Here’s How Bitget Plans to Build on Its 2023 Milestones

Bitget’s Gracy Chen outlines the crypto exchange’s plans for 2024.

Gracy Chen giving a speech surrounded by heavenly pink clouds.
Created by Gabor Kovacs from DailyCoin
  • Bitget Managing Director Gracy Chen has outlined the exchange’s focus areas for 2024.
  • The plans are aligned with trends expected to dominate the market in the new year.
  • Bitgets plans hope to build on the exchange’s 2023 successes.

2023 was a largely positive year for the crypto markets and some of the firms that operate in the space. Among these firms is Bitget, a crypto exchange that witnessed significant all-around growth in 2023. Following the massive success of 2023, the firm has outlined its 2024 focus areas, hoping to record greater milestones in the new year.

Bitget Looks Ahead

In a recent open letter, Bitget Managing Director Gracy Chen outlined three main focus areas for the firm in 2024, starting with compliance. With regulations becoming a hot-button topic in recent years, Chen noted that the firm intends to continually evolve to meet developing standards and actively expand to jurisdictions with clear registration and licensing requirements.

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Bitget also intends to focus on emerging markets like South East Asia (SEA), Latin America (LATAM), and Africa. Highlighting the growing rate of crypto adoption in these regions, Chen asserted that the firm would allocate more resources to these regions to take advantage of the growth opportunities. The firm had signaled this with Arabic lingual support on its website and mobile application, targeting Middle Eastern and North African (MENA) users.

Lastly, Bitget intends to expand its presence in Web3, focusing on Layer 2 ecosystems and DeFi. The firm has already made the first move in this direction by acquiring BitKeep Wallet, which it has rebranded into Bitget Wallet.

Bitget hopes these efforts will help it ride the trends it has tipped to dominate 2024, including BRC-20 tokens, Bitcoin scaling technology, and Ethereum Layer 2 chains, which will receive a boost from the Dencun upgrade and AI-blockchain intersections.

2023: The Year of Bitget?

2023 was a big year for Biget as the exchange was among the top 5 derivatives exchanges by volume at one point. However, the exchange’s derivatives platform is not the only area that witnessed growth.

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The growth also extended to the exchange’s spot trading venue, which saw volumes shoot up 94% as it listed 355 tokens within the year to better compete with more prominent exchanges. The firm also reported gaining an additional 12 million customers. 

All of these came on the back of the exchange taking an increased security focus that saw it release regular proof-of-reserve (PoR) reports and establish a security fund.

On the Flipside 

  • Bitget faces stiff competition from well-established players like Binance and Coinbase.

Why This Matters

Amid Binance’s recent regulatory woes, there’s more opportunity for other market players like Bitget to pick up more market share.

Read this for more on Bitget:
Bitget Booms in November, Spot Trading Jumps 82% 

See why members of the crypto community are accusing Polygon Labs of stat padding:
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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
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.