Bitget
Bitget is a cryptocurrency exchange and derivatives platform founded in 2018 and it is based in Seychelles. The exchange offers copy, futures, and spot trading on its platform. [1][2]
Overview
Founded in July 2018, Bitget is a crypto exchange providing spot, derivatives, and copy trading services. It offers a straightforward registration process and is accessible via web and mobile apps. The platform focuses on derivatives trading with perpetual future contracts and offers leverage of up to 125x. [14]
In November 2022, Bitget announced that it had registered in Seychelles to aid global expansion. The exchange also updated its recruitment plan with a target of 1200 headcount by the first quarter of 2023, increasing its workforce by another 50% from its existing size, to better meet user demand and support business growth. [17]
"We see Seychelles as a friendly region for the crypto community. We have been working for several months on this registration and are happy to announce the development now. The registration in Seychelles offers a constructive environment for Bitget, enabling us to unlock collaborations with partners and strengthen banking relationships, along with our expansion with different partnerships, such as the Argentine football legend Lionel Messi and the Italian football club Juventus" - Gracy Chen, Managing Director of Bitget, commented.
In April 2023, Bitget launched its Bitget Web3 Fund during the Hong Kong Blockchain Week, with an initial investment of $100 million. The fund is focused on investing in Web3-friendly venture capital and outstanding Web3 projects, with the goal of supporting the development of the next generation of crypto projects. [22]
On April 18, 2023, Bitget announced a partnership with Core DAO to launch a $200 million ecosystem fund focusing on the support of decentralized applications (DApps) built on Core Network Layer-1 blockchain. [31]
In May 2023, Bitget announced the launch of the Bitget Academy training project aimed at empowering young individuals with a $10 million investment through the Blockchain4Youth project. [16] As stated in a press release, *"*the project will revolve around the exchange’s core values focused on advancing crypto and blockchain technology adoption through the leadership of young generation representatives." [16]
In August 2022, Bitget introduced a Protection Fund worth $200 million to provide security against potential hacks and protect assets. In November 2022, Bitget announced that it will increase its Protection Fund to 300 million USD, in order to provide better protection and further assurance to crypto users. [28]
In April 2023, Bitget started a $100 million fund targeting Web3 startups in Asian countries to build a framework for developing Web3. [40]
"Despite the bear run, Bitget has always been supporting promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our ‘Go beyond derivative’ strategy in 2023,” - Gracy Chen, managing director of Bitget, said to CoinDesk in a statement.
On September 12, 2023, Bitget announced the establishment of the Bitget EmpowerX Fund worth $100 million. The fund is dedicated to fostering the platform’s ecosystem development, seeking investment opportunities in regional exchanges, data analytics firms, media organizations, and other entities that contribute to the growth of its ecosystem. [39]
Products
Buy
Bitget offers a Buy service for cryptocurrency transactions via credit/debit card, P2P trading, Quick buy, and Third-party trading. Users can select fiat currency, cryptocurrency, and payment method in a few seconds. [3]
Copy Trading
Bitget provides a copy trading feature that enables users to follow and replicate the trades of other traders. Recently, they introduced parameter recommendations, allowing elite traders to suggest parameters for their followers, simplifying the copy trading process. Elite traders can set recommended parameters via the Settings, including Fixed Amount and Multiplier modes, Stop-Loss Ratio, Take-Profit Ratio, and Maximum. Followers can apply these parameters by clicking "Apply Parameters," automatically using the preset values provided by elite traders. [5]
Spot Trading
Bitget’s spot trading feature allows users to trade cryptocurrencies on the Bitget cryptocurrency market. It provides up-to-date information on spot market prices, coin market cap, token price charts, and 24-hour price changes. [4]
Futures Trading
Bitget offers futures trading, allowing users to buy or sell assets at predetermined future prices and dates. This service covers cryptocurrencies like Bitcoin, Ethereum, and Litecoin, providing diverse investment opportunities with various underlying assets and expiration options. Futures trading introduces margin and leverage, aiding capital allocation, risk hedging, and market stability. These contracts are exchange-traded, adhering to standardized terms and conditions, ensuring high liquidity and reduced default risks. [6]
Bitget provides three futures trading options: COIN-M Futures, USDT-M Futures, and USDC-M Futures. The key difference lies in the settlement currency used. In USDT-M Futures and USDC-M Futures, settlements occur in USDT and USDC, respectively. In contrast, COIN-M Futures involve settlements in specific cryptocurrencies like Bitcoin or Ethereum. [7]
Margin Trading
