In 2023, it grew into the "elephant in the room," and now in 2024, under the leadership of the new COO, where is Bitget heading?

By Frank, Foresight News

With a Harvard degree, a master's from Oxford, and 15 years of experience in senior positions at well-known companies such as Facebook, Danone, Carlsberg, Sony, and BeInCrypto, Vugar Usi Zade collided with Web3 seven years ago. Finally, at the beginning of 2024, he took the helm of the exchange "elephant in the room," Bitget, responsible for global business growth and strategic expansion.

This is undoubtedly a quite perfect resume, and it is also the career development path of Bitget's new COO Vugar Usi Zade as of now. On January 11, 2024, Bitget appointed Vugar Usi Zade as its Chief Operating Officer (COO).

For the current cryptocurrency industry, it is not uncommon for "traditional industry veterans" to enter the Web3 arena, but the rich experience of Vugar Usi Zade in the financial industry, internet giants, and even Fortune 500 companies is indeed rare. In his view, this is also the key to his and Bitget's mutual attraction:

"My experience in international markets enables me to help Bitget deepen its international strategy, such as adjusting strategies for different cultures and regulatory environments, formulating and implementing effective global and regional strategies that comply with local market norms, and ensuring a smoother path for Bitget's internationalization."

Wang Xing, who advocates the theory of no boundaries, once said, "Too many people focus on boundaries rather than the core." After frequently leading hot topics with the motto "martial arts under the sky, nothing is unbreakable, only speed is unbreakable" last year, Bitget has already become the "elephant in the room" in the exchange arena, with the core of its trading services moving to the forefront. Therefore, as 2024 begins, the advancement of its globalization strategy naturally requires experienced individuals to take the helm.

Perhaps, as Vugar Usi Zade said, "(Web3) users are finding their 'edge' in different ways," and after he took office, how will Bitget define its own boundaries in 2024?

Foresight News also had the privilege of interviewing Vugar Usi Zade in January 2024. Here is a summary of the interview for the readers.

1. Entering Web3 from Fortune 500 Companies

Foresight News: Your resume spans a wide range, including Fortune 500 companies, top internet companies, and traditional financial giants. Can you provide a detailed introduction to your career before entering the cryptocurrency industry?

Vugar Usi Zade: I firmly believe in the importance of academic and educational backgrounds because they have greatly helped me, including prompting me to constantly pursue self-discipline and progress.

I was fortunate to obtain a full-time job before I graduated, serving as the marketing department head for Carlsberg Group, one of the world's largest breweries, before the age of 20.

I then worked at the global internet giant Facebook, focusing on establishing and expanding new market business, driving Facebook's expansion into 45 countries, and effectively developing markets through the Facebook ASP program. It was during this stage that I realized the importance of effective expansion strategies for enterprises and honed my skills.

After that, I served as the CMO of a unicorn startup under Sony, which completed a $2.7 billion financing led by CVC Capital, one of the highlights of my career, paving the way for diverse startups and the venture capital ecosystem.

I then joined a venture capital firm, Bain, and in 2017, I came into contact with the Web3 industry and realized that Web3 has the potential to reshape the future of humanity, marking the beginning of my entry into the Web3 world.

Foresight News: What gains did you have at a personal development level from your experiences at these companies? How did they influence your operational philosophy?

Vugar Usi Zade: I believe my experience in the financial industry has greatly influenced my personal growth, as well as my operational philosophy in three key areas:

First, after learning lessons from my experience as a senior consultant at Bain, I strengthened my focus on key results and operational efficiency, and improved related skills, including participating in various cases covering venture capital, private equity, traditional financial institutions, and Web3 funds, which has been very rewarding and applicable to various challenging situations.

Second, by participating in successful blockchain projects in the VC field and serving as the CMO of BeInCrypto (operating in 65 markets, 16 languages, and one of the world's largest cryptocurrency media platforms), not only did it deepen my confidence in the cryptocurrency industry, but it also gave me a comprehensive understanding of the global cryptocurrency development landscape.

