Interviewed by The Cryptonomist Gracy Chen, director of Bitget, about the future of crypto and exchanges in 2023.
Can you introduce yourself and your background?
I was previously a presenter and producer on the technology and finance channel of Phoenix TV, one of Asia’s largest media conglomerates.
It was also around this time that some of my friends (who are now famous crypto entrepreneurs and investors, like He Yi, the co-founder of Binance, and Tim Draper, who I learned from when I was at his Draper University) introduced me to the crypto industry.
In 2014 I started investing in cryptocurrencies including BTC, ETH and XRP, but not large amounts. I think people should expose their portfolios to a small percentage of crypto according to their own experience and level of risk tolerance.
And later in 2017, I started putting more time and effort into learning about elementary and high school crypto market. I was also an early investor in BitKeep, Asia’s leading decentralized wallet and Bitget’s sister company.
On this journey I have witnessed the development and growth of the brand over the years and I am thrilled to be a part of Bitget, the fastest growing crypto exchange with a 1000 strong team full of motivated and intelligent individuals.
Can you explain to us how Bitget works and what are its best features
Social trading is a key feature Bitget.
With a vision to increase financial independence, we are focused on transforming the way people connect and share financial knowledge with social trading. We believe in the power of social trading and make it our core feature, which allows us to differentiate ourselves from other exchanges.
The flagship offering, One-Click Copy Trade, is a pioneer in social trading and has garnered over 100,000 professional traders with approximately 3 million followers and executed over 60 million copy trade orders. The feature innovates the experience for crypto derivatives traders around the world.
“Bitget Insights” is a new feature on our platform, making social trading more accessible to everyone. The feature acts as a mix of “social media + trading” and verified “experienced traders” can post their chart analysis, technical strategies and articles to share their insights with followers.
Moreover, Bitget also launched Strategy Plaza and online trading, focusing on automated quantitative trading strategies designed to maximize returns in a range- and volatility-limited market.
All of this will light the way to the full potential of social trading, making it easier for users, KOLs and professional traders to freely exchange information, adopt multiple trading patterns and optimize strategies for their own benefit.
Why did you decide to collaborate with Messi? How’s it going?
The crypto world is witnessing a growing popularity among investors, but the adoption of cryptocurrencies is still weak. To drive adoption and foster a better understanding of crypto, we work to partner with credible individuals and entities, Messi being one of them.
The sports industry, especially famous football players, enjoys a large base of dedicated fans and followers, which would help crypto exchanges build a better brand image and gain great awareness.
At the same time, cooperation between crypto exchanges and sports is a win-win situation. Crypto and blockchain is a big trend that has been embraced by various industries.
New technology use cases could help sports players increase engagement, such as athlete NFTs and special events.
It was a wonderful and worthwhile trip to partner with Lionel Messiespecially during the 2022 Qatar World Cup period, which helped Bitget better engage its community and expand its reach in the sports space.
The marketing campaign and various activities carried out with Messi further escalated the brand’s attention to gain significant visibility and trust thanks to the Argentina Championship team which was greatly contributed by the team captain – Messi.
What is your forecast for 2023?
In terms of cryptocurrency trends in 2023, I predict that several major market directions will be observed after all the incidents that happened in 2022:
Stricter CEX regulation
The negative experience of FTX proved once again that regulation and transparency of centralized cryptocurrency exchanges is a necessary step towards a safe and sustainable market.
Already FATF, the European Union and several other regulatory institutions are ready to tighten control over the work of CEXs. In my opinion, such a decision is fully justified because these frameworks make us accountable, instill confidence in our customers and will ultimately accelerate the adoption of mainstream cryptocurrency. Bitget aims to be a completely transparent and open exchange.
At the beginning of December, we published proof of Merkle tree reserves and allow our users to check their assets on our website. In addition, we have increased the size of our Bitget Protection Fund from USD 200 million to USD 300 million to protect our users’ assets against any unfortunate or unexpected events.
New opportunities for decentralized financing and lending
After observing three major bankruptcy events this year, including Luna, Three Arrows Capital and Alameda Research, centralized lending has been further refuted, and people’s trust and demand for “decentralized lending” will further increase, opening up long-term opportunities and innovation for decentralized finance (DeFi). This will lead to the disappearance of most centralized credit companies.
Development of the NFT sector and the metaverse
We will also see the rapid development of the irreplaceable token sector and the metaverse in 2023. NFTs will become an integral part GameFi and the entertainment market. If you look back, you can see that in 2022, several major movie studios and music publishers have already issued their NFTs, and this trend will continue in 2023.
As for the metaverse, they will receive special attention in the coming year. Major brands will begin to integrate their products and services into the metaverse and Web3, and financial sector institutions such as exchange offices, banks and credit companies will provide services to virtual customers.
Of course, this will imply some changes related to the regulation and control of activities in the metaverse. However, that process has already begun.
What can we expect from the future of Bitget?
A wise man once said: “Ambition is the way to success.” Persistence is the vehicle in which you arrive.” We have the ambition to become one of the top 3 global crypto exchanges in the next three to five years.
Moving forward, Bitget is committed to strengthening and innovating its product range as well as promoting the adoption of crypto trading worldwide with the goal of being a portal that goes beyond Web2 and Web3, connecting CeFi and DeFi, resulting in an expansive bridge to the vast crypto network.
In the next 12 months, we plan to continue to offer the safest and most stable crypto platform, strengthen our market position in futures contracts, with further development and expansion in terms of product offering, trading volume, user geography, etc.
From a product perspective, we will focus on social trading, a broader concept that Bitget wants to put more emphasis on. Social trading allows people to interact with and observe other traders, as well as follow or execute the strategies of more experienced peers. We will also provide multi-dimensional wealth management such as staking, launchpool and fixed income and other products including swap and NFT.
In terms of marketing and business, we will continue to work with our global KOL network, providing good services and support to individual and institutional users, we will create more educational articles and videos, sponsor more crypto events and sports and gaming teams to increase the influence of crypto and help Bitget brand to further flourish.
As mentioned earlier, we are also looking to expand our workforce to 1,200 employees by Q1 2023 to accommodate our company’s growth.