Margin trading enables traders to engage in futures trading by depositing a specific amount relative to the contract value and borrowing the remainder for increased buying power. Traders are encouraged to monitor their positions daily. If their account balance drops below a certain threshold, they must promptly cover the deficit, or the exchange may close open positions until the balance meets the minimum requirement. Traders can also choose to exit less favorable positions instead of adding more equity to their accounts. [8]
There are five different types of margins on Bitget: First is the Initial margin - the bare minimum amount of equity that needs depositing before a user can open any position, which plays the role of a guarantee for the counterparty. Second is the Maintenance margin - the minimum amount of equity to be maintained in the account during the life of each contract and is always lower than the initial margin. This is the Variation margin - the difference between the initial margin and the current (margin) balance and is calculated in case of a margin call, i.e., when the account balance falls below the required maintenance margin. [8]
Fourth is the Available margin - The total amount of equity available for placing new trades every day. Lastly, the Risk margin - the amount of equity that is at risk in an open position. [8][9]
Bitget Launchpad
Bitget Launchpad is a platform that offers early access to potential new cryptocurrency tokens from various projects. Project owners can leverage Bitget’s wide-ranging community and extensive resources to build their brand. [12]
One of the projects on the launchpad is TypeIt (TYPE).
"TypeIt (TYPE) is a revolutionary new keyboard that allows users to earn a passive income simply by using it to conduct their day-to-day typing activities"[13]
Bitget Insights
Bitget introduced a new feature in October 2022 called "Bitget Insights". This feature allows the integration of social media with social trading via the Bitget exchange. With Bitget Insights, novice traders can gain valuable insights from experienced traders. [21]
Bitget Token (BGB)
Bitget Token (BGB) is the native utility token of Bitget. The updated BGB token was launched in July 2021 with the aim of providing platform users with a form of payment within the ecosystem. [10]
The BGB token can be used by traders for staking, social trading, profit sharing, or receiving discounts on trading fees. BGB holders can also participate in the launchpad and launchpool. [10]
Tokenomics
The total supply of BGB tokens is 2 billion tokens, with 25% swapped for BFT (Bitget DeFi Token) holders. The remaining 75% is distributed for — community acquisition (15%), branding and growth (15%), ecological investment funds (15%), core team motivation (20%), and investor protection (10%). [11]
Partnerships
Bitget x Juventus FC
In October 2021, Juventus FC signed an agreement that titled Bitget as its official sleeve partner – the first in the history of the club.
“Bitget has been looking for outstanding partners from the sports world and game community. The partnership will help Bitget better enhance our international awareness.” -
James Lee, Global Strategy Officer of Bitget noted. [18]
In March 2023, Bitget announced on International Women's Day that it has become an official sponsor of the Juventus Women's Team. Bitget’s decision to sponsor the Juventus Women’s Team was inspired by its own company composition. 40% of employees in managerial roles at Bitget are female and the exchange is an equal opportunity employer. [20]
Bitget x Lionel Messi
In October 2022, before the Qatar World Cup, Bitget partnered with Lionel Messi, an Argentinian footballer making him Bitget's brand ambassador. [15]
"We try to reflect the diversity and richness of our platform community in the partnerships we choose. We open up Web 3 to sports fans; they open the field to crypto traders. As the Football World Cup approaches, Messi is to lead Argentina to new glory. We are honoured to have such a force of nature collaborate with us." - Gracy Chen, Managing Director of Bitget, commented. [15]
Bitget x DOTA 2 Bali Major 2023
In June 2023, Bitget announced its sponsorship for the DOTA 2 Bali Major 2023 as the Official Crypto Exchange Partner. The partnership was set to bring together the world of crypto and e-sports in an industry-leading event, which was scheduled to take place from June 29 to July 9, 2023. [23]
"We are thrilled to partner with the DOTA 2 Bali Major as the Official Crypto Exchange
Sponsor. This collaboration allows Bitget to merge the worlds of cryptocurrency and esports, two technologies shaping the future of the Web3 industry.By supporting such prestigious esports events, we are reinforcing our commitment to empowering more individuals to embrace crypto, which presents the future of finance. We look forward to an exciting tournament and showcasing the potential of cryptocurrencies in the gaming industry”, said Gracy Chen, Managing Director of Bitget.[23]
Bitget x ClearTax
On July 21, 2023, Bitget formed a partnership with ClearTax, India's top tax filing platform. The partnership is designed to give Bitget users access to a specialized crypto tax platform with additional support for their community. The collaboration between Bitget and ClearTax involves multiple community awareness activities. [25]
As a result of the partnership, Bitget users can benefit from ClearTax's specialized tax filing services at discounted prices and have access to its live chat desk 24/7 during the Income Tax Return (ITR) season. [25]
“We are excited to partner with ClearTax to make crypto tax filing easier for our users in India,” said Gracy Chen, Managing Director at Bitget.
