Original | Odaily Planet Daily
Author | Fu Ruhe
As the cryptocurrency market continues to expand and mature, exchanges have gradually evolved from simply providing cryptocurrency trading functions to integrating diversified financial services, offering users functions such as copy trading, derivative trading, wealth management and lending, on-chain yield opportunities, information and communication, and one-stop navigation.
In 2023, the path of compliance and regulation for exchanges has begun to show signs of dawn, with the granting of licenses in major financial regions and a clear policy attitude, leading Crypto towards the mainstream. Among them, Bitget has gradually become well-known to the public.
Also in the past year, Bitget's business has flourished across the board. According to third-party reports, the number and quality of tokens launched for the first time ranked at the forefront, with the highest yield of Launchpad projects reaching 200 times. The platform's token BGB reached a new high of 1.153 USDT on February 17 this year, more than six times the growth from the beginning of 2023 at 0.181 USDT.
In light of this, Odaily Planet Daily had an in-depth conversation with Xie Jiayin, the newly appointed head of Bitget's Chinese-speaking region, starting with his personal development, to unveil the remarkable achievements of Bitget, the world's fourth-ranked exchange, over the past year, and to look ahead to the focus of the new year.
The following is the interview transcript, compiled by Odaily Planet Daily:
Personal Section: Personal Growth Aligned with Enterprise Development
Odaily Planet Daily: As a senior practitioner in the cryptocurrency industry, could you briefly introduce your past experiences?
Xie Jiayin: In the early days, I was deeply involved in traditional internet companies and worked in game public relations and communications at Tencent Interactive Entertainment in 2015. Those years were a period of vigorous development in the domestic internet industry, especially in the rapid development of mobile games. After that, I continued to work in marketing in the internet industry, and the projects I was responsible for often became hot topics on Baidu and Weibo.
In 2017, I joined DR Diamond Ring and was responsible for marketing. At that time, Mr. Xu Xiaoping from ZhenFund said something in the CEO group that deeply resonated with me, roughly saying "If we don't embrace blockchain, we will be eliminated," which sparked my interest in blockchain. So, I entered the blockchain industry with another friend.
In the early days, we were still skeptical about this industry, but we gained a preliminary understanding of the blockchain industry and believed in Mr. Xu Xiaoping's judgment on the future business development.
From 2018 to the present, I have been in the industry for nearly 6 years. I have experience in both project parties and exchanges, but ultimately chose to stay in the exchange. On the one hand, I feel that exchanges are more enduring, and on the other hand, I can get to know more project parties, investors, and channels. I also feel that I am good at social marketing, so I want to leverage my strengths to stay in this industry.
Odaily Planet Daily: At the beginning of this year, you announced on Twitter that you officially joined Bitget and took on the role of head of the Chinese-speaking region. What are the reasons behind this choice?
Xie Jiayin: I think the reasons for choosing Bitget can be divided into three aspects.
First of all, from a personal development perspective, when individuals reach a certain stage of development, they need to seek a more challenging external environment to stimulate their own development, break through the existing labels, achieve more growth, and transition to a more selective environment.
Secondly, from the perspective of the company, in 2023, when the industry was in the transition from bear to bull, the competition in the centralized exchange sector was particularly fierce. Everyone can see that Bitget stood out from many exchanges in that year, broke through past difficulties, and achieved success in a series of measures last year, including compliance layout in Hong Kong and holding Bitkeep (now renamed Bitget Wallet). At the same time, it has developed its own characteristics in derivative trading and is also at the forefront of spot trading, with an overall good reputation. It can be seen that Bitget has ambitions and is constantly building.
Finally, from the perspective of personal and company fit, the team culture of Bitget is one of the important factors I considered. In fact, before joining Bitget, I consulted with friends who had been working at Bitget or project parties in the industry and found that the team culture and atmosphere at Bitget were very good, the team has a wolf-like gene, the project operation is very efficient, and the principles of doing things are fair and open.
