Bitget, a leading cryptocurrency exchange, reported a substantial $700 million capital inflow and notable growth in user numbers for the second quarter of 2024. The exchange’s holdings in Bitcoin (BTC), Tether (USDT), and Ether (ETH) grew by at least 70%, reflecting its expanding market presence.
Surge in Website Traffic and Trading Volume
The company experienced a 50% increase in website traffic compared to the previous quarter, with 10 million monthly visitors in Q2. Bitget also welcomed 2.9 million new users and saw a 10% rise in its spot trading market volume from Q1.
Bitget’s BTC holdings increased by 73%, USDT by 80%, and ETH by 153%, leading to a total capital inflow of approximately $700 million. This growth underscores the exchange’s robust performance and increasing market trust.
Strategic Partnerships and Ecosystem Fund
In Q2 2024, Bitget formed partnerships with three Turkish national athletes—wrestler Buse Tosun Çavuşoğlu, boxer Samet Gümüş, and volleyball player İlkin Aydın. These partnerships are part of Bitget’s global expansion campaign with football legend Lionel Messi. CEO Gracy Chen expressed gratitude for the community’s support and reiterated Bitget’s commitment to building Web3’s future.
Bitget’s proof-of-reserve report. Source: Bitget
Additionally, Bitget, in collaboration with Singapore-based investment firm Foresight Ventures, launched a $20 million ecosystem fund. This fund aims to support early-stage projects on The Open Network (TON) and accelerate the development of the TON ecosystem.
Maintaining High Proof-of-Reserve Ratios
Bitget’s proof-of-reserves (PoR) report indicates ratios above 100% for all major assets, ensuring a secure platform for its users. The exchange also maintains a protection fund valued at over $420 million for additional user security.
Combatting Deepfake Scams
To address the rise in deepfake scams, Bitget partnered with KYC verification provider Sumsub. This collaboration aims to prevent fraudulent activities and enhance the security of the KYC verification process on the platform. Bitget researchers highlighted that losses from deepfake attacks within the crypto space could reach $25 billion in 2024.