“ClearTax is a leading provider of tax filing services in India, and we believe that their expertise will be invaluable to our users. This partnership allows access to our users to file taxes quickly and easily.”[25]
Bitget x CoinTracking
On July 24, 2023, Bitget announced its partnership with CoinTracking, a crypto tax software. With CoinTracking, any crypto investor can import their trades from 100+ options, from exchanges to wallets, legacy imports, and blockchain addresses. [26]
After importing trades, investors can fully track their portfolio with 25+ advanced reporting features, from trade statistics to balances and market analysis.[26]
Bitget x Coinpanda
On August 9, 2023, Bitget announced a new partnership with the crypto tax platform Coinpanda. Bitget x Coinpanda partnership is designed to offer users an exclusive discount and the possibility to calculate crypto taxes in a few clicks. [27]
Bitget x CoinStats
On August 24, 2023, Bitget announced an alliance with CoinStats, a renowned crypto portfolio tracker, to reshape the way investors manage their burgeoning digital assets. The partnership with CoinStats allows users to monitor and manage their diverse crypto assets from a single unified interface. [29]
"Our dedication to helping users stay ahead and trade smarter drives us to collaborate with the industry's most robust crypto tools. CoinStats stands out as one of the premier crypto portfolio trackers available. It equips users with a real-time comprehensive perspective of their digital wealth, enabling swift, informed decisions." - Gracy Chen, the Managing Director of Bitget, commented[29]
Bitget x CCData
On August 31, 2023, Bitget announced its strategic integration with CCData, the leading provider of institutional-grade digital asset data. This collaboration propels Bitget's commitment to excellence by delivering comprehensive data solutions tailored for institutional investors. [30]
Bitget x Space & Time
On March 27, 2023, Bitget announced a strategic partnership with Space and Time (SxT), a leader in decentralized data warehousing. The partnership enables Bitget to offer users unparalleled transparency of exchange operations with a verifiably tamperproof audit trail of data and computation. [32]
Bitget is the first centralized exchange to leverage a decentralized data warehouse. The trustless Space and Time platform will provide Bitget users with verifiable evidence that the exchange holds the assets it claims to own on behalf of its clients. Bitget users will also have full transparency about the exchange’s activity, liquidity, assets, and liabilities with the assurance that the data and computation powering the exchange are accurate and haven’t been tampered with.[32]
Bitget x Copper
On May 25, 2023 – Bitget announced that it would partner with Copper, a digital asset custody provider, to introduce an off-exchange settlement solution. It enables institutional clients to trade and settle in near real-time across exchanges while mitigating counterparty risk and increasing capital efficiency. [34]
Bitget x Koinly
On September 1, 2023, Bitget unveiled a major upgrade to its API connecting to Koinly’s tax reporting platform in direct response to invaluable feedback from its dynamic community of crypto tax users. [35]
Bitget x IEEE
On September 5, 2023, Bitget formed a partnership with the Institute of Electrical and Electronics Engineers (IEEE) at Manipal University Jaipur to foster crypto education and improve trading skills among students with a trading competition on the Bitget platform. [37]
"We are thrilled to partner with IEEE MUJ to bring crypto education and trading experiences to the next generation of leaders. This initiative aligns perfectly with Bitget's mission to empower individuals with the knowledge and tools needed to navigate the exciting world of cryptocurrencies and blockchain,” - Gracy Chen, Managing Director at Bitget.[37]
Bitget x 3Commas
On September 8, 2023, Bitget launched a partnership with 3Commas, a crypto trading automation company to provide users with enhanced trading capabilities and maximize automation features for smarter cryptocurrency trading. [38]
Bitget x Sumsub
On June 4, 2024, Bitget collaborated with Sumsub, an identity verification provider, to improve its security and prevent users from deepfake scams prevalent in the crypto space. Bitget announced that the partnership will provide security measures for its users and will be able to identify and prevent deepfake scams with an accuracy rate exceeding 99%.
