Original - Odaily
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As the crypto market continues to expand and mature, exchanges have gradually developed from a single function of providing cryptocurrency trading to a comprehensive institution that integrates diversified financial services, providing users with documentary trading, derivatives trading, financial management and lending, and on-chain income. Opportunities, information and communication, one-stop navigation and other functional sections.
In 2023, the road to compliance and supervision of exchanges has dawned. The granting of licenses in major financial regions and the clarification of policy attitudes have brought Crypto into the mainstream. Among them, Bitget is gradually becoming known to the public.
Also in the past year, Bitgets own business has blossomed across the board. According to third-party reports, the quantity and quality of first-time launched tokens are among the best, and the Launchpad projects return rate has reached a maximum of 200 times. The platform currency BGB hit a new high of 1.153 USDT on February 17 this year, an increase of more than 6 times compared with 0.181 USDT at the beginning of 2023.
To this end, Odaily had an in-depth dialogue with Xie Jiayin, the newly appointed head of the Chinese-speaking area of Bitget. Guided by his personal development, he revealed to us the remarkable achievements of Bitget, the worlds fourth-ranked exchange, in the past year and looked forward to the new years efforts. direction.
The following is the transcript of the interview, compiled by Odaily:
Personal: Personal growth is consistent with corporate development
Odaily: As a senior practitioner in the encryption industry, could you please briefly introduce your past experience?
Xie Jiayin:In the early days, I had been working in traditional Internet companies. In 2015, I worked in game public relations and communication at Tencent Interactive Entertainment. Those few years were a period of vigorous development for the domestic Internet industry, especially the rapid development of the mobile game field. Since then, I have been engaged in marketing in the Internet industry, and the projects I am responsible for often become hot news on Baidu and hot search topics on Weibo.
In 2017, I joined DR Diamond Rings and was responsible for marketing. At that time, Mr. Xu Xiaoping from ZhenFund said something in the CEO group that touched me deeply. He probably said, “If everyone doesn’t embrace the blockchain, they will be eliminated.”", which made me interested in blockchain, so I entered the blockchain industry with another friend.
In the early days, we were still skeptical about this industry, but we established a preliminary understanding of the blockchain industry and trusted Mr. Xu Xiaoping’s judgment on future business development.
I have been in the industry for almost 6 years, from 2018 to present. I have experience in both project teams and exchanges, but ultimately chose to stay on the exchange. On the one hand, I feel that the exchange is more durable, 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 use my strengths to stay in this industry.
Odaily: At the beginning of this year, you announced on Twitter that you officially joined Bitget and served as the head of the Chinese region. What are the reasons behind this choice?
Xie Jiayin:I think the reasons for choosing Bitget can actually be divided into three aspects.
First of all, from the perspective of personal development, when an individual reaches a certain stage of development, he needs to seek a more challenging external environment to stimulate his own development. If he wants to break through the inherent label and achieve more growth, he needs to switch to a more selective environment. environment of.
Secondly, from the companys perspective, in 2023, when the industry is in a stage of transition from bear to bull, competition in the field of centralized exchanges is particularly fierce. You can see that Bitget stands out from many exchanges this year and breaks through the previous difficulties. It has achieved success in a series of initiatives last year, including the compliance layout in Hong Kong and controlling the Bitkeep (now renamed Bitget Wallet) wallet. At the same time, it has developed its own characteristics in derivatives trading, and is also at the forefront of the industry in spot trading. The overall reputation is obvious to all. It can be seen that Bitget has ambitions and continues to build.
Finally, from the perspective of personal and company fit, Bitget team culture is one of the important factors I consider. 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 Bitget team has a good cultural atmosphere, the team has wolf genes, the project operation is also very efficient, and the principles of dealing with things are fair and open.
For this reason, I decided to join the Bitget family. When I actually came to the company, I found that I fit in very well with the companys philosophy. At the same time, Bitget itself has a sense of social responsibility and uses its own power to contribute to society through charity activities, which I find very meaningful.
Odaily: As a senior practitioner in the industry, how do you use your rich experience to help Bitget continue to develop in the Chinese-speaking area?
Xie Jiayin:I have accumulated rich marketing experience during my time at Tencent and DR Diamond Ring. In traditional industries and Web3 industries, establishing a good brand image, creating brand activities with communication effects, and outputting valuable content that resonates with the public are all connected. Luckily, thats what Im good at.
In addition, the cryptocurrency industry is developing rapidly and new hot spots are constantly emerging. My experience on the exchange and project side enables me to look at problems from a long-term perspective, formulate long-term development strategies, and quickly capture hot spots. This allows me to better adapt to market changes and develop strategies for the companys growth.
I personally have a habit of listening to 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 satisfy them. Only by truly standing in the users shoes can we establish a real user relationship.
Platform article: BGB is seriously underestimated, how users can grasp the wealth effect of Bitget
Odaily: Bitget has developed rapidly in recent years, and the price performance of the platform token BGB has been particularly impressive as a result. In the long term, BGB has risen from around 0.1 USDT in June 2022 to more than 1 USDT, an increase of 10 times, and the overall increase is stable. Judging from recent performance, BGB has increased by nearly 60% in a single week. What do you think is driving BGB?
