HomeBlockchainInterviewThe interview of Cryptonomist with Gracy Chen, CEO of Bitget

The interview of Cryptonomist with Gracy Chen, CEO of Bitget

Bitget experienced impressive growth in 2024. What were the key factors that contributed to this success?

I believe that three key factors have contributed to the impressive growth of Bitget last year.

First and foremost, we prioritized a user-centered approach, offering diversified investment opportunities through innovative products like Pre-market or PoolX. Additionally, we rigorously select and list trending and high-quality projects, providing users access to over 800 coins while maintaining strong compliance and security protocols.

Secondly, we have significantly strengthened our legal and compliance framework. The appointments of Hon Ng as Chief Legal Officer and Min Li to lead global growth have been fundamental. This team has led key regulatory approvals, including a license in the United Kingdom, a Bitcoin Service Provider (BSP) license in El Salvador, and the launch of an exchange in Vietnam, consolidating our position as a regulated and compliant player in the bull and bear market.

Thirdly, strategic investments and partnerships have been crucial for our growth. Our 30 million dollar investment in TON, together with Foresight Ventures, is an excellent example of how we leverage strategic collaborations to expand our reach and tap into new market opportunities.

Which markets have been the main drivers of growth for Bitget this year? Are there new regions you are focusing on for 2025?

Africa recorded the highest increase, equal to 300%, followed by South Asia with 200%, the CIS region with 150%, and Southeast Asia with a growth of 140%. European users also increased by 67%, while Latin America and the Middle East saw significant increases.

In 2025, Bitget plans to continue its expansion in emerging markets such as Southeast Asia, Latin America, and some parts of Africa and South Asia, where interest in criptovalute is rapidly growing.

Has Bitget launched new features or products in 2024? How have they influenced user engagement?

Yes, we have launched several innovative features that have significantly improved user engagement. Pre-market has provided seamless access to new tokens and liquidity before listings. LaunchX, a token launch platform, has offered users access to tokens of promising projects during their launch phases. PoolX, a stake-to-mine platform, allows users to stake specific coins to earn popular tokens in a simple and rewarding way. Additionally, Bitget Pay has facilitated instant cryptocurrency transactions, supporting various cryptocurrencies.

These features, combined with our focus on user experience and a solid security framework, have attracted a significant number of new users and kept our existing user base engaged. In fact, our user base has grown from 20 million in January to over 100 million in December, and our daily trading volume has doubled to 20 billion dollars in 2024.

How do you see the adoption of cryptocurrencies in emerging markets and what strategies has Bitget adopted to attract new users in these areas?

The global recognition of cryptocurrencies, particularly in countries like the United States, has had a significant impact on their adoption worldwide. In emerging markets, supportive regulations are proving to be a key catalyst. The United Arab Emirates, for example, have become a leading hub for cryptocurrencies thanks to their favorable tax policies and crypto-friendly environment.

In Bitget, compliance, education, and strategic partnerships are at the core of our strategy. We prioritize compliance and have designed our platform to meet its rigorous requirements, as demonstrated by the licenses we have obtained and our ongoing collaboration with local regulatory authorities. This ensures that our products meet all necessary standards while prioritizing the protection of users’ assets and data.

To further improve accessibility, our exchange offers a simplified onboarding, fiat gateways, and localized customer support. We also invest in blockchain education initiatives, strategic sponsorships, and incentive programs for users in high-growth regions. These efforts to build trust have contributed to the substantial growth of Bitget, from 25 million users at the beginning of the year to 100 million by the end of the year.

Have there been significant partnerships or collaborations for Bitget in 2024? What has been their impact on your ecosystem?

In 2024, Bitget signed a significant partnership with LaLiga, becoming their official cryptocurrency partner in Eastern Europe, Southeast Asia, and Latin America. This collaboration leverages the immense popularity of football to reach a wider audience and promote the adoption of cryptocurrencies among sports fans. By aligning with a globally recognized sports league, Bitget is effectively expanding the reach of its brand and introducing cryptocurrencies to a new demographic.

The strategic investment of 30 million dollars in the TON (The Open Network) blockchain also increased Bitget users in the first half of 2024.

