by Helmuth Fuchs
Moneycab: Ms. Chen, since joining Bitget in 2022, the company has seen remarkable growth. Can you share some of the actions and changes that led to the increase in user base from 8 million to over 45 million and the expansion of your team from 1,100 to 1,500 employees?
Gracy Chen: Our growth over the years has not been linear, but I believe that our continued steady growth can be attributed to our focus on serving our customers through continuous innovation and strategic partnerships.
«Compliance and security are in our DNA and we have a strict set of conditions that we ensure all new project listings adhere to before adding them to our platform.» Gracy Chen, CEO Bitget
Through the crypto winter of 2022, layoffs were rife in the crypto industry. The industry was facing a downward trend, and headcount reductions extended beyond crypto and into other industries such as tech. On the flip side, at Bitget, we continued to hire strategically through this period. By adding headcount in a conservative manner, we were able to sustainably build a 1,600-workforce strong team that is dedicated to serving a rapidly growing market.
From a leadership standpoint, we strengthened our legal and compliance efforts by hiring Chief Legal Officer, Hon Ng and appointed Min Li to drive Bitget’s global growth. With a team of results-driven changemakers, I believe that they have also set the standard and pushed Bitget to achieve the results that we hit thus far.
At the core of our operations, we believe that focusing on our customers has been the key to our success. With user-centricity in mind, we’ve developed robust compliance and security protocols to list quality, trending projects for investors to become early holders. I believe that the trust customers have in us is reflected in the massive growth in our user base.
Bitget’s spot trading volume surged from 28 billion USD in Q1 to around 48 billion USD in Q4 2024. What factors do you attribute to this impressive growth, and how does it compare to the overall market performance?
Our priority at Bitget, since its reintroduction in our suite of services, is to expand our range of high-quality crypto projects. This, in my opinion, is what has caused the spike in spot trading. Our research and listing team keeps a close eye on industry trends to allow Bitget to list projects in a timely manner. That being said, compliance and security are in our DNA and we have a strict set of conditions that we ensure all new project listings adhere to before adding them to our platform. In 2024, we selected 21 Launchpool projects, including the likes of ZK, ENA and SWELL, offering users an average annualized yield of 89%, reaching highs of 329%.
You recently launched the Blockchain4Her initiative with a $10 million commitment. What specific goals do you hope to achieve with this program, and how do you plan to measure its success?
Blockchain4Her was started with a commitment to fostering female entrepreneurship and recognition of women’s achievements in the blockchain and web3 space. Despite the industry having made progress, there still is a significant gender bias in the space, with only 6% of female-led blockchain startups securing funding. Through incubation programs, pitch competitions, and awards, Blockchain4Her aims to equip women with the right tools to take on leadership roles in Web3, aligning with Bitget’s vision of creating a more equitable and inclusive future through the blockchain.
A recent Bitget study revealed, as you just stated, that female-led blockchain startups received only 6% of total funding. 40% of the employees at Bitget are women. How do you find female employees in a field dominated by men and what has to be done to change the investors› views towards female-led startups?
Bitget’s hiring policy is about harnessing the full potential of talent in our industry to drive innovation and growth. Through initiatives such as Blockchain4Her, we aim to provide a safe avenue to encourage more females to enter and explore the world of crypto. Through this, we grow the pool of females in crypto and, in turn, hopefully be able to hire more females in a historically male-dominated field.
«Despite the industry having made progress, there still is a significant gender bias in the space, with only 6% of female-led blockchain startups securing funding.»
One way that we aim to shift investor views towards female-led startups is to spotlight the challenges faced by such startups. Through raising awareness and fostering a community of like-minded entrepreneurs, Blockchain4her will work towards creating a more inclusive funding landscape.
Bitget has seen a massive surge in Gen Z users. How do you interpret this trend, and what strategies is Bitget implementing to cater to this younger demographic?
The impressive surge we observed in November can be partly attributed to the expectations surrounding the surge of pro-crypto stance worldwide. However, this surge also reflects a broader shift in how younger generations approach finance and investment.
With information readily available at our fingertips, many young investors, such as Gen Z users, no longer rely solely on banks or brokers to invest their money. The tech-savvy generation is now able to do in-depth research into different investment vehicles more easily than the last, allowing them to make more informed decisions. To keep up, Bitget has begun utilizing AI agents to aggregate and analyze market data, providing trading signals, insights, and trend predictions to traders. Through the use of AI, we aim to give more accurate, real-time information for traders to execute on.
With Bitget’s futures daily trading volume reaching approximately 15 billion USD, how do you see the company’s position in the derivatives market evolving in the coming years?
