Disclaimer: This article is not sponsored content. It is mainly used to explain the reasons for the rise of the Bitget exchange, and has the value of sharing. Does not represent the views of WuBlockchain.
At the moment when many centralized exchanges are laying off staff and shrinking, Bitget’s radical expansion is rare in the bear market and it has achieved a sudden rise. Its share in the derivatives market should currently be second only to Binance OKX and Bybit.
Bitget was born in 2018. Under the market environment at that time, the unilateral bear market, spot trading was very deserted, and the stock market was almost divided by platforms such as Binance/OKX/Huobi, while the derivatives track was a blue ocean, but the key is, how to find the pain point and need.
Bitget chose to be the first to launch the one-click copytrading function at the product level.
Specifically, Bitget will invite well-known traders with excellent historical records to enter its APP. Investors can choose to automatically track the opening/closing operations of specific traders based on their historical achievements and personal impressions, and follow orders with one click. According to the official statement, Bitget currently has nearly 100,000 professional traders, and has become one of the world’s largest crypto copytrading platforms.
Then Bitget went out of China and began to expand the Japanese and Korean markets.
In July 2020, Bitget announced the completion of the B-round financing of tens of millions of US dollars with a valuation of one billion US dollars. Its leading investment institution, SNK, is a game company headquartered in Osaka, Japan, which has produced several top IPs including “The King of Fighters”. The familiar IPs of Mai Shiranui and Nako Lulu in “Glory of the King” belong to SNK.
SNK has also cultivated the Korean market early. In 2019, SNK was listed on KOSDAQ in South Korea, setting a record for the highest market value of an overseas company listed in South Korea. In 2022, a subsidiary of Saudi Arabian Crown Prince “Mohammad bin Salman” owns 96.18% of the shares of SNK through multiple acquisitions, which is close to wholly-owned.
The first step for Bitget to enter the East Asian market is still to stick to its core style of play, and first find local influential crypto traders to cooperate with. Facts have proved that this approach is particularly effective in the market oriented by communities and forums.
Within three months, Bitget cooperated with more than 200 local crypto KOLs, and the transaction volume continued to hit historical records.
Since then, Bitget has chosen to sponsor world-renowned sports groups or individuals to enhance its popularity. In 2021, Bitget reached a cooperation with the well-known football team Juventus, becoming the first sleeve sponsor in its history. Bitget signed Messi before the World Cup. The signing fee was approximately 15 million US dollars for two years.
In terms of corporate culture, after communicating with several employees who work at Bitget, I can quickly summarize their internal corporate culture that is wolf-like:
Emphasis on results: everything is result-oriented, only reward those who can create value, the strong get more, and eliminate those who have no results;
Simple: Communicate directly, discuss the matter as it stands, without beating around the bush. If you can speak clearly in Word, you don’t need to make fancy PPTs, and put an end to small groups.
Today, Bitget has more than 1,300 people in more than 60 countries and regions around the world. From the perspective of the scale of centralized exchanges, perhaps only Binance and OKX have larger team sizes.
On March 22, at the Paris Blockchain Summit, Bitget announced a high-profile investment of 30 million US dollars in the multi-chain wallet BitKeep to obtain a controlling stake. It also previously formed Foresight Ventures with total assets of more than $400 million.
But for the future of this exchange, as it goes from a small exchange to the fourth-ranked derivatives exchange, it needs to compete with the best CEX to gain further market share and start to face It is a challenge to compliance that a small exchange does not need to pay attention to.