Therefore, I decided to join the Bitget family, and when I truly came to the company, I found that my own beliefs were very much in line with the company's philosophy. At the same time, Bitget itself has a sense of social responsibility, contributing to society through public welfare activities, which I find very meaningful.
Odaily Planet Daily: As a senior industry practitioner, how do you use your rich experience to help Bitget continue to deepen its presence in the Chinese-speaking region?
Xie Jiayin: I have accumulated rich marketing experience during my time at Tencent and DR Diamond Ring. In both traditional and Web3 industries, establishing a good brand image, creating brand activities with communication effects, and producing valuable content that resonates with the public are all similar. Fortunately, this is exactly what I am good at.
In addition, the cryptocurrency industry is developing rapidly, with new hotspots constantly emerging. My experience with exchanges and project parties allows me to take a long-term view of issues, formulate long-term development strategies, and quickly capture hotspots. This enables me to better adapt to market changes and develop strategies for the company.
I personally prefer to listen to the voice of the community, which is very important. By being close to the community, we can truly understand the needs of users and do our best to meet those needs. Only by truly standing in the shoes of the users can we build genuine user relationships.
Platform Section: BGB Severely Undervalued, How Users Can Seize Bitget's Wealth Effect
Odaily Planet Daily: Bitget has developed rapidly in recent years, and this is reflected in the performance of its platform token BGB, which has been particularly impressive. Looking at the long term, BGB has risen from around 0.1 USDT in June 2022 to over 1 USDT, an increase of 10 times, and the overall trend has been stable. In recent weeks, BGB has seen a nearly 60% increase in a single week. What do you think is driving the rise of BGB?
Xie Jiayin: If you pay attention to the exchange sector, you can see that Bitget ranks fourth globally in terms of comprehensive trading volume. The platform token BGB has performed very well over the past two years. According to our statistics, as of the end of 2023, the number of BGB holders reached 217,000, an 83% increase from the previous year. The trading volume of BGB also increased by 110% to reach 5.15 billion US dollars. Throughout 2023, the increase in BGB was close to three times, and it has risen by 70% in the past three months, ranking second in CoinMarketCap's weekly increase list.
However, as the global fourth, Bitget still has huge room for growth, which everyone can see. Bitget's average daily contract trading volume is about 9 billion US dollars, accounting for 70% of the total volume of the second-ranked OKX. However, the market value of Bitget's platform token is only 1.42 billion US dollars, while OKB's market value is 11.6 billion US dollars.
Data captured as of February 19, 2024
In addition, BGB's historical high is closely related to Bitget's business growth. We have provided more rights to BGB holders, including zero withdrawal fees for staking BGB, participating in Launchpool new coin mining and Launchpad new coin offerings, as well as wealth management products. These measures have encouraged more people to invest in BGB.
Finally, due to the cyclical nature of exchange business, the income situation in a bull market may be 10 times that of a bear market. In the potential bullish environment of 2024, cyclical businesses generally perform better. If we assume that Bitcoin could achieve a 3x increase in 2024, it is reasonable to predict that Bitget's platform token BGB may increase by 5-6 times.
Therefore, I believe that some people have already begun to realize that Bitget's platform token BGB has huge room for growth and is severely undervalued. Of course, we also recognize our own shortcomings and need to strengthen the empowerment of BGB, narrowing the gap with BNB and OKB, including measures such as increasing the frequency of new coin mining and new coin offerings.
Odaily Planet Daily: Bitget's ability to discover new projects is widely recognized in the market, and the tokens launched for the first time have won the favor of users, with the number of users growing from 8 million to 20 million. What judgment dimensions is Bitget based on to discover potential projects?
Xie Jiayin: In last year's initial projects, nine projects successfully launched on Binance, including BONK, PEPE, and Sats. For the initial projects, our focus is mainly on three aspects: value, efficiency, and comprehensive coverage.
