Financial news

Although many have labelled 2023 as a down year for fintech, not all fintechs experienced this – case and point: Bitget. The cryptocurrency exchange and web3 company has shared that its spot trading volume surged to $81.6billion, marking a 94 per cent increase despite market turbulence.

In South Asia, the firm witnessed a 540 per cent increase in spot trading volume in Q4 2023, marking a significant rise from previous figures. In terms of total trading value, Bitget exceeded $3.14trillion in 2023. Commenting on the growth, Vugar Usi Zade, COO at Bitget said: “The incredible jump in our spot trading volumes in South Asia is the result of building trust, perseverance, and a strong relationship with our users in the region.

“At Bitget, we’re enhancing security compliance as we adhere to global and regional financial regulations while providing a robust web3 ecosystem and, investing in high potential blockchain startups.”

Bitget’s user base flourished, reaching 20 million, supported by a team of 1,500 staff members. The platform’s listing strategy resulted in the addition of 355 new listings, marking an impressive 46 per cent year-on-year increase. This has elevated Bitget’s offerings to encompass over 600 tokens and 700 spot trading pairs, underlining our commitment to asset diversity.

Bitget native token success

The platform’s performance also sparked increased demand for BGB, Bitget’s native token. It achieved an all-time high price of $1.2 USD in February 2024, representing an increase of over 300 per cent from its value at the beginning of 2023. The surge in BGB holders, reaching nearly 217,000 by the end of 2023, and a substantial rise in its trading volume can be attributed to the introduction of new features. Not to mention developments in launchpad and launchpool, compliance achievements, and its continuous efforts to enhance Bitget’s trading services and ecosystem.

In 2023 Bitget announced the $100million WEB3 Fund focused on accelerating Asian blockchain startup ecosystem. Bitget hosted over 12 meetups and events in South Asia alone, including Build For Web3 presenting funding-related opportunities to Indian startups under the $10million BlockchainForYouth Fund. With these initiatives, Bitget has built strong trust and credibility in the South Asia market, and consequently, garnered the support of over a million user