Bitget, a Seychelles-based cryptocurrency derivatives exchange, has experienced significant growth in key metrics during the first half of 2023, thanks to the integration of a recently acquired self-custodial wallet service. The exchange is currently undergoing a re branding plan following its acquisition of BitKeep, which has been renamed Bitget Wallet. This move has contributed to the platform's impressive market performance, ranking it as the fourth largest cryptocurrency exchange by trading volume.
According to the second-quarter report by TokenInsight, the top four exchanges accounted for 85% of the total market trading volume. Binance led the pack with 52%, followed by OKX (15.13%), Bybit (10.6%), and Bitget ( 8.1%), which claimed the fourth spot in Q2 trading volume statistics. Bitget's second-quarter report, released on July 18, revealed spot trading volume of more than $60 billion, including $606 billion in futures trading.
Bitget was also the only exchange to increase futures volume in the six months following the FTX debacle, as reported by blockchain analytics firm Nansen. The exchange attributed part of its Q2 performance to the launch of copy trading, attracting 29,700 new elite traders and 169,800 new followers, resulting in $33 million in profits by mid-2023.
Similar to Binance, Bitget continues to issue Proof of Reserves and maintains reserves of over 100% of all user assets on its platform, including bitcoin, Ether, Tether, and USDC. Currently, the exchange's reserve ratio, calculated by dividing platform assets by user assets, stands at 223%.
Looking ahead, Bitget plans to obtain virtual asset service provider registrations in Poland and Lithuania in 2023, expanding its services to Europe. Additionally, the exchange intends to establish a regional center in Dubai to further support its operations and growth.