First, we focus on the value of the projects, striving to provide profit opportunities for users, such as selecting tokens with short-term or medium-term growth potential. We continuously search for such tokens, for example, popular tokens like ZETA, ORDI, TIA, GAS, etc., which continued to rise after being listed on Bitget, bringing substantial profits to users.
Secondly, in pursuit of efficiency, we always strive to improve the listing pace while ensuring the quality of listings. For early highly anticipated tokens, Bitget usually becomes the first or second centralized exchange to list them quickly, such as the leading UNIBOT in the Bot race that received a lot of attention last year, which Bitget listed as early as July last year, providing users with valuable accumulation opportunities. For tokens that have experienced a resurgence due to significant positive news, we also choose the most suitable timing for listing to ensure that users can profit. For example, after GAS experienced a surge, Bitget immediately listed the token, enabling Bitget users to gain 10x returns within two weeks.
Finally, we focus on comprehensive coverage, aiming to provide a one-stop purchasing experience to meet users' trading needs in different sectors. Our research team is dedicated to studying various sectors and tokens, ensuring that we can timely list various assets, whether they are mainstream assets or niche tokens.
In addition, we also provide some additional features: such as integrating Web3 functionality in our trading platform, using our Bitget Wallet to support Swap, covering almost all tokens with trading pools on the chain, allowing even extremely niche assets to be traded on the platform.
Overall, we are committed to supporting various assets and meeting users' diverse needs by providing efficient and diversified services.
Odaily Planet Daily: Bitget's contract trading section is also a highly valued section for users, and compared to other exchanges, what are Bitget's advantages?
Xie Jiayin: Bitget is the first cryptocurrency trading platform to introduce copy trading products. As early as May 2020, we launched copy trading. Currently, we are the world's largest cryptocurrency copy trading platform, and our contract market liquidity ranks third globally. Our flagship product is copy trading, and its advantage lies in its suitability for beginners and novice users. Users can easily invest by simply choosing to follow a trader and start copy trading.
First, we provide a clear and smooth product interface that can provide a better contract trading experience for everyone.
Secondly, our copy trading product has a user-friendly design that helps novice users engage in contract trading like professional traders. Compared to copy trading products on other platforms, Bitget has more professional traders, and users can reasonably choose traders to follow based on factors such as yield and win rate, helping users to quickly get started with contract trading. For novices who are not familiar with contracts, they can also try Bitget's one-click copy trading, which is very simple and fast.
Finally, we support both spot and contract copy trading, bringing together top trading experts to share strategies. The platform has attracted over 120,000 trading experts and 630,000 copiers, with over 67 million successful trades.
Odaily Planet Daily: In addition, Bitget's Launchpad has performed remarkably well. According to historical data from CryptoRank, Bitget ranked first in the top ten platform Launchpad's ATHAverageROI in 2023, with project returns reaching up to 200 times. Launchpad has always been one of the important sections that attract users to exchanges. Can you give us a sneak peek into which sectors or what kind of Launchpad projects Bitget will launch in the new year?
Xie Jiayin: We have always been committed to capturing market trends, seizing hot sectors and assets, and creating wealth benefits for users. In fact, not only has Launchpad performed well, our Launchpool projects have also provided certain wealth returns to users, with the annualized return rates of some projects ranging from 50-300%, and by staking BGB, users can also mine new coins. We hope everyone can pay more attention to this.
Overall, compared to regular listing projects, our Launchpad and Launchpool projects have higher review thresholds. Last year, with a strong research team and active cooperation and negotiation with project parties, we brought certain wealth effects to users. In the new year, we will focus more on sectors such as Bitcoin Layer 2, AI, and RWA, hoping to continue to provide users with high-quality investment opportunities.
Outlook Section: Emphasizing Compliance and Emerging Markets, Community Building is the Foundation of Exchanges
Odaily Planet Daily: In the new year, what key business areas will Bitget focus on strategically?
