VICTORIA, Seychelles, May 22, 2023 — Bitget, top crypto derivatives and copy trading platform, has released its quarterly transparency report outlining the major achievements and general traction the company made in the first quarter of 2023. According to the Transparency Report, Bitget achieved yet another impressive quarter. The report also presents the price dynamics of the native BGB token, as well as product releases and general ecosystem improvements.
Highlights of growth data:
- Website & mobile traffic increased by 35% QoQ to 33.1 million views;
- Futures trading volume experienced a 27% QoQ growth, reaching 658 billion;
- BGB token price reached an All-Time High and recorded a 120% gain, accompanied by a 146% surge in BGB holders.
The recent surge in investor activity, driven by the growth of the crypto market capitalization surpassing the $1.2 trillion mark, has propelled the Bitget exchange to ride the bullish wave and secure a position among the Top 4 centralized crypto exchanges in terms of all-round growth, as recognized by TokenInsight. The awakening of crypto market investor sentiment has also spurred traffic inflows to the Bitget website and mobile applications, which witnessed increases of 35% quarter-over-quarter to 33.1 million at the end of Q1.
The total volume of Bitget spot and futures markets reached $59 billion and $658 billion respectively, with an 8% QoQ growth for spot trading and 27% QoQ growth for futures trading. The increases in trading volumes can be attributed to the availability of over 500 trading pairs currently, which were augmented by the addition of 105 new coins to Bitget Spot Trading.
The report also delves into the expansion of product lines, an undertaking Bitget has been engaged in over the last year. Fund Custody Service, Composite Index and Bitget Spot Copy Trading were introduced to provide users with better asset protection and expand trading choices. The launch of spot copy trading allowed Bitget to onboard 20,669 new elite traders and 84,552 new followers. The total profits generated through the copy trading feature reached $41 million in Q1 2023.
Further, in the financial indicators, the Bitget Proof-Of-Reserves fund increased from 223% on December 20, 2022, to 246% on April 03, 2023. The recovery of Bitcoin prices allowed the $300 million Bitget Protection Fund’s book value to rise beyond $380 million by Q1 of 2023. The native BGB token locked in a 120% gain over the period, surpassing all other exchange tokens, according to the TokenInsight report. Demand for BGB rose proportionately to its surging price, with the number of BGB holders standing at 229,732 by the end of March, indicating 146% growth in just three months.
The transparency report shows that Bitget exchange is still hiring during the crypto winter, growing its team from 1,000 to 1,300 members in this quarter. And it is stated that the platform still has 300 openings in R&D, compliance, BD, operations, and customer support.
On the social end, the exchange has been developing its community across almost all social platforms, with followers on Twitter, Instagram, Facebook, TikTok and YouTube growing by 181% in Q1 of 2023, from 561,000 to 1 million. The official TikTok channel made considerable headway, gaining nearly 200,000 followers in just 2 months.
Bitget has become the controlling shareholder of the BitKeep Wallet and established numerous partnerships to explore the DeFi space. The platform also partnered with six major data platforms, such as Coin360, Nansen, Aggrtrade, The Kingfisher, Laevitas and Hoptrail. Integration of TradingView into futures products was another important milestone allowing the exchange to onboard traders from traditional markets.
The report closes with an overview of Bitget initiatives taken towards advancing Web3 and crypto adoption. After renewing its partnership with the Juventus Football Club for the 2022-23 season last year, the exchange announced in March that it is sponsoring the Juventus Women's team as a gesture of support for equality and the women’s movement.
“At Bitget, we believe transparency builds trust. By releasing our quarterly report, we aim to increase visibility into our progress, share our milestones and strengthen accountability to our community. Despite market volatility, Q1 2023 was a productive quarter filled with new feature releases, partnerships, and other key achievements with our focus on BUIDL.” said Gracy Chen, Managing Director of Bitget.