In the 2023 transparency report of Bitget, let's review this journey and footprint together.
The market in 2022 was thrilling, and in 2023, we continued to move forward amidst various unexpected developments. Despite facing various challenges, Bitget adhered to its original intention in the market fluctuations and made significant breakthroughs in different areas, including a substantial increase in users and trading volume, diversified business expansion, and compliance licensing business.
In the 2023 transparency report of Bitget, let's review this journey and footprint together.
Report Summary
• Despite the challenges, Bitget's overall trading volume in 2023 reached $31.4 trillion, with a 94% increase in spot trading.
• The platform token BGB rose by 291%, reaching a historical high of 0.70499 USDT.
• 52,000 new traders joined copy trading, with a total of 26.9 million profitable copy trades.
• Completed several significant strategic investments, including a $30 million investment in BitKeep and the establishment of EmpowerX Fund and Web3 Fund, with investments of $100 million each.
• Upgraded the brand around the new concept of making trading "smart" and celebrated the fifth anniversary with 2,000 crypto industry experts in Singapore.
• Maintained an average reserve ratio of over 200%, with the value of the user protection fund consistently exceeding $300 million as promised.
• Launched the Blockchain4Youth charity project and planned to invest $10 million over the next 5 years.
• Registered as a Virtual Asset Service Provider (VASP) in Poland and Lithuania.
• Researched and optimized products, continued to upgrade copy trading, introduced AI-empowered trading strategies, and provided multidimensional data information to help users trade more intelligently.
Data Growth
Trading Volume
2023 was a challenging year, but in such a market environment, our various businesses, especially spot trading, still performed outstandingly. Bitget's overall trading volume reached $31.4 trillion, with spot trading volume surging to $816 billion, a 94% increase from the previous year.
Our overall user base increased from 8 million last year to 20 million, and to support business development, the team size grew from 1,100 to 1,500. Bitget's average monthly visits in 2023 reached 10.4 million, peaking at 13.6 million in May.
Data from Similarweb
Newly Listed Assets
After re-launching spot trading in 2021, Bitget continued to increase its investment efforts. In 2023, we actively explored high-quality assets and adopted a more flexible and aggressive listing strategy to discover early-stage potential projects. These efforts led to good development in spot trading in 2023, making us one of the platforms with the most diverse trading pairs, currently offering over 600 tokens and 700 spot trading pairs.
In 2023, Bitget listed a total of 355 projects, a 46% increase, including 5 Launchpad projects and 45 Launchpool projects. Additionally, we categorized tokens and launched different listing zones, such as BTC ecosystem, artificial intelligence, and Layer2.
Bitget Platform Token (BGB)
Bitget's platform token BGB stood out as one of the best-performing exchange platform tokens in 2023. Within a year, BGB broke historical highs multiple times, soaring from 0.18 USDT at the beginning of the year to a historical high of 0.70499 USDT in December, a 291% increase, making it one of the top five platform tokens by market value.
The demand for BGB in the market continued to rise, benefiting from Bitget's spot trading business and ecosystem development, as well as providing richer benefits for BGB holders. In 2023, we successively launched benefits such as fee-free withdrawals for staking BGB and new asset airdrops for holding BGB. By the end of 2023, the number of BGB holders reached 217,000, an 83% increase from 2022, and the annual trading volume of BGB grew by 110% to $5.15 billion.
Data from Coingecko
Copy Trading
As the earliest to launch copy trading and the largest crypto copy trading platform, in 2023, we continued to lead the industry in copy trading services: welcoming 52,167 new traders and gaining 295,975 new copy trading users. In 2023, there were 26.9 million profitable copy trades, bringing in $138 million in copy trading profits, with trader profit sharing amounting to $6.4 million. As of now, the cumulative profit generated through copy trading has exceeded $450 million, with trader profit sharing reaching $23 million.
Customer Service
We made substantial improvements in customer service, reflecting our commitment to "user first." Over the past year, we responded to and resolved nearly 600,000 customer service requests, with an average response time of under 3 minutes. Additionally, our customer service team resolved challenging issues for users within an average of 9.15 hours and helped users recover assets worth over $495,000.
Milestones
Investing in the Crypto Industry
Bear markets are often a good time to buy at low prices and invest in quality assets, so in the crypto winter, we increased our investment and support for the industry. To better integrate decentralized finance and centralized finance, Bitget invested $30 million and became a controlling shareholder of the decentralized multi-chain wallet BitKeep, which has since been renamed Bitget Wallet. To support potential projects in the Layer 2 space, Bitget invested millions of dollars in the Layer2 project Morph in December last year.
Additionally, we launched two funds to support development in different areas. The Bitget Web3 Fund was launched in April last year, with plans to invest $100 million in venture capital and project support for Web3. So far, the Bitget Web3 Fund has established partnerships with Foresight Ventures, Dragonfly Capital, SevenX Ventures, Gitcoin Fund, DAO Maker, and ABCDE Capital. In September 2023, Bitget launched the EmpowerX Fund at its fifth-anniversary celebration, with the strategic goal of investing in regional exchanges, venture capital firms, data analysis companies, media, and other targets that can promote the development of the Bitget ecosystem.
Brand Upgrade, Making Trading "Smart"
We found that the booming development of the crypto industry over the past decade has actually raised the entry barriers for new investors. Faced with an increasing number of crypto newcomers, Bitget hopes to inspire them to make wiser trading decisions by learning from experienced traders. Therefore, in mid-2023, we initiated a brand upgrade and introduced a new brand slogan - Trade smarter. This also guided our overall upgrade, enhancing the overall image, introducing more intuitive features, and providing smarter trading methods.
