gracy Chen has participated in several initiatives focused on women in crypto. This includes her recent participation in a UN event geared towards encouraging women to join the crypto industry. 
  • As of January 2024, female-led blockchain startups received only 6% of overall funding. 

Why This Matters

Leadership changes can significantly impact companies’ strategic direction. Gracy Chen’s appointment is notable because of her prior leadership position in the company and her initiatives to grow the user base and accessibility. 

Read more about the influential women in crypto: 
Celebrating Women in Crypto: 6 Iconic Leaders from 2023

Read more about Polkadot’s ecosystem expansion: 
Polkadot Gets Decentralized Fundraising With Compliance Focus

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.