In a move to expand its business, Seychelles-based crypto exchange Bitget has invested $30 million in the decentralized BitKeep multi-chain wallet, acquiring a controlling stake.
This investment allows Bitget to broaden its range of services and collaborate with BitKeep to connect DeFi and CeFi. The merger is expected to enhance Bitget’s user base and product offerings. It also aims to provide native storage and asset management services.
As part of its new Go Beyond Derivatives strategy, Bitget is transforming its platform into a comprehensive exchange. In an exclusive interview with Bitget’s CEO, Gracy Chen, BeInCrypto delves into the company’s vision for the Web3 space.
Driving Mass Adoption and Security in the Crypto Industry
Gracy Chen believes that crypto exchanges will not offer traditional banking services. This is due to high entry barriers, including capital requirements, compliance challenges, and high technology and security costs. However, exchanges can provide innovative financial services within their infrastructure.
Simplicity, clear and well-implemented regulations, and offline/online payment connections are key to kickstarting the mass adoption of crypto assets, according to Chen. Traditional payment banks and internet companies such as Visa, Mastercard, and PayPal are promoting channels for offline cryptocurrency payments, which will drive the popularization of cryptocurrencies.
After the collapse of FTX, Bitget saw its market share in the derivative market increase from 3% to 11%. Chen attributes this growth to innovative products, being a safe and compliant platform, and reliable asset protection.
According to Chen, Bitget has taken several security measures to ensure users can trade with ease and comfort. These include periodical updates, launching the Bitget Protection Fund, and introducing the Proof of Reserves page.
Exploring Partnerships and CBDC Development in the Crypto World
Chen does not see cold wallets as competitors of crypto exchanges, as they serve different purposes and can coexist and complement each other. Cold wallets provide secure long-term storage for crypto, while exchanges facilitate buying, staking, and transferring funds, among other features.
As for the development of CBDCs, licensed crypto exchanges may be required to circulate, exchange, and accept local CBDCs in countries where they legally operate. This could inject liquidity into new CBDC projects and expand their use cases.
Bitget has partnered with various sports organizations, as the sports industry enjoys a large base of dedicated fans, which helps crypto exchanges build a better brand image and gain widespread awareness. Cooperation between crypto exchanges and sports is a win-win situation. Bitget has also partnered with Esports and entertainment industries and plans to onboard more partners to achieve their goals together.