Singapore Five-Year Anniversary Summit
With the achievement of one milestone after another, we occasionally review and organize to set off in a better posture. In September 2023, we held a series of events to celebrate Bitget's fifth anniversary, including the King's Cup global invitational tournament, the Bitget Smart Award, and the Bitget EmpowerX Summit in Singapore, where we engaged with over 2,000 industry experts to discuss development.
Security, Transparency, and Compliance
Reserve Proof and Protection Fund
Since the public release of the Reserve Proof (PoR) in November 2022, Bitget has continued to publish monthly reports on the reserve proof, including reserve snapshots and other updates. In 2023, the average PoR ratio remained at a level of 200%, far exceeding the industry standard of 100%.
To increase security and transparency, we synchronize monthly reports on the value of the Bitget Protection Fund. The fund was initially invested with $300 million, and the monthly valuation reports in 2023 showed that its value remained above $300 million throughout the year, reaching a historical high of $410 million in November. As one of the largest independent insurance funds in the exchange, the Bitget Protection Fund provides additional security for users, guarding against hacker attacks, fraud, and extreme market conditions.
Enhanced KYC Measures for Security and Compliance
We began implementing mandatory KYC measures from September 1, 2023, to enhance security and compliance, ensuring that our operations comply with global and regional financial regulations. This is aimed at increasing transparency, strengthening regulatory standards, and providing a secure trading environment for users.
License Applications and Regulatory Registration
In 2023, Bitget completed VASP registration (Virtual Asset Service Provider) in Poland and Lithuania, reflecting Bitget's emphasis on compliance and regulation. Bitget will continue to monitor changes in regulatory requirements around the world, working together to promote industry development and the widespread adoption of cryptocurrencies, and enhance user trust.
Empowering Public Welfare Projects to Drive Crypto Adoption
Blockchain4Youth Charity Project
In May 2023, Bitget launched the Blockchain4Youth charity project, aiming to encourage the younger generation to embrace Web3 and blockchain technology and cultivate their interest in crypto assets. The project plans to invest $10 million over five years. The initial phase includes blockchain courses, Bitget Academy certificates, campus lectures, and scholarships.
In 2023, we held 26 offline educational events and collaborated with different universities to provide students with opportunities to gain in-depth knowledge of blockchain technology, including University College London (UCL), the University of Buenos Aires in Argentina, the Royal Melbourne Institute of Technology, and the National Taipei University.
Blockchain4Youth also launched the Builders program, which aims to recruit young talent globally and provide them with the tools and training needed in the crypto, blockchain, and Web3 fields. So far, we have recruited over 4,000 young crypto builders. By supporting the growth of young talent, we aim to prepare for the continuous advancement and development of crypto technology and blockchain, nurturing the next generation of leaders.
Aid for the Turkish Earthquake
We hope that the crypto community can have a positive impact on the real world. In early 2023, we donated 1 million Turkish lira to earthquake victims. Additionally, Bitget established a 1 million Turkish lira scholarship fund to support the development of young people in Turkey. This scholarship is part of the Blockchain4Youth project and aims to assist impoverished students in Turkey.
Product Iteration and Development
Bitget firmly believes that an excellent crypto trading platform should empower users to trade more intelligently and efficiently, making trading "smart." Therefore, we are actively adjusting our product strategy, focusing on three key areas:
- Upgrading and optimizing copy trading functionality
- Using AI technology to create innovative trading strategies
- Providing comprehensive information resources to help users make wise investment decisions
Continuous Optimization of Copy Trading
We are committed to creating an innovative copy trading platform that allows newcomers to easily follow experienced traders, learn their trading strategies, and improve their trading success rate. We continuously improve and optimize the copy trading functionality to enable users to achieve their investment goals more efficiently and intelligently.
In January 2023, we launched Spot Copy Trading, the first exchange to offer this feature. This new feature allows users to choose to follow trading strategies and trade related crypto assets in the spot market, providing a seamless and efficient trading experience. In the fourth quarter of 2023, we introduced the Bitget Trading Expert Exclusive Mode, allowing traders to better manage copiers and enjoy a more flexible profit-sharing method.
AI Empowerment to Assist Users
2023 is considered by many as the beginning of the AI era. We are also introducing this cutting-edge technology to better serve and empower trading. By integrating AI technology, our platform automates and intelligently manages trading, aiming to provide users with a more advanced and efficient trading experience.
We first integrated AI with grid trading, allowing users to choose from a range of AI robots, including "conservative," "safe," and "aggressive" types, to meet different risk preferences. We also launched the CTA-AI robot, which allows users to optimize investment performance flexibly, whether it's buying (going long), selling (going short), or both. Additionally, with AI technology and advanced algorithms, the Bitget Contract Quantitative Function provides users with high-quality investment portfolios and optimized investment decisions. This feature breaks traditional limitations and can intelligently adapt to various market conditions.
Comprehensive Data and Information Support
In the financial world, information collection and processing are often crucial for decision-making. Therefore, in 2023, Bitget improved related products to provide comprehensive and practical tools to help users access relevant data and information. These tools cover market data, analytical viewpoints, and more, enabling users to make wiser and more strategic investment decisions.
Conclusion
In 2008, Satoshi Nakamoto released the Bitcoin whitepaper. Ten years later, in 2018, Bitget was born. The name Bitget comes from "Bit" in "Bitcoin" and "get," representing Bitget's adherence to Satoshi Nakamoto's vision of creating a more fair, open, mutually beneficial financial and crypto world, empowering society and individuals. As we enter 2024, Bitget will continue to walk alongside users and industry participants, advancing and leading the development and innovation of the crypto world.
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