In addition, during my postgraduate studies at the University of Oxford, I researched expansion strategies and building operational efficiency, which allowed me to learn and understand global expansion strategy management, and I hope to apply this knowledge to promote and accelerate Bitget's global development.

Foresight News: How did you get involved in the cryptocurrency industry? How did you come into contact with Bitget, and what prompted you to decide to join Bitget?

Vugar Usi Zade: I first positioned myself as a loyal user of Bitget because the product charm and functionality of Bitget hold a special place in my heart, making the Bitget brand particularly meaningful to me.

During my time at Harvard University, I deepened my understanding of Bitget and met with Gracy, the Managing Director of Bitget, several times. Then, through regular participation in cryptocurrency-related activities, our mutual interest in exploring potential cooperation opportunities grew stronger. So, I am really happy to have the opportunity to join Bitget and I am grateful for the trust of Bitget's leadership.

Overall, the main factor that prompted me to join Bitget is its firm commitment to security and protection. In addition, Bitget's ambitious growth trajectory aligns perfectly with my personal development goals.

Foresight News: What do you think is the biggest difference between the cryptocurrency industry and the traditional industry? What role does joining Bitget play in your career?

Vugar Usi Zade: In the traditional financial field, the main focus is on creating profits and accumulating wealth for stakeholders. In contrast, blockchain technology and the cryptocurrency industry hope to disrupt the existing order by advocating equal opportunities.

According to World Bank data, 74% of men in developing countries can access the financial industry through traditional banking channels, while only 68% of women enjoy the same privilege. Even more shocking is that there are still 1.4 billion people worldwide without bank accounts.

The cryptocurrency industry has the potential to address this gap and empower billions of people to become active participants in the financial ecosystem. Cryptocurrencies can provide individuals with a seamless trading platform for sending and receiving payments, ultimately leading to greater financial freedom.

So at Bitget, we see ourselves as contributors to this transformation, with a mission to provide millions of people with financial tools without unnecessary barriers or burdens, facilitating their journey towards a more free and sustainable financial future.

Foresight News: In your work at Bitget, what do you think is the commonality of the Bitget team's style and your colleagues around you?

Vugar Usi Zade: After joining Bitget, I feel immersed in a culture of relentless pursuit of success. Because Bitget itself is learning from the resilience and efficiency of elite athletes—such as collaborating with Lionel Messi, widely recognized as the "greatest of all time (GOAT)."

While many companies claim to foster a close-knit family atmosphere to boost team morale, Bitget stands out, and as soon as you step into Bitget, you will find that the diverse values of each person have formed a unique picture.

Overall, Bitget's cultural spirit revolves around a steadfast winning mentality, which is in line with the synergy demonstrated in top sports teams—our common goal is not just to participate, but to achieve victory itself.

Of course, the road to success is not easy; it requires discipline, steadfast dedication, and keen focus. As the new Chief Operating Officer, I am committed to ensuring that our team aligns closely with Bitget's overall vision, dedicated to strengthening Bitget's organizational structure to ensure it is a robust operational framework, ready to conquer our ambitious goals.

At Bitget, we all understand that success is not just a destination, but a journey full of resilience and purpose.

Foresight News: In your work at Bitget, is there anything or any colleagues that have left a deep impression on you?

Vugar Usi Zade: As I mentioned, Gracy's career growth path has been very inspiring to me. After listening to her speeches several times, I learned that she has extensive knowledge and experience in the cryptocurrency industry.

She has always emphasized unexpected but crucial development trends in the cryptocurrency field. Therefore, her business acumen and foresight in situational analysis and future trends make her stand out as an outstanding leader.

For example, during my discussions with her, I learned that at the end of 2022, when the entire cryptocurrency market was in turmoil due to the FTX incident, she and the team urgently discussed and, at a critical point of market turmoil and imminent collapse, took the lead in introducing exchange reserve proof and increasing Bitget's user protection fund from $2 billion to $3 billion. From this alone, you can see Bitget's and her leadership and decisiveness.

2. Vugar Usi Zade's View of 2023 and Globalization

Foresight News: In 2023, Bitget experienced rapid growth and entered the top tier. As the new COO, how do you view Bitget's positioning in the new competitive situation? For example, how will Bitget focus on compliance, products (such as copy trading), and avoid homogeneous competition?

