Cryptocurrency exchange Bitget has emerged as the second-largest crypto exchange ecosystem globally, following a year that saw its user base expand by 400% to reach 100 million users, according to its 2024 transparency report released today (Thursday).
Bitget Emerges as Second-Largest Crypto Exchange with 100 Million Users
The platform's growth was accompanied by a surge in trading activity, with daily volumes doubling to $20 billion and spot trading volumes expanding from $160 billion in the first quarter to $600 billion in the fourth quarter of 2024.
"Over the past six years, with the robust foundation we've built and an incredible team by my side, Bitget has transformed into a leading crypto platform," said Gracy Chen, who was elevated to CEO from her previous role as Managing Director, becoming the only female chief executive among the top 10 global exchanges.
The exchange's geographic diversification also played a role in its expansion. While East Asia's dominance in the user base declined from 90% in 2021, regions including South Asia, Southeast Asia, and Latin America saw significant growth. South Asia's market share tripled to 15%, while Southeast Asia grew to 12% of total users.
In the meantime, the Bitget Wallet surged past 60 million users, marking a 300% growth in 2024.
“Our vision is to build a superapp that seamlessly connects Web2 and Web3, enabling a billion users to embrace financial freedom,” said Alvin Kan, COO of Bitget Wallet. “We are committed to leading this transformation and becoming the definitive bridge between the real world and the onchain economy.”
Bitget Token Rallies 900%
Bitget's native token, BGB, reflected the exchange's success, surging over 900% to reach $8 by year-end, supported by new burn mechanisms and enhanced utility features. The platform also made a strategic $30 million investment in The Open Network (TON) blockchain, positioning itself to capitalize on emerging GameFi and Tap-to-Earn trends.
“As the crypto market matures, only the most resilient assets with strong ecosystems and real-world utility can thrive through cycles,” Chen added. “BGB, ranked among the top 30 tokens, has established itself as a leading utility token with exceptional liquidity and a strong community. This merger will enhance BGB’s role within Bitget’s ecosystem and create new opportunities for exploring the decentralized world.”
New Locations and Chief Legal Officer
The exchange strengthened its regulatory position in 2024, securing approvals in the United Kingdom and El Salvador, while launching a localized exchange in Vietnam. These developments were complemented by key executive appointments, including Hon Ng as Chief Legal Officer and Min Lin as Chief Business Officer.
“This is an exciting opportunity for me to be working with incredibly talented people and to continue to be able to enhance the industry’s culture of compliance, working side-by-side with regulators, in order to contribute meaningfully to the sustainability of the digital assets ecosystem,” Ng said.
Other updates
Professional trading activity on the platform showed robust growth, with the number of pro traders increasing 43% to 200,000, while copy-trading followers grew to 900,000. Successful trades exceeded 100 million, generating over $600 million in profitable trades.
The platform expanded its offerings significantly, increasing its token listings from 600 to over 800 and nearly doubling its USDT-M futures trading pairs to 400. New features including Bitget Pay, Pre-market trading, and PoolX were introduced to enhance user engagement and investment opportunities.
This article was written by Damian Chmiel at www.financemagnates.com.
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