Sumsub will provide Bitget with a range of know-your-customer (KYC) tool sets, including identity verification, facial biometrics, non-document verification, and database validation. [42][43]
Funding
In 2018, Bitget received its Series-A funding of an initial $10 million from leading blockchain investment fund Consensus Labs and Collinstar Capital. [19]
In July 2020, Bitget completed a $10 million Series-B financing round backed by Anlan Capital growth fund as well as South Korea-listed Japanese gaming company SNK, raising its valuation to $1 billion. [19]
In April 2023, Bitget received $10 million in funding in a venture round led by Dragonfly. According to Dragonfly, the investment is to support Bitget's ongoing global market and service range expansion, as well as its CSR initiatives aimed at increasing crypto education and adoption. [36]
Blockchain4Youth
On May 4, 2023, Bitget announced the launch of a corporate social responsibility (CSR) project — Blockchain4Youth. The project aims to create a blockchain future by empowering and inspiring younger generations to use Web3 and сrypto tools to create and engage in a decentralized space.[33]
Blockchain4Youth shares Bitget's mission of promoting crypto adoption by inspiring individuals. Bitget believes that a blockchain-based future is crucial for enhancing crypto tools and products. They aim to empower the younger generation to become proactive leaders in advancing these ideas. According to a Bitget study, Millennials and Gen Z, constituting 46% of crypto enthusiasts, play a significant role in shaping a crypto-friendly future. [33]
“Bitget aims to uplift the youth of today with valuable knowledge regarding Blockchain and Web3 information, ensuring a future where the world is blockchain-connected. Bitget's study shows that the constantly changing demographics will have a significant impact on the adoption of cryptocurrency, and teenagers struggle to systematically understand this ever-evolving world."
In light of this, Bitget aims to leverage its global reach and initiate meaningful projects to empower the younger generation," - Gracy Chen, the Managing Director of Bitget, commented on the new project.[33]
Blockchain4Her
In January 2024, Bitget launched an initiative dubbed the “Blockchain4Her” group which aims to support female-led businesses. The initiative includes a $10 million fund to support female-led startups in the blockchain industry. The exchange said in a recent study it found that there is limited gender diversity in the blockchain funding market. Findings show that female-led blockchain startups secured only 6% of the total funding in the blockchain sector. [41]
“In an industry that is evolving rapidly, diversity and inclusion are vital for sustainable growth,” said Gracy Chen, Managing Director of Bitget, in a press release.
“This initiative aligns with our broader vision of creating a more equitable and inclusive future through the power of blockchain,” she adds. [41]
Chen explains the Blockchain4Her initiative reflects Bitget’s goal to bridge the gender gap in the blockchain industry. She said the group aims to achieve this through incubation programs, pitch competitions, and recognition events. The group will empower and encourage women to take on leadership roles in the Web3 and blockchain space. [41]
Crypto Loans
On July 4, 2023, Bitget launched Crypto Loans to attract a new audience of users dissuaded by traditional credit institutions and seeking alternative means of funding via digital assets. [24]
Bitget’s Crypto Loans product is based on a dual-coin approach, allowing users to stake one coin from their holdings as collateral in exchange for the ability to borrow a corresponding amount in another coin. Each loan is issued at a specific interest rate to pay, with the borrowed amount determined by the market value of the staked collateral. The loans are issued within a predetermined period, users can choose to repay before or at the predetermined deadline. [24]
"Bitget's new product highlights the flexibility of collateralized currency usage, enhancing capital utilization. Users now have the opportunity to stake less-demanded coins, enabling them to obtain loans in more liquid assets for investment purposes. - Gracy Chen, Managing Director of Bitget.[24]