With a market share of 19.32%, Bitget has shown consistent growth, and it would not be unexpected to see our derivatives market continue to expand. Ranking as one of the top 5 global CEXs with a US$15 billion daily futures trading volume, it is clear that Bitget is not just a part of the crypto derivatives landscape but is actively reshaping it. With the crypto derivatives market expected to hit US$10 trillion by 2026, Bitget is focused on innovating our trading features and incorporating AI-driven strategies to provide traders with the necessary tools to take advantage of the market.
The Bitget Token (BGB) experienced an astonishing raise in the trading price from 0.6 USD at the beginning of 2024 to currently around 7 USD. What factors contributed to this substantial increase, and how does it reflect on Bitget’s overall performance?
BGB’s rise signals our exchange’s robust growth and strategic vision. This surge isn’t just about numbers, it’s a reflection of our expanding ecosystem and the trust our 45 million users have in us. In 2024, Bitget introduced multiple product updates and innovative features that resonated with users. Pre-market trading provides early access to premium assets, while LaunchX serves as an innovative token launch platform designed for the Web3 community. Looking ahead, we plan to roll out unified accounts, API upgrades, lending tools, and deeper AI integration, which would continue to bolster Bitget’s performance.
«BGB’s rise signals our exchange’s robust growth and strategic vision. This surge isn’t just about numbers, it’s a reflection of our expanding ecosystem and the trust our 45 million users have in us.»
Bitget has been actively expanding its listings, with over 500 spot trading pairs. How do you balance the desire for asset diversity with the need for quality and security in the assets you list?
At Bitget, we have a robust listing process that ensures each project is vetted thoroughly before being added to our trading platform. Beyond the initial vetting process, we also routinely conduct reviews of each listed digital asset to ensure they meet our platform standards. Products that do not meet the standards will receive a “Special Treatment” label and be placed on a watchlist.
Bitget will then notify the relevant project team to make the necessary corrections, allowing a seven-day notice period and a seven-day rectification period. Assets that remain on the watchlist after the seven-day rectification period will be delisted by Bitget. Through this end-to-end process, we ensure that we maintain a wide range of listings while keeping up with stringent security standards.
As blockchain technology continues to evolve, what specific trends or developments do you believe will have the most significant impact on the crypto industry in the next 2-3 years? With the recent approval of Bitcoin ETFs, how do you see the relationship between traditional finance and cryptocurrencies evolving, and what role does Bitget play in this convergence?
Three trends are expected to have a significant impact on the sector:
- AI agents are expected to become more integral, managing everything from trading to user interaction in the crypto world. They’ll provide personalized services but bring concerns about market manipulation.
- Crypto payments might surge with stablecoins becoming a norm in small businesses to cut down on fees. This could make transactions faster and cheaper, although regulations will play a key role in adoption.
- The tokenization of real-world assets (RWA) will likely expand, turning physical assets into digital tokens for broader access and liquidity. This trend, supported by institutions like BlackRock, suggests a blending of traditional finance with blockchain for more integrated financial systems.
With the introduction of crypto ETFs in 2024, institutional interest in crypto has helped establish its status as a traditional asset class. As TradFi players enter the crypto ecosystem, these Web2 players will need tools to support a smooth transition. Which is why Bitget aims to enhance our support for institutional clients, including market makers, brokers, asset managers, and large financial institutions.
«AI agents are expected to become more integral, managing everything from trading to user interaction in the crypto world.»
Bitget has been focusing on copy trading, with over 52,000 new traders joining the platform. How significant is this feature for Bitget’s growth strategy, and what percentage of your user base engages in copy trading?
Copy trading is the cornerstone of Bitget’s growth strategy, playing a significant role in attracting and retaining users. With over 400,000 copy traders and over 100,000 traders to copy from, copy trading will continue to be a key feature at Bitget.
Looking ahead to 2025, what are your top three priorities for Bitget, and how do you plan to maintain the company’s growth trajectory in an increasingly competitive market?
In 2025, we will focus on three key areas: enhancing Institutional VIP Services, growing the BGB PayFi ecosystem, and bolstering security and compliance at Bitget. Our approach is centered on strategic worldwide expansion, ongoing innovation, and the development of user-centric solutions that meet actual market demands. We’re not only looking to expand; by striking a balance between technological development and legal compliance, we’re setting ourselves up to revolutionize the way that people trade cryptocurrencies.
At the end of the interview, you are granted 2 wishes. What are they?
My first wish would be for crypto adoption to accelerate across globe and of course for the continued success of Bitget.