Bitget’s third quarter report: Market share growth jumped to second place, and the number of BGB holders hit a record high
Summary
Despite the overall market decline, Bitget saw the largest increase in market share, reaching 9.43% in September.
The BGB token has become one of the top five platform tokens by market capitalization, and the number of BGB holders continues to increase, reaching 354,472 in the third quarter.
Bitget announces its plans for the Middle Eastexpansion plan。
Bitget launches $100 million EmpowerX fund to support growth of its Web3 ecosystem
October 20, 2023, Victoria, Seychelles: Leading Cryptocurrency Derivatives PlatformBitgetannouncedQuarterly Transparency Report, highlighting the platform’s key achievements in Q3 2023. Report highlights the platform’s strong performance during challenging market times and showcases its native tokenBGBoutstanding growth.
In the third quarter of 2023, the entire industry faced bleak market conditions. according toCCData Report, spot trading volume on centralized exchanges was $1.33 trillion, and derivatives trading volume was $4.8 trillion, down 22% and 23% respectively. In September, combined spot and derivatives trading volume on centralized exchanges fell for the third consecutive month, falling by 20.3% to $1.67 trillion. Despite the market downturn, Bitget saw the largest increase in market share, reaching 9.43%.
Factors contributing to this growth include the outperformance this year of Bitgets native token, BGB. BGB has outperformed most platform tokens, ranking among the top five by market capitalization. The coin’s price rose from $0.18 at the start of the year to a quarterly high of $0.4927 in September.
"BGBs outperformance reflects Bitgets strong commitment to accelerating cryptocurrency adoption in the ecosystem using its DeFi and CeFi products. Gracy Chen, Managing Director of Bitget said:"We are committed to providing users with innovative, secure trading solutions, and the development of BGB is the result of our growing community trusting and supporting Bitget.
Anticipation of Bitget Launchpad’s relaunch caused its value to surge, taking it to an all-time high of $0.5152 on February 19. The number of BGB holders continues to increase, reaching 354,472 in the third quarter, and BGB transaction volume exceeded $1.3 billion in the past three months.
The Bitget ecosystem remains stable amid market turmoil. Last quarter, Bitgets protective fund continued to exceed $300 million. In July, its value peaked at $368 million, its highest level for the month. Except Bitget which has over 200%reserveIn addition to the ratio, this also adds an extra layer of insurance to users’ funds.
Bitget partners with multiple industry stakeholders to bring simplicity and convenience to cryptocurrency tax filing, portfolio management and trading automation, launching enhanced data solutions. These include collaborations with Cointracking, Coinstats, CCData, Koinly, 3 commas, Cobo Superloop and others.
Bitget continues to lead initiatives aligned with its vision to reinvent finance through cryptocurrency evolution, aiming to create a more equitable future. During the third quarter, Bitget implemented its latest rebranding initiative focused on strengthening its position as a leader in innovative trading products.
Bitget also highlighted its expansion plans in the Middle East. Countries the exchange is exploring include Bahrain and the United Arab Emirates, which includes the crypto-friendly emirates of Dubai, Abu Dhabi and Ras Al Khaimah.
In September, Bitget launched a $100 million EmpowerX fund dedicated to promoting the development of the platform ecosystem. The strategic fund aims to explore investment opportunities in regional exchanges, data analytics companies, media organizations and other entities that can help grow the platform.
To celebrate the establishmentFive Years, Bitget held a grand event in SingaporeEmpowerX Summit, nearly 1,900 guests attended the flagship event, and more than 247 distinguished speakers and partners participated. The summit provides a platform to discuss the transformative potential of cryptocurrency and the Web3 ecosystem. Keynote addresses were given by prominent figures such as Tim Draper, Haseeb Qureshi, and Justin Sun, highlighting the platform’s ongoing commitment to empowering the crypto community.
Bitget aims to establish the gold standard for transparency and trustworthiness in the industry through quarterly reporting. Bitget has demonstrated an unwavering commitment to security and reliability as it continues to lead innovation and create a more inclusive financial future for all.
Introduction to Bitget
BitgetFounded in 2018, it is the world’s leadingcryptocurrency exchangeand Web3 companies. Bitget Exchange serves more than 20 million users in more than 100 countries and regions and is committed to helping users trade smarter through its first-of-its-kind copy trading feature and other trading solutions. Bitget Wallet, the Web3 subsidiary of Bitget, is a decentralized multi-chain digital wallet that supports more than 250,000 cryptocurrencies on more than 90 blockchains and can be used to explore DEX, DeFi, NFT and the Metaverse. Bitget inspires people to embrace cryptocurrency by working with reliable partners like legendary Argentinian football player Lionel Messi and official esports tournament organizer PGL.
For more information, please visitOfficial website｜Twitter｜Telegram｜LinkedIn｜Discord｜Bitget Wallet
For media inquiries please contact:media@bitget.com
