After integrating with its newly acquired wallet service, BitKeep, Bitget has become one of the top four cryptocurrency exchanges in terms of trading volume. As part of its rebranding efforts following the acquisition, BitKeep has been renamed to Bitget Wallet.
Bitget and BitKeep’s Integration was a Success
In 2023, Bitget has shown impressive market performance, ranking fourth in trading volume among cryptocurrency exchanges.
TokenInsight’s report for the second quarter shows that the top four exchanges make up 85% of the total market trading volume. Binance leads with 52%, followed by OKX at 15.13%, Bybit at 10.6%, and Bitget at 8.1%.
On July 18, Bitget released its Q2 report, which stated that its spot trading volume exceeded $60 billion and its futures trading volume reached $606 billion.
The report also referenced research by blockchain analytics firm Nansen, which indicated that Bitget was the only exchange to see an increase in futures trading volumes in the six months following the collapse of FTX, owned by Sam Bankman-Fried.
Bitget attributes its Q2 performance to the launch of its copy trading feature, which allows users to follow the trading strategies of selected traders. The exchange reported that it gained 29,700 new elite traders and 169,800 new followers, resulting in a profit of $33 million by mid-2023.
Like Binance, Bitget has established proof of reserves, ensuring that it holds more than 100% of all user assets on its platform. This includes Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).
At the time of publication, Bitget’s reserve ratio, calculated by dividing the platform’s assets by the users’ assets, was 223%.
As it expands its services across Europe in 2023, Bitget gained virtual asset service provider registration in Poland and Lithuania. The exchange also plans to establish a regional hub for its operations in Dubai.
Bitget, a Seychelles-based cryptocurrency derivatives exchange, has experienced significant growth in key metrics during the first half of 2023, due in part to the integration of a recently acquired self-custodial wallet service.