Xie Jiayin:If you usually pay attention to the exchange sector, you can seeBitget ranks fourth in the world in terms of comprehensive trading volume on the exchange. The performance of the platform currency BGB in the past two years has been very eye-catching. According to our statistics, as of the end of 2023, the number of BGB holders reached 217,000, an increase of 83% from last year. BGB’s trading volume also increased 110% to $5.15 billion. BGB has nearly tripled throughout 2023, rising 70% in the past three months to rank second on CoinMarketCap’s weekly gainers list.
However, currently as the fourth in the world,Bitget still has huge room for growth, this is what everyone can see. Bitget’s average daily contract trading volume is approximately $9 billion, accounting for 70% of the second-place OKX’s total volume. However, Bitget’s platform coin has a market capitalization of only $1.42 billion, while OKB’s market capitalization is $11.6 billion.
Data captured on February 19, 2024
Furthermore, BGB’s all-time high is inseparable from Bitget’s business growth. We have provided BGB holders with more benefits, including staking BGB to enjoy 0 withdrawal fees, participating in Launchpool new currency mining and Launchpad new creation, and wealth management treasures, etc. These measures have prompted more people to be willing to invest in BGB.
Finally, due toExchange business is procyclical, that is, the income situation in a bull market may be 10 times that in a bear market. Procyclical businesses generally perform better in a potentially bullish environment for 2024. If we assume that Bitcoin can reach a 3x increase in 2024, it is reasonable toIt is predicted that Bitget’s platform currency BGB may rise 5-6 times。
Therefore, I think some people have begun to realize that Bitget’s platform currency BGB has huge upside and is seriously undervalued. Of course, we also recognize our own shortcomings and need to strengthen the empowerment of BGB and narrow the gap with BNB and OKB, including increasing the frequency of new currency mining and new generation.
Odaily: Bitget’s ability to mine new projects is obvious to the market. The first tokens launched have won the favor of users, and the number of users has grown from 8 million to 20 million. May I ask what judgment dimensions Bitget uses to discover potential projects?
Xie Jiayin:Among the initial projects last year, nine projects were successfully listed on Binance, including BONK, PEPE, and Sats. For the first launched projects, our focus is mainly on three aspects:Value, efficiency and comprehensive radiation。
First of all, we focus on the value of the project and strive to provide users with profit opportunities, such as selecting currencies with short-term or medium- to long-term upside potential. We are constantly looking for such tokens. For example, the early popular currencies ZETA, ORDI, TIA, GAS, etc. have continued to rise after Bitget went online, bringing huge profits to users.
Secondly, in the pursuit of efficiency, we always insist on improving the pace of currency listing as much as possible while ensuring the quality of currency listing. For early high-profile currencies, Bitget usually becomes the first or second centralized exchange to quickly go online. For example, UNIBOT, the leader of the Bot track that attracted much attention last year, Bitget already listed it as early as July last year. Going online provides users with valuable opportunities to build positions. For currencies that are ushering in a second spring due to major benefits, we will also choose the most suitable time to launch them to ensure that users can obtain benefits. For example, after there was a change in GAS, Bitget immediately listed the currency, allowing Bitget users to gain 10 times the income within two weeks.
Finally, we focus on comprehensive radiation and are committed to achieving a one-stop purchasing experience to meet users’ transaction needs in different tracks. Our research team is committed to studying various tracks and currencies to ensure that we can launch various assets in a timely manner, whether they are public assets or niche tokens.
also,We also provide some additional features: For example, we have integrated the Web3 function into our trading platform and used our own Bitget Wallet to support Swap, covering almost all tokens with trading pools on the chain, so that extremely niche assets can also be traded on the platform.
Overall, we are committed to supporting a variety of assets and meeting the different needs of users by providing efficient and diverse services.
Odaily: The contract trading part of Bitget is also a section that users value very much. Compared with other exchanges, what are the advantages of Bitget?
Xie Jiayin:Bitget is the first crypto trading platform to introduce copy products. Back in May 2020, we launched the copy trading feature. Currently, we are the worlds largest crypto copying platform, and our contract market liquidity ranks third in the world. Our flagship product is follow-up. Its advantage is that it is suitable for novices and novice users. Investment is simple for users. They only need to choose to follow a trader and start following orders.
First of all, we provide users with a clear and smooth product interface, which can bring you a better contract trading experience.
Secondly, our copy product has a user-friendly design, which can help novice users conduct contract transactions like professional traders. Compared with the copying products of other platforms, Bitget has more professional traders. Users can reasonably choose traders to follow based on the rate of return, winning rate, etc., thus helping users get started with contract trading faster. If you are a novice who is not very familiar with contracts, you can also try Bitget’s one-click follow-up, which is very simple and fast.
Finally, we support both spot and contract copying, bringing together top trading experts to share strategies. The platform has more than 120,000 trading experts and 630,000 followers, and has conducted more than 67 million successful transactions.
