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Bitget Sees Explosive Growth in Q2 2024, with $700M Capital Inflow and 50% Rise in Traffic

source-logo  coinedition.com 11 July 2024 11:44, UTC

Bitget, a prominent cryptocurrency exchange, has published its Q2 2024 transparency report, revealing impressive growth and milestones achieved in the first half of the year. Notably, the report highlights a significant 50% surge in website traffic, resulting in a substantial 10 million monthly visitors.

According to the exchange’s proof-of-reserve data, there has been a substantial influx of funds, with users’ holdings in Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) increasing by 73%, 80%, and 153%, respectively. This translates to a total capital inflow of approximately $700 million. Furthermore, the platform has seen an influx of new users, with 2.9 million registrations added during this period.

In addition to its website traffic and user base growth, Bitget’s spot trading volume also experienced a significant boost, rising by over 10% from $28 billion in Q1 to $32 billion in Q2. The exchange further expanded its offerings by launching two innovative products: PoolX and Pre-market.

These products introduced a new staking platform and enabled users to trade tokens not listed on major exchanges, providing early access to promising projects. As a result, over 100 projects were launched through these products, offering users a wider range of high-potential investment opportunities.

The quarter also saw Bitget’s native token, BGB, record tremendous growth, earning it a spot as the best-performing CEX token in June. Additionally, CCData’s latest H2 Outlook Report projected that Bitget had the largest market share growth amongst CEXs, amounting to 38.4% from H2 2023 to H1 2024.

Another significant milestone in the quarter was Bitget’s partnership with three Turkish national athletes as part of the #MakeItCount Lionel Messi campaign. The exchange also launched a $20 million TON Ecosystem Fund in collaboration with Foresight Ventures to support early-stage projects building on The Open Network (TON).

Bitget CEO Gracy Chen expressed her gratitude to the community for their support, stating:

Q2 2024 has been a pivotal period for Bitget. Our collaboration with Turkish athletes and significant growth in users and website traffic are part of our global expansion. We appreciate our community’s support and will continue to build for the future of Web3.

Notably, the exchange expressed commitment to maintaining its proof-of-reserves in the transparency report, with reserve ratios well above 100% for all major assets. Bitget’s Protection Fund, valued at approximately $420 million, provides users an extra layer of security.

The exchange is also planning to run an anti-scam campaign in Vietnam and has partnered with Sumsub to bring tighter security for its 25 million users.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.