Crypto Exchange Bitget Thrives Amid Bear Market, Announces $200 Million Funds and Explores Market Expansion
Summary:
Bitget, a crypto exchange, has achieved significant growth despite the bear market. They have announced two $100 million funds for crypto projects in Asia and long-term impact. Bitget's managing director, Gracy Chen, discussed their growth, pausing expansion in the US and Hong Kong, and the importance of implementing Know Your Customer (KYC) protocols. Chen also highlighted their efforts in branding, product launches, and partnerships for their success. They are in talks with the Hong Kong government for a license and await regulatory clarity in the US. Mandatory KYC requirements have been implemented to filter out illegitimate users, and Chen believes this will become a trend among major exchanges.
Crypto exchange Bitget has experienced significant growth despite the challenges of the bear market. In an effort to maximize its impact in the crypto space, the exchange has announced two $100 million funds, one for crypto projects in Asia and another for long-term goals. During the recent Bitget EmpowerX Summit in Singapore, Cointelegraph's Zhiyuan Sun spoke with Bitget's managing director, Gracy Chen, about the company's growth, the decision to temporarily pause expansion in Hong Kong and the United States, and the importance of implementing KYC protocols. Chen revealed that the company's employee count has increased tenfold in just two years, from 150 to 1500, which is attributed to their result-driven approach. The company's growth has been fueled by various factors, including branding efforts, product launches, and their partnership with soccer star Lionel Messi. Chen also mentioned their financial health as a result of their growth, enabling them to undertake more activities. When asked about the absence of Bitget in the US and Hong Kong markets, Chen explained that regulatory uncertainty in the US has delayed their entry, while they are currently in talks and applying for a license in Hong Kong. Chen also discussed the implementation of mandatory KYC requirements, addressing concerns from users and emphasizing the importance of filtering out illegitimate users. She believes that mandatory KYC will become a trend among larger crypto exchanges in the future.
Published At
9/12/2023 10:11:35 AM
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