Bitget CEO Gracy Publishes Open Letter at the Beginning of 2024, Reviews Bitget’s Performance and Growth in the Bear Market in 2023, and Provides Three Major Outlooks for the Cryptocurrency Industry in 2024.
Summary of Bitget’s Performance in 2023:
– Bitget’s spot trading volume increased by 94%.
– Bitget’s team grew from 1,100 to 1,500 employees, and user count increased from 8 million to 20 million.
– 355 new coins were launched, representing a 46% growth compared to the previous year.
In the development strategy for the coming year, Bitget will prioritize three key areas: compliance, emerging markets, and Web 3. While Bitget initially excelled in contract products, the spot trading business has flourished since its relaunch in 2021. In 2023, the spot trading volume grew by 94%, and 355 new coins were listed, a 46% increase compared to the previous year.
Bitget’s vision extends beyond business operations, aiming to lead and promote the global adoption of cryptocurrencies. The research and listing teams closely monitor market dynamics, actively seek and analyze potential projects, and introduce different sections in the spot market, such as BRC20 and AI, to provide users with more choices. Bitget not only educates users on popular cryptocurrencies but also involves them in early-stage investments in potential projects.
Bitget’s copy-trading business has also experienced growth. With over 130,000 trading experts and more than 680,000 copy-trading users, they have generated profits of $450 million, with traders receiving a profit share of $23 million. Bitget has continuously innovated and introduced several industry-first features, such as spot copy-trading and copy-trading exclusive mode.
Bitget’s employee count increased from 1,100 to 1,500, and user count grew from 8 million to 20 million. With a customer-centric approach, Bitget has implemented various measures to enhance customer service quality. In 2023, the customer service team assisted 600,000 users, helping them recover over 495,000 USDT in assets.
The growth of Bitget’s business has supported the excellent performance of its platform token, BGB. In 2023, the price of BGB increased from $0.18 to a new high of $0.70499, with a growth rate of 291%. BGB has also become one of the top five platform tokens by market capitalization.
Despite challenges, 2023 was a year of strategic expansion and exploration of investment opportunities, laying the foundation for continued growth and market consolidation. Bitget’s $30 million investment in BitKeep (now renamed Bitget Wallet) represents their strategic expansion from centralized finance (CeFi) to decentralized finance (DeFi) business. Bitget aims to embrace DeFi, develop decentralized cryptocurrency services, and meet user demands for long-term development and success in the cryptocurrency market.
Aligned with their strategic goals, Bitget has launched the Bitget Web3 Fund and EmpowerX Fund, each with a $100 million starting capital. The Web3 Fund focuses on supporting Web3-friendly investment funds and excellent Web3 projects, while the EmpowerX Fund seeks suitable ecosystem partners, including localized exchanges, data analysis companies, and media agencies, to promote the overall development of their ecosystem.
Moving steadily forward and continuously expanding, Bitget aims not only to be a participant but also to lead industry trends. As we enter 2024, the cryptocurrency world will witness significant developments and breakthroughs. Bitget predicts that BRC-20, ARC-20, and Bitcoin scaling will be among the most noteworthy areas in 2024.
The upgrade of Bitcoin’s technology has laid the foundation for its increasing popularity, and its value has gradually been recognized by the market. It is expected that in 2024, the approval of Bitcoin ETF and the Bitcoin halving event will become new narratives for Bitcoin’s development. BRC-20 assets under the Ordinals protocol, ARC-20 assets under the Atomicals protocol, and PIPE assets under the Realm and PIPE protocols are worth continuous attention.
After the Cancun upgrade, Ethereum gas fees will continue to decrease, benefiting the entire ecosystem. Bitget also sees potential in Ethereum’s Layer2 and Layer3 ecosystems in 2024.
The combination of AI and blockchain has long-term potential and is worth continuous attention. In 2023, generative AI technology, such as AI chatbots and image generators, impressed the investment and technology sectors. The integration of AI and blockchain is noteworthy, with ZKML finding a common ground between machine learning in the AI field and ZK technology in the encryption field. This technology uses zero-knowledge proofs to prove the correctness of machine learning inferences without exposing model inputs or parameters, holding great long-term development potential.
Bitget acknowledges the challenges and opportunities on its future development path. However, there is a beacon of hope guiding them forward. In the development strategy for the coming year, Bitget will focus on three key areas: compliance, emerging markets, and Web 3.
As the bull market approaches, 2024 is expected to be an exciting year for both builders and investors. Let us look forward to the industry’s development and extraordinary achievements in the new year.
For the full content of the open letter, please visit: [link to the Bitget website].
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