Focusing On Listings, Licenses, and Long-Term Growth
Centralized cryptocurrency exchange Bitget has been making strategic investments despite the ongoing crypto bear market, according to recent reports.
Bitget launched five years ago and gained significant traction in the last two years. The experience from navigating the 2020 crypto bear market helped Bitget handle the current downturn in a measured fashion through partnerships, international expansion, and targeted investments.
Investing In Web3 and Acquiring Assets
Bitget’s investment strategy during the bear market includes acquiring assets at lower prices, hiring dedicated staff, and investing in web3 projects to bolster decentralized finance (DeFi). By acquiring coin listings at attractive valuations, Bitget seeks to strengthen its offerings once market conditions normalize.
The exchange focuses on a rigorous coin listing strategy that balances speed and quality to enhance the user experience. Bitget cited the listing of the ARB Network token as an example of their strategy.
Optimizing Market Trends and User Experience
Overall, Bitget aims to optimize market trends and user experience to create a fast and reliable trading platform.
In terms of regulation, Bitget acknowledged the advancements made in the Middle East, North African region, and Hong Kong. However, the firm noted the regulatory uncertainty in the United States. This uncertainty has led Bitget to not participate in the US market currently, with a focus on securing licenses in other regions. There is also a mention of Binance potentially settling with the Department of Justice for over $4 billion, indicating a heightened level of compliance expectations in the industry.
Planning For Growth in 2024 and Beyond
Looking to 2024, Bitget plans to list more coins, forge new partnerships, and acquire necessary licenses to grow their operations. The firm adopts a long-term approach to running their centralized exchange, treating it as a “marathon” focused on endurance and strategic progress.