These collaborations have been fundamental in achieving the highest market share growth among our competitors. Our combined spot and derivatives market share grew by 4.05% in 2024, reaching 10.5%.

How have you tackled regulatory challenges in key markets? Do you think the regulatory landscape is becoming more favorable to the sector?

The first action we took was to strengthen our compliance team by hiring experts such as Hon Ng, our Chief Legal Officer with a solid background in the industry, and local regulatory experts in key jurisdictions. This allowed us to obtain key approvals in several countries, as mentioned earlier.

In preparation for MiCA, we are creating a regional hub in Lithuania and hiring key personnel. We are also enhancing our risk management measures, such as KYC processes and AML monitoring, to meet the stringent requirements of MiCA. While having a solid compliance framework in place, which is constantly improved, we are committed to continuous refinement in this area.

I believe that the regulatory landscape is gradually becoming more favorable for the cryptocurrency industry. Regulators around the world have been actively working to establish comprehensive regulatory frameworks that will provide greater clarity, improve consumer protection, and foster a more stable and sustainable ecosystem for the growth of cryptocurrencies.

Security is a priority for crypto exchanges. How has Bitget’s approach evolved to ensure the protection of users’ funds and data?

Security is fundamental for Bitget. We prioritize user security through robust security measures.

We introduced the Proof-of-Reserves in December 2022 and since then we have been publishing a monthly report that provides a transparent overview of our asset holdings and user balances. The latest report demonstrates a reserve ratio of 134%, significantly exceeding industry standards.

We also have a Protection Fund currently valued at over 600 million dollars, to safeguard users’ assets from unforeseen events such as cyber threats or extreme market volatility. Users can monitor the fund’s assets in real-time through publicly available wallet addresses.

In addition to this, we employ cutting-edge security technologies, including cold wallet storage, full data encryption throughout the entire lifecycle, and partnerships with leading security providers such as Certik and Sumsub, to ensure a secure trading environment for all users.

What have been the most interesting trends in the cryptocurrency market in 2024? And how do you think they will evolve in 2025?

The year 2024 marked a significant milestone with the approval and launch of cryptocurrency-focused ETFs. Following the success of ETFs on Bitcoin and Ethereum, we anticipate the emergence of new offerings, such as BTC-denominated ETFs, Ethereum staking-enabled ETFs, and diversified index funds. These products are expected to expand access to cryptocurrency investments and attract substantial capital inflows.

Furthermore, the role of Bitcoin as a strategic reserve asset is gaining ground. The potential establishment of Strategic Bitcoin Reserves by major nations, including the United States, could significantly enhance the status of Bitcoin and reshape global financial dynamics, driving wider adoption and recognition.

Regulatory clarity remains crucial for a broader adoption of cryptocurrencies. Efforts to integrate traditional finance with cryptocurrencies, similar to those of some political figures, have the potential to revolutionize the financial landscape, driving institutional adoption and promoting innovation. This convergence could further legitimize cryptocurrencies, paving the way for the development of sophisticated financial products like ETFs and tokenized assets, a model that other leading nations might follow.

How do you see the future of the relationship between DeFi and CeFi? Does Bitget plan to further integrate the functionalities

I believe that DeFi and CeFi will increasingly converge, offering users the best of both worlds. DeFi brings innovation and transformative features, while CeFi provides a regulated and reliable environment.

At Bitget, we are embracing this convergence by integrating the best of both. We have invested heavily in Bitkeep (now Bitget Wallet) and seamlessly integrated it into our ecosystem. This allows us to offer cutting-edge features such as Smart Money, which leverages artificial intelligence to analyze on-chain data, and the powerful integration of TON, which enables features like Telegram trading bots and the OmniConnect SDK, connecting Telegram Mini-Apps to over 500 chains.

In the future, we will prioritize the development of features related to PayFi, aligning blockchain innovation with real-world usability and revolutionizing the way individuals manage their finances.

Amelia Tomasicchio
Amelia Tomasicchiohttps://cryptonomist.ch
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist, and also PR manager for the Italian market at Bitget. She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
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