Vugar Usi Zade: Bitget will focus on three key areas: compliance, emerging markets, and Web3.

Firstly, compliance, especially after the FTX incident, has become increasingly important. Bitget has been involved in a series of compliance-related measures, such as obtaining VASP licenses in Poland and Lithuania, which will be crucial for our future development.

Secondly, Bitget will focus more on emerging markets, such as Latin America and Southeast Asia, which are important components of our globalization strategy.

Finally, Bitget will continue to develop its Web3 business, especially with investments in the Bitget Wallet and active support for innovative DEX and L2 public chain projects, steadily advancing our development plans.

Foresight News: Currently, mainstream exchanges are launching their own wallet services, and Bitget also has its own Web3 wallet. In your opinion, what efforts and developments are still needed for exchanges to promote widespread adoption of Web3, and what are Bitget's thoughts and actions on this?

Vugar Usi Zade: Bitget has taken a big step in integrating decentralized applications (DApps), such as integrating various DApps into its Web3 wallet, providing users with seamless interaction with decentralized finance (DeFi), gaming, and trading services.

This not only enhances the user experience but also attracts a wider user base by meeting different interests and needs.

In terms of security enhancement, Bitget, like Binance, has adopted advanced security features such as Multi-Party Computation (MPC) technology to enhance the security of the Web3 wallet, especially as this technology disperses the responsibility of private key management, reducing the risk of traditional mnemonic phrases.

In terms of service expansion, the Bitget wallet has expanded its service range, including Swap, NFT market, and DApps. It will continue to collaborate with outstanding projects in the industry and integrate with decentralized trading aggregators to provide users with a more comprehensive and efficient trading experience.

Foresight News: In terms of the current business development of Bitget, are there any data dimensions (such as active user numbers, trading volume, product matrix layout, etc.) that can be shared?

Vugar Usi Zade: Of course. Firstly, in terms of trading and user data, Bitget's overall trading volume last year was $31.4 trillion, with spot trading volume increasing to $81.6 billion, a 94% increase from the previous year. The overall user base also increased from 8 million to 20 million, and the team size grew from 1,100 to 1,500.

In terms of product and business development, Bitget has been actively exploring high-quality assets and adopting a flexible and proactive listing strategy. For example, in 2023, Bitget listed a total of 355 projects, a 46% increase, including 5 Launchpad projects and 45 Launchpool projects.

Our important product, copy trading, added 52,000 new traders in 2023, with a total of 26.9 million profitable copy trades. As of now, the cumulative profit generated by users through copy trading exceeds $450 million, with trader profit sharing reaching $23 million. We use AI technology to create innovative trading strategies, empowering trading and users, including AI grid trading, CTA, and other trading strategies.

In terms of strategic layout, Bitget completed several important strategic investments in the past year, including a $30 million investment in BitKeep, the establishment of the EmpowerX Fund and Web3 Fund with investments of $100 million each.

Additionally, Bitget launched the Blockchain4Youth charity project and plans to invest $10 million over the next 5 years to support the younger generation in Web3 development.

Foresight News: In terms of global layout, what achievements has Bitget made in 2023 and which countries/regions are the focus? Why?

Vugar Usi Zade: Currently, Bitget's business footprint covers 100 countries and regions. In 2023, Bitget continued to deepen its globalization strategy, focusing not only on business development but also on various aspects, such as comprehensive brand upgrades and hosting a series of events for Bitget's fifth anniversary. Additionally, Bitget completed VASP registration (Virtual Asset Service Provider) in Poland and Lithuania, actively expanding into Western markets.

3. Bitget in 2024 and Globalization, No Boundaries

Foresight News: Can you provide an outlook or prediction for the development and landscape of exchanges in 2024? (For example, in terms of exchange market share, or the potential impact of spot Bitcoin ETFs on existing CEX, etc.)

Vugar Usi Zade: My predictions mainly include three points.

