Bitget, a cryptocurrency exchange, announced that it has experienced a significant surge in its user base, surpassing 45 million users worldwide as it celebrated its sixth anniversary.
On September 18, the platform revealed that the number of users on its crypto trading platform had nearly tripled since 2023. The company emphasized that the majority of this growth came from regions such as Africa, South Asia, and Southeast Asia.
Bitget’s user growth per quarter from 2021 to 2024. Source: Bitget
In Africa, Bitget reported a staggering 1,614% increase in users as the region delves further into the Web3 space. In South and Southeast Asia, the crypto exchange saw growth rates of 729% and 216%, respectively.
Bitget CEO, Gracy Chen, explained that the substantial growth in their user base can be attributed to three key factors: the expansion of their peer-to-peer (P2P) marketplace, the rising popularity of memecoins, and the emergence of The Open Network (TON) ecosystem.
Chen stated that Bitget facilitates a P2P market, which she described as the original purpose of cryptocurrencies – a means of exchanging value. She said:
“In addition, Chen highlighted the significant role that memecoins played in Bitget’s growth in Africa. She emphasized that as Africans embraced opportunities in the memecoin sector, Bitget provided a platform that supported them.
Lastly, Chen noted that the emergence of the TON ecosystem also contributed to Bitget’s growth in Africa. She explained that Africans quickly adopt the Web3 space as they utilize the Telegram messaging platform.
“Millions of Africans use Telegram on a daily basis, and it has become a gateway into the world of crypto for millions,” Chen explained. The Bitget CEO added that the exchange positions itself as a “TON-friendly” platform.
When asked about the challenges that come with rapid user growth, Chen acknowledged that it continually tests their ability to handle the increasing load on various fronts. This includes technical infrastructure, security measures, support teams, and other aspects.
However, the Bitget CEO believes that their workforce of 1,500 employees is capable of responding to this challenge and driving the industry forward.
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Rapid growth tests capabilities to withstand load
When questioned about the challenges that accompany rapid user growth, Chen confessed that it consistently tests their ability to handle the increasing demand on multiple fronts. This encompasses technical infrastructure, security, support teams, and other areas.
Nevertheless, the Bitget CEO remains confident that their workforce of 1,500 individuals can effectively address this challenge and continue to propel the industry forward.
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