Key metrics:
- Web and mobile traffic increased 35% over the previous quarter to 33.1 million views;
- Futures trading volume rose 27% from the previous quarter to $658 billion;
- The price of the BGB token reached an all-time high, recording a 120% increase, accompanied by a 146% increase in the number of BGB holders.
The recent surge in investor activity, fueled by the $1.2 trillion rise in crypto market capitalization, pushed Bitget to even greater growth and secured its position among the top four centralized crypto exchanges according to TokenInsight.
Investor activity in the cryptocurrency market also drove traffic to Bitget’s website and mobile apps, which increased 35% from the previous quarter to 33.1 million views.
Bitget’s total spot and futures markets reached $59 billion and $658 billion, respectively, with an 8% quarter-over-quarter increase for spot trading and a 27% quarter-over-quarter increase for futures trading.
The increase in trading volume can be attributed to the availability of more than 500 trading pairs, the number of which has been increased by adding 105 new coins to the Bitget spot market;
The report also looks at the expansion of the product line that Bitget has been engaged in over the past year.
Products such as Fund Custody Service, Composite Index and Bitget Spot Copy Trading were introduced to give users better asset protection and expand trading opportunities.
The launch of spot trading allowed Bitget to attract 20,669 new elite traders and 84,552 new subscribers. Total profits from copytrading reached $41 million in the first quarter of 2023.
“At Bitget, we believe that transparency builds trust..
By issuing our quarterly report, we aim to increase the visibility of our progress, share our successes, and strengthen accountability to our community.
Despite market volatility, the first quarter of 2023 has been a productive one, filled with new product releases, partnerships and other key achievements, with our continued focus on BUIDL,” said Bitget Managing Director Gracie Chen.
Bitget Proof-Of-Reserves fund increased from 223% as of Dec. 20, 2022, to 246% as of April 3, 2023.
BTC price recovery allowed Bitget Protection Fund’s book value of $300 million to exceed $380 million by the first quarter of 2023.
According to a TokenInsight report, the BGB native token recorded 120% growth over the period, outperforming all other exchange tokens.
Demand for BGBs increased in proportion to its rising price, with 229,732 BGB holders by the end of March, representing a 146% increase in three months.
The report also shows that the Bitget exchange continues to recruit during the crypto winter, increasing its team from 1,000 to 1,300 members this quarter.
And it is stated that there are still 300 jobs on the platform in research and development, compliance, BD, operational strategies and customer support;
On the social media side, the exchange is growing its community on virtually all social platforms, with followers on Twitter, Instagram, Facebook, TikTok and YouTube up 181% in the first quarter of 2023, from 561,000 to 1 million.
The official TikTok channel has gained notable popularity, gaining almost 200,000 subscribers in just two months.
Bitget became a controlling shareholder of BitKeep wallet and established many partnerships to explore the DeFi space.
The platform also partners with six major data platforms, such as Coin360, Nansen, Aggrtrade, The Kingfisher, Laevitas and Hoptrail.
The integration of TradingView with futures products was another major milestone that allowed the exchange to connect traders from traditional markets.
The report concludes with an overview of the initiatives Bitget has taken to promote Web3 and the adoption of cryptocurrency.
After renewing its partnership with Juventus FC for the 2022-23 season last year, the exchange announced in March that it would sponsor the Juventus women’s team as a sign of support for equality and the women’s movement;