Firstly, the approval of spot Bitcoin ETFs may attract more traditional investors to enter the cryptocurrency market, which could lead to an increase in centralized exchange (CEX) trading volume, as more institutions and individual investors will use these platforms to buy and trade ETFs. This increase may expand the user base of exchanges and increase the number of active users on the platform.

Secondly, the approval of spot Bitcoin ETFs provides a more traditional investment method, making it easier for traditional investors to participate in the Bitcoin market through familiar means. This diversification of investment products may attract a wider range of investors to the market. For exchanges, since the buyer of spot Bitcoin ETFs is not entirely consistent with the user profile of the exchange, it is unlikely that exchanges will experience user attrition due to the introduction of ETFs.

Finally, the approval of spot Bitcoin ETFs may change the competitive landscape of cryptocurrency exchanges, including potentially attracting more traditional financial institutions into the cryptocurrency field and driving competition between traditional finance and cryptocurrency exchanges. In particular, as more financial institutions invest in Bitcoin ETFs, it can deepen their understanding of cryptocurrencies and may lead to the launch of cryptocurrency exchanges dominated by traditional financial institutions in the future, bringing greater competition to existing platforms.

Foresight News: What is the current development atmosphere of Web3 in North America, Europe, Asia-Pacific, and emerging market countries? Which regions does Bitget favor in the future?

Vugar Usi Zade: With the development and popularization of cryptocurrencies, we see tremendous potential and growth opportunities in emerging market countries such as Latin America, Southeast Asia, and Africa. Therefore, Bitget is strengthening its presence in these emerging markets and investing more resources to promote development.

The development of Web3 in North America, Europe, Asia-Pacific, and emerging market regions presents different focuses and characteristics, so it is difficult to say which region has a better atmosphere and development.

In North America, the development of DePIN (Decentralized Physical Infrastructure Network) has attracted attention. DePIN incentivizes individuals and businesses to build physical world infrastructure (such as WiFi, hard drive storage, batteries, etc.) in a decentralized manner through blockchain technology and token rewards, providing services to anyone. The combination of DePIN and AI technology is also considered a "powerful combination" in 2024, enabling more efficient resource sharing and utilization, while further driving the development of Web3 technology.

The popularity of Helium Mobile and the launch of Hivemapper (HONEY) by Coinbase have sparked traders' enthusiasm in this field, indirectly promoting the cultivation of developers and innovators in this area.

In Europe, countries generally have relatively strict regulations on cryptocurrencies. While they continue to strengthen AML/CFT regulations, they also provide a relatively stable and transparent regulatory environment. Additionally, Europe is working to encourage the development and innovation of the digital asset market, promote the digital economy, and ensure the interests and safety of investors and consumers.

The Asia-Pacific region has made significant contributions to the development of the Bitcoin ecosystem. Protocols for issuing Bitcoin assets such as Ordinals and Atomicals have made "asset issuance on the Bitcoin chain" possible, injecting new vitality into the ancient Bitcoin chain. The enthusiasm of the crypto community at the inscription Summer can be seen from the price and trading volume performance of ORDI.

In emerging markets, using cryptocurrencies such as BTC and USDT to hedge against the risk of severe local currency depreciation due to inflation, the narrative of 3A games opening a new GameFi Summer, the evolution and alternation of various new token economic models, and the fierce competition among major Layer2 public chains… Users in different regions are finding their "edge" in different ways.

Foresight News: Compared to 2023, what are the new changes or key directions in Bitget's operations in 2024, and is there any next-stage plan that can be revealed?

Vugar Usi Zade: Of course, my experience in cross-border markets enables me to help Bitget deepen its international strategy, such as adjusting strategies for different cultures and regulatory environments, and formulating and implementing effective global and regional strategies that comply with local market norms, ensuring a smoother path for Bitget's internationalization.

I will also further optimize Bitget's marketing and promotion efforts, launching more comprehensive and diversified marketing strategies as the market environment improves, expanding influence and visibility.

My strategic focus is to lead Bitget's expansion in regions such as Latin America, the Middle East, and Africa, while strengthening our position in Southeast Asia and Europe. I believe my diverse skills and rich experience make me an ideal candidate to lead Bitget into the next growth stage.

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