A Q&A with Bitget’s Managing Director, Gracy Chen
We had a brief chat with Gracy Chen, Managing Director of Bitget, ahead of her keynote on Day 4 of Blockchain Week 2023, a day dedicated to international perspectives exploring the regulatory landscapes of APAC, EU, US and the Middle East.
1. To overcome the uncertainty surrounding cryptocurrency, how do you build trust in trading platforms?
2022 was one of the roughest years in the crypto industry, which saw the collapse of Terra LUNA, Celsius, and FTX, collectively wiping more than US$2 trillion from the crypto market. However, this didn’t deter Bitget, we continued to build and improve for our traders. Based on our Q1 transparency report, we have achieved tremendous growth in all aspects of our business, including website traffic, trading volume, team size, BGB token price and holders.
2. What factors are key to driving mass adoption?
Some of the factors we think are key to retaining and attracting new users, and eventually leading to mass adoption include:
– Transparency and Auditing: Building trust begins with transparency and providing regular reports on platform activities, achievements, and ecosystem improvements. Issuing regularly updated information such as Proof of Reserves status and transparency reports, like the ones presented by Bitget, helps users understand the platform’s performance, trading volumes, token dynamics, and ecosystem developments.
– Compliance and Regulation: As regulators tighten their oversight on crypto exchanges, it becomes essential for trading platforms to prioritise compliance with regulations. Implementing risk-mitigation measures, such as fund custody services by providing users with the option of a separate custodian wallet, can help bolster compliance and provide assurance to users and regulators that their assets are secure.
– Security Measures: Addressing security concerns is crucial for building trust. Implementing advanced security measures, such as robust IT systems, continuous monitoring, and protection against hacks and theft, can help ensure the safety of users’ funds. Bitget’s focus on security and its track record of achieving almost zero accidents over the past four years exemplify such measures.
– Community-centric Approach: Prioritising the needs and interests of users’ community can help foster mass adoption. Offering better services, favourable rates, and various protection mechanisms for users demonstrates a commitment to serving their needs and promoting inclusivity in the crypto industry. Recently, Bitget compensated affected users, with our own funds, for a delisted token with abnormal trading behaviour, showing our commitment to putting our community first, even when facing FUD and threats from bad actors.
– Copy Trading: Introducing innovative copy trading and social trading features can attract users by providing a streamlined user-friendly trading experience. Bitget’s One-click Copy Trade feature, which allows users to automatically replicate trades from elite traders, has proven popular.
– Continuous Improvement and Adaptation: In a rapidly evolving industry, it is essential for trading platforms to adapt and improve continuously. This includes expanding product lines, exploring new technologies like Web3, and staying ahead of market trends. Bitget’s expansion of services, team growth, and partnership initiatives demonstrate a commitment to progress and development.
3. How have you adapted to swift changes in the industry?
The cryptocurrency market is constantly evolving, driven by technological advancements and innovative ideas. As we look ahead to the next 12 months, there are several key developments and trends that we expect to action.
1. The Role of AI in the Crypto Market:
Artificial intelligence has the potential to revolutionize the cryptocurrency industry, offering improved efficiency, enhanced security, and intelligent management. Bitget tried using ChatGPT to handle routine customer inquiries. Initially, we were impressed by its proficiency in analyzing and compiling the information. However, as we delved into more complex queries, the cracks began to show. AI tools like ChatGPT are powerful tools that, when used responsibly and in conjunction with human expertise, can significantly enhance crypto trading experience. While Bitget currently utilises automated features to enhance customer service, we will explore the integration further.
2. Expansion of Bitget’s Ecosystem
Bitget aims to become one of the top cryptocurrency exchanges globally, focusing on strengthening its copy trading feature and going beyond derivatives, as well as to expand its ecosystem. To achieve this, Bitget acquired multichain wallet, BitKeep, and launched a series of partnership to co-develop the ecosystem with potential blockchain startups. Additionally, we seek to expand Bitget’s range of services, such as spot trading, coin listings, and innovative products that combine the best of CeFi and DeFi. By bridging the gap between centralised and decentralised finance, Bitget aims to provide user-centric tools that grant equal access to the blockchain-based future.
3. Leveraging Sponsorships for Education and CSR projects:
Bitget recognises the importance of education and corporate social responsibility (CSR) in promoting crypto adoption and changing public perceptions. Through strategic partnerships with influential figures and reputable organisations like Lionel Messi and Juventus Football Club, Bitget aims to increase mainstream awareness and introduce cryptocurrencies to a wider audience. In addition to sponsorship initiatives, Bitget plans to expand its education programs, support crypto-related events and conferences, and contribute to charitable organisations promoting financial inclusion through cryptocurrencies.
4. The Potential of Token Incentivised Physical Infrastructure Networks (TI-PIN):
As the world shifts toward a more decentralised and digital economy, TI-PIN holds great potential to revolutionise our interaction with the physical world. By combining token incentivisation with the token economy of DeFi, TI-PIN projects can bring innovation and change to real-world interactions. This opens up new possibilities for crypto development and attracts non-crypto audiences, expanding the market and driving demand. While challenges exist, such as infrastructure costs and competition, Bitget remains committed to supporting excellent projects in the TI-PIN space and monitoring their progress closely.
4. With crypto fluctuations and banking collapses, where does that leave Web3 startups and how can we encourage Web3 investment, particularly in APAC?
At Bitget, it’s vital that we foster Web3 investment as part of our blockchain ecosystem expansion. Through strategic partnerships, the launch of dedicated funds, and support for innovative projects, Bitget is actively encouraging the growth of Web3 in APAC. This year, we have launched some initial investments with:
- Bitget Web3 Fund:
Bitget has launched a US$100 million Web3 Fund to invest in Web3-friendly venture capital and outstanding projects. The fund prioritises projects in Asia with clear roadmaps, experienced teams, and innovative solutions to real-world problems. It acts as a reliable link between DeFi and CeFi, facilitating financial innovation in APAC.
- Partnership with CoreDAO:
Bitget has partnered with CoreDAO to create a US$200 million ecosystem fund for decentralised applications (DApps) on the Core Network Layer-1 blockchain. The fund supports early-stage projects with research, development, marketing, and community-building initiatives. Bitget also plans to become a validator and support Core staking, providing liquidity to the ecosystem.
- Strategic Partnership with Fetch.ai:
Bitget joined forces with ai and pledged US$10 million in support. The partnership offers marketing consultations and assists with token listings on the Bitget Launchpad platform. Fetch.ai combines AI and blockchain to enable smart, autonomous services and modular P2P interactions.
The launch of the Bitget Web3 Fund, partnership with Core DAO, and collaboration with Fetch.ai demonstrate Bitget’s commitment to fostering the development of the Web3 ecosystem. By providing financial support, expertise, and access to their extensive user base, Bitget and its partners are paving the way for increased adoption of Web3 solutions in APAC.
Founded in the deep bear market in 2018, Bitget aims to inspire all individuals to embrace Web3. Serving over 8 million users in more than 100 countries, Bitget is committed to helping users trade smarter by providing innovative experiences in a secure ecosystem.
We have an average daily trading volume of US$10 billion with over 500 tradable digital assets. And now with Bitkeep, we offer a non-custodial wallet, swap, Dapp browser and NFT marketplace, boasting over 220,000 NFTs.
As one of the largest security-related funds amongst CEXs, our US$300 million Bitget Protection Fund adds an extra layer of security for our users.