Bitget Releases Quarterly Transparency Report Analyzing Q2 2024

Data from Bitget’s Proof of Reserve (PoR) page shows that users’ BTC, USDT, and ETH holdings increased by 73%, 80%, and 153% respectively in the first 6 months, representing an inflow of approximately $700 million. The growth was accompanied by 2.9 million new users added to the platform in line with its expanding reach and crypto trading solutions. Spot trading volume on Bitget increased by over 10%, from $28 billion in Q1 to $32 billion in Q2.

More than 100 Projects in Total Launched

Bitget has continued its innovations with the launch of two new initial token listing products, PoolX and Pre-Market. PoolX introduced a new staking platform that allows users to earn tokens by staking BGB and USDT, while Pre-Market enabled trading of tokens that are not yet officially listed on major exchanges.

These products have led to the launch of over 100 projects in total, delivering higher potential offerings and attracting significant user engagement.

In June, BGB saw tremendous growth as the top-performing CEX token. BGB was also recently listed among the Top 10 cryptocurrencies by Forbes. Additionally, CCData’s latest H2 Outlook Report shows Bitget having the largest market share growth among CEXs at 38.4% from H2 2023 to H1 2024, while most of its peers experienced a slight decline.

One of the highlights of this quarter was the collaboration with three Turkish national athletes – Buse Tosun Çavuşoğlu (Wrestling), Samet Gümüş (Boxing) and İlkin Aydın (Volleyball) – as part of the #MakeItCount Lionel Messi campaign. The athletes, who represent determination and passion, represented the essence of the campaign, which aimed to motivate viewers to reach new heights and create lasting impacts. This move was also part of Bitget’s rapid growth in Turkey.

In collaboration with Foresight Ventures, Bitget has also launched a $20 million TON Ecosystem Fund to support early-stage projects building on The Open Network (TON). This initiative aims to accelerate innovation and development within the TON ecosystem, in line with the broader goal of driving mass adoption of cryptocurrency on Bitget.

Commenting on the subject, Bitget CEO Gracy Chen said, “The second quarter of 2024 was a very important period for Bitget. Our collaboration with Turkish athletes, as well as significant growth in user and website traffic, are part of our global expansion. We are grateful for the support of our community and will continue to build for the future of Web3.”

Bitget Hedge Fund Is One of the Largest in the Industry

The exchange continues to maintain proof of reserves with the latest report showing reserve ratios well above 100% for all major assets. Additionally, the Bitget Conservation Fund, currently valued at around $420 million, provides an extra layer of security for users as one of the largest funds in the industry.

In addition, Bitget Research released a report highlighting that deepfake crypto crimes could account for 70% of all crypto crimes, while it also plans to run an anti-fraud campaign in Vietnam. Bitget has also partnered with Sumsub to provide tighter security to its 25 million users.

As Bitget looks ahead to Q3 2024, it continues to focus on developing its platform ecosystem, delivering value to its users, and supporting the broader growth of the crypto industry. With continued innovation, strategic partnerships, and strong security layers, Bitget closed its latest quarter by reaching new positive milestones.

To read in depth Bitget’s Q2 performance, you can access the report here.