The exchange reported that its BTC, USDT, and ETH holdings grew by at least 70%, highlighting a $700 million capital inflow for the quarter.
Crypto exchange Bitget reported a $700 million capital inflow and increased website traffic for the second quarter of 2024.
The company observed a 50% increase in traffic compared to the previous quarter and claims to have attracted 10 million monthly visitors in Q2. Furthermore, the exchange said it had 2.9 million new users and witnessed a 10% increase in its spot trading market volume compared to Q1.
The exchange also reported a rise in funds. The company mentioned that its Bitcoin (BTC), Tether (USDT) and Ether (ETH) holdings have increased by at least 70%. BTC holdings increased by 73%, while USDT and ETH saw 80% and 153% increases respectively. Bitget claims that this equates to about $700 million in capital inflow.
Partnerships and new ecosystem fund
Bitget partnered up with Turkish National Athletes – Buse Tosun Çavuşoğlu (Wrestling team), Samet Gümüş (Boxing team) and İlkin Aydın (Volleyball team) under the #MakeItCount Campaign
The #MakeItCount campaign was initially launched with Lionel Messi in 2022, now adds the latest formed sports collaborations representing Bitget’s vision of inspiring and empowering its users in Turkey and globally.
The athletes embodied attributes – Perservance, Positive Passion and No Progress too Small, which were identified through their hard work and dedication in their respective sports. These qualities synchronised with Bitget’s #MakeItCount campaign, which aimed to inspire and empower audiences to achieve new heights and make a lasting impact. Each athlete brought forth a unique story of dedication and success, making them ideal pillars for the #MakeItCount initiative.
Bitget CEO Gracy Chen appreciated the community’s support and highlighted that they will continue to build for Web3’s future.
“Q2 2024 has been a pivotal period for Bitget. Our collaboration with Turkish athletes along with significant growth in users and website traffic is a part of our global expansion.”
Chen said
In collaboration with Singapore-based investment firm Foresight Ventures, Bitget launched a $20 million ecosystem fund in Q2. This fund aims to support early-stage projects on The Open Network (TON) and accelerate the development of the TON ecosystem.
Proof-of-reserve ratios remain intact
The exchange also highlighted that its proof-of-reserves (PoR) report shows ratios above 100% for all major assets. On its website, the company reported holding more than 100% of cryptocurrencies compared to user funds.
Meanwhile, the company said that its protection fund is also valued at over $420 million. The company claims that this adds additional security for its users.
Within the quarter, the company also partnered with Know Your Customer (KYC) verification provider Sumsub to combat deepfake scammers attempting to complete the KYC verification process in the exchange. The move responds to the rising amount of deepfakes detected within the crypto space.
On June 27, Bitget researchers highlighted that losses from deepfake attacks within the crypto space could reach $25 billion in 2024.
The second quarter of 2024 was a lot more different than the previous quarter. Bitcoin halving occurred in April, adding post-halving pressure on miners followed by BTC price drops and altcoins losing their ATHs. The memecoin frenzy kicked in and popular chains accumulated a huge interest from users. Nevertheless, celebrity-based tokens plummeted dramatically within a few days of launch. While most were playing, Bitget was preparing, adding more developments to its ecosystem.
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