Odaily: In addition, Bitget Launchpad’s performance is also outstanding. According to CryptoRank historical data, among the ATH Average ROI of the top ten platform Launchpads in 2023, Bitget ranks first, and the revenue of online projects is up to 200 times. It has always been coming, and new products are also one of the important parts of the exchange to attract users. Can you tell us which tracks Bitget will launch in the new year or what kind of Launchpad projects it will have?
Xie Jiayin:We are always committed to seizing market trends, capturing hot tracks and assets, and creating wealth benefits for users. In fact, not only Launchpad is performing well, our Launchpool project also brings users a certain amount of wealth returns. The annualized rate of return of some projects is between 50-300%, and new coins can be mined by depositing BGB. I hope you can use it more focus on.
Generally speaking, we have higher review thresholds for Launchpad and Launchpool projects than ordinary currency listing projects. Last year, we relied on our strong investment research team and active cooperation and negotiations with project parties to bring a certain wealth effect to users. In the new year, we will pay more attention to Bitcoin Layer 2, AI and RWA and other competitions. Tao hopes to continue to provide users with high-quality investment opportunities.
Outlook: Focus on compliance and emerging markets, community building is the foundation of the exchange
Odaily: In the new year, which business sectors will Bitget focus on strategically?
Xie Jiayin:In our development strategy for 2024, we will focus on three key areas:Compliance, Emerging Markets and Web3。
The importance of compliance in this dynamic industry is self-evident, so we are constantly improving our capabilities and requirements to meet the latest compliance standards. With the rapid development and maturation of regulations related to global crypto assets, we are actively looking for markets with clear regulatory frameworks and deploying license application work to promote the development of compliance business.
At the same time, with the development and popularity of cryptocurrency, we see huge potential and growth opportunities in emerging market countries 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 this ever-evolving world of cryptocurrencies, competition among exchanges is increasing. Highlight the urgency and importance of developing diversified Web3 businesses. This not only helps strengthen our market position but also helps achieve long-term sustainable growth. Therefore, we plan to further expand our business scope in the DEX and Layer 2 fields.
Odaily: In the Space jointly organized by Odaily and Bitget at the beginning of this year, you once said: This year, you have participated in the construction of a lot of communities and listened to user experiences. As a centralized exchange, the community is particularly important. In the new year, you How will you promote Bitgets community building and increase user participation?
Xie Jiayin:In fact, for our users, they are very concerned about being able to find exchange customer service at any time. However, our customer service is generally not open to the public. Therefore, we have built a community team specifically to meet the needs of our users. At the same time, we have also attracted many KOLs and users to cooperate, allowing them to become our Builders and work with Bitget to build an influential encryption ecosystem. At the same time, Bitget will provide comprehensive support for every Builders.
In fact, after Inscription became popular last year, I entered some popular Inscription communities and learned about the topics that users care about and the services they want the exchange to provide. I clearly feel that as long as there are exchange employees in the community, the community will be more popular. Because users can find people at the exchange to ask questions or provide feedback at any time. Therefore, we realized that only by getting closer to the community can we win the favor of users and give them some sense of security.
As for how to improve user engagement, I think there are three aspects:
We need to work more closely with external communities and cooperate with some KOLs to convey a message to users: As long as there is a community, you can find Bitget people, and as long as you have questions, you can get the fastest feedback.
We will continue to output content in our own community. For example, our research institute will output a lot of content every day, such as market hot spots, industry news, etc., and then publish it to our official community.
In this years community construction, we will focus on the development of spot assets and look for more exclusive first-time assets to bring more wealth benefits. Only with wealth benefits can communities become more prosperous.
As the person in charge of the Chinese-speaking area, I hope to provide our Chinese-speaking users with some activities that are closer to user preferences this year.
Odaily: According to the 2023 CEX Market Report recently released by 0x Scope, Bitgets current comprehensive market share has jumped to fourth place, and it is also one of the centralized exchanges with the fastest spot growth. How do you think Bitget can take another step forward at the current rate of development? Where will exchanges compete next?
Xie Jiayin:I think we need to continue to amplify our wealth effect, and make the Bitget platform the first choice for users to trade by carefully selecting high-quality initial coins, so that users can feel our sincerity and value in the first place.
Globally, especially in Chinese-speaking areas, we will focus on building brand cohesion and continue to output brand-related content to make Bitget one of the trading platforms trusted by users. At the same time, we will work with partners such as Bitget Wallet to promote the development of the decentralized world and make cryptocurrency transactions more convenient, simple and easy to use.
In terms of competition, we will focus on exploring emerging markets, including but not limited to compliance and regulatory challenges, and actively expand into markets that are not yet mature or that other exchanges have not yet entered. Through these initiatives, we will strengthen the core competencies of the Bitget platform.
In addition, we will also pay attention to the competitiveness of Bitget platform currency BGB. By empowering BGB, giving it value, and finding competitive exclusive first-launch assets, we will enhance the overall platform competitiveness.