Xie Jiayin: In the development strategy for 2024, we will focus on three key areas: compliance, emerging markets, and Web3.
In this dynamic industry, the importance of compliance is self-evident, so we continuously enhance our capabilities and requirements to meet the latest compliance standards. With the rapid development and maturation of global cryptocurrency-related regulations, we actively seek markets with clear regulatory frameworks, deploy license application work, and promote the development of compliant businesses.
At the same time, as cryptocurrencies develop and become more widespread, we see tremendous potential and growth opportunities in emerging markets such as Latin America, Southeast Asia, and Africa. Therefore, we are strengthening our presence in these emerging markets and investing more resources to promote development.
In the ever-evolving cryptocurrency world, the competition between exchanges is becoming increasingly fierce. This highlights the urgency and importance of developing diversified Web3 businesses. This not only helps to consolidate our market position but also contributes to long-term sustainable growth. Therefore, we plan to further expand our business scope in the DEX and Layer2 fields.
Odaily Planet Daily: At the beginning of this year, in the Space event jointly organized by Odaily and Bitget, you mentioned, "This year, I have participated in the construction of many communities and listened to user experiences." As a centralized exchange, the community is particularly important. In the new year, how will you promote Bitget's community building and increase user engagement?
Xie Jiayin: For our users, they are very concerned about being able to find exchange customer service at any time. However, our customer service is usually not open to the public. Therefore, we have specifically built a community team to meet the needs of users. At the same time, we have attracted many KOLs and users to collaborate, making them our Builders, jointly building an influential crypto ecosystem with Bitget. Bitget will provide comprehensive support to each Builder.
In fact, after the popularity of a certain game last year, I joined some popular game communities to understand the topics that users are concerned about and the services they hope the exchange can provide. I clearly felt that the community is more active when there are exchange employees in the community. This is because users can easily find exchange staff to consult or provide feedback at any time. Therefore, we realize that only by getting closer to the community can we win the favor of users and give them a sense of security.
Regarding how to increase user engagement, I believe there are three aspects:
We need to collaborate more closely with external communities and work with some KOLs to convey a message to users: "As long as there is a community, you can find people from Bitget, and as long as there are questions, you can get the fastest feedback."
We will continue to produce content in our own community, such as our research institute outputting a lot of content every day, such as market hotspots, industry news, etc., and then publishing them in our official community.
In this year's community building, we will focus on developing spot assets and finding more exclusive first-issue assets to bring more wealth benefits. Only with wealth benefits can the community thrive.
As the head of the Chinese-speaking region, I hope to provide activities that are more in line with the preferences of our Chinese-speaking users this year.
Odaily Planet Daily: According to the "2023 CEX Market Report" recently released by 0xScope, Bitget's comprehensive market share has risen to fourth place, and it is also one of the centralized exchanges with rapid growth in spot trading. In your opinion, at the current development speed, how should Bitget take the next step forward? What are the next competitive directions for exchanges?
Xie Jiayin: I think we need to continue to amplify our wealth effects by carefully selecting high-quality initial tokens, making Bitget the preferred platform for users to trade and allowing users to feel our sincerity and value at the first opportunity.
Globally, especially in the Chinese-speaking region, we will focus on building brand cohesion, continuously outputting brand-related content, and making Bitget one of the trusted trading platforms for users. At the same time, we will work with partners such as Bitget Wallet to promote the development of the decentralized world, making cryptocurrency trading more convenient, simple, and user-friendly.
In terms of competition, we will focus on exploring emerging markets, including but not limited to the challenges of compliance and regulation, and actively entering markets that are not yet mature or have not been touched by other exchanges. Through these measures, we will strengthen the core competitiveness of the Bitget platform.
Additionally, we will also focus on the competitiveness of Bitget's platform token BGB. By empowering BGB, giving it value, and finding competitive exclusive first-issue assets, we aim to enhance the overall platform competitiveness.
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