Bitget Transparency Report: Q2 2024

TLDR;

• Bitget partnered up with three Turkish national athletes under the #MakeItCount campaign
• Bitget saw nearly 50% increase in website traffic in Q2
• Bitget's 6-month inflow of BTC, USDT, and ETH reached 73%, 80%, and 153% respectively
• In early Q2 Bitget launched two new initial token listing products PoolX and Pre-market, which launched 65 and 35 projects respectively in total.
• Bitget Wallet Token (BWB) debuted with over a 600% surge
• Bitget continued its support of the TON blockchain with a $20M TON Ecosystem Fund
• Bitget Research launched a report on how Deepfakes may reach 70% of crypto crimes in two years

Overview

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.

Quarterly Highlights

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.

On the market side, Turkey is experiencing substantial growth in its cryptocurrency market. Meanwhile, Bitget has observed tremendous growth across multiple metrics from Q4 2023 to Q1 2024. Signups have increased by over 70%, total trading volume has surged by more than 270%, and net deposit amounts have climbed by 240%. This growth aligned with our plans of collaborating with Turkish national athletes.

Bitget and Foresight Ventures launched a $20M Ton Foundation Fund

We launched the $20 million TON Ecosystem Fund in alliance with Foresight Ventures, aiming to support early-stage projects building on The Open Network (TON). This strategic initiative highlights the duo's commitment to fostering innovation and development within the TON ecosystem.

The $20 million TON Ecosystem Fund aims to fully support the development of projects within the TON ecosystem. By leveraging Telegram's vast user base, Bitget aligns with its vision of driving mass adoption of cryptocurrency and creating a more equitable future through crypto evolution. The fund will actively seek out and support promising projects, providing them with the necessary liquidity to thrive on the Bitget platform.

Source: Ton blockchain official account on X (Twitter)

Bitget in Numbers

User Volume

In 2024, Bitget has reached a significant milestone with a total user base of 25M+ with more than 2.9M users added in Q2 2024 alone. Averaging an impressive $10 billion in daily trading volume, Bitget continues to lead in the top #5 league of CEXs. The spot trading volume on Bitget increased by over 10% from $28B in Q1 to $32B in Q2.

Bitget copy-trading products have grown tremendously in 2024 resulting in new professional traders and followers. This has sustained Bitget's positioning as the world's largest crypto copy trading platform.

Top 3 Capital Inflow

According to DefiLlama and CryptoRank, Bitget ranked as Top 3 Centralized exchanges with highest capital inflows in Q2 2024, just below Binance and Bitfinex, with 560 million on-chain inflow recorded.

Leading in Market Share Growth

According to CCData's latest H2 Outlook Report , Bitget has the largest market share growth amongst CEXs amounting to 38.4% from H2 2023 to H1 2024, while most of other counterparts experienced a slight drop.

Source: CCData

Traffic

Bitget's website traffic continues to rise, with total traffic surpassing 82 million in Q2, representing an increase of over 50% compared to Q1.

Source: Similarweb

New Listings

Bitget has positioned itself as a frontrunner in offering diverse asset options, boasting an impressive lineup of 800+ tokens available and 900+ spot trading pairs, adding 183 new listings in Q2 2024.

Pre-market

Bitget Pre-market aims to meet the demand for pre-listing trading of the latest tokens and enhance the liquidity and trading experience for users. Since it was launched in April 2024, Bitget has listed 20 projects in the pre-market including NOT, ZEROLEND, TEL, MSN, LISTA, and AVAIL, with a total of 35,097 traders and a cumulative transaction volume of 13,681,932 USD.

PoolX

PoolX as Bitget's newly launched staking platform enables users to earn popular tokens by staking tokens. Since the launch of its first project, CHATAI, on April 8, Bitget PoolX has launched over 60 projects. Among them, the BGB, BTC, ETH, and USDT pools have seen a total of 350,209 participants in staking, with the total staked amount equivalent to 1,059,562,670 USD. The total rewards distributed amount to approximately 3,593,730 USD, with an average annual yield of 12.77%.

BGB and BWB

In June, BGB recorded tremendous growth as the best-performing CEX token. BGB was also ranked in the Top 10 cryptocurrencies by Forbes recently. At the start of April, the BGB market cap was around $1.5B this peaked in early June when BGB hit a new ATH of $1.43 pushing its cap to the $2B mark.

BGB/USDT Q2 Chart (1-day intervals)

Since its launch in early June 2024, the Bitget Wallet Token (BWB) has experienced a notable market performance. Initially, BWB was listed at $0.10 during its TGE. It quickly reached its all-time high of $0.739 on June 6, i.e. over a 600% surge.

Products and Integrations

New Payment providers

With Alchemy Pay and GEO Pay (Swapple), the two leading crypto payment solution providers, Bitget users can now buy and sell crypto using various local currencies. This collaboration brings significant improvements for users interacting with digital assets, enabling seamless conversion between fiat and crypto instantaneously.

The integration with payment services will allow users to convert crypto into fiat with several top channels such as IDR - QRIS/DANA/OVO, PHP - GCash/Maya, MYR - DuitNow, THB - Thai QR/TrueMoney and VND - MOMO/Viet QR/ViettelPay, and bank transfer are available to all currencies mentioned above.

Telegram Signal Bot

Bitget's Telegram Signal Bots revolutionize signal provision. Designed for signal providers, these bots streamline the direct transmission of trading signals within groups, giving users immediate access to vital data. By integrating these bots, crypto traders and their communities can enhance management and engagement, while enthusiasts can quickly access trading signals for prompt action. Key features include one-click signal-sharing and robust group management tools, making Telegram group administration efficient and enjoyable.

Smart Money on Bitget Wallet

Bitget Wallet introduced the "Smart Money" feature for Solana within Bitget Swap, an AI tool that analyzes real-time on-chain data from 100,000+ "Smart Money" addresses. Users can track professional trading strategies directly from the app, enhancing asset discovery and trading opportunities. This feature also supports Ethereum, Base, and BNB Chain.

Protect Our Community

We constantly receive feedback from our community and make improvements accordingly. In Q2, A total of 267 product suggestions and feedback were received from users, of which 180 were adopted and implemented after research, covering areas such as chatbots, front-end, back-end, and security resets. In terms of user service, Bitget received inquiries from 672,590 users in the first half of the year, with an average response time of 3 minutes.

Enhanced security is another key initiative to protect our users. The transparent tracking of its proof-of-reserves (PoR) highlights the reserve ratios of Bitcoin (BTC), Ethereum (ETH), USDT, and USDC. In the first 6 months of the year, the amount of users' BTC, USDT, ETH surged by 73%, 80%, and 153%, which means nearly $700M capital inflow. The recent POR report emphasizes Bitget's security with over 163% of the reserve ratio accounting for all assets. The BTC, ETH and USDT ratios stand at 294%, 169%, and 103% respectively.

As an additional layer of security, Bitget runs the industry's second largest Protection fund . The fund has significantly exceeded the company's initial commitment of $300 million. In the last quarter, it hit the highest average evaluation since launch at $429M. Bitget's Protection Fund makes it one of the most trustworthy crypto exchanges.

These are not the only initiatives to make Bitget's security even tighter. The company partnered with Sumsub, a full-cycle KYC verification provider. The collaboration aims to secure Bitget’s 25 million users worldwide with an over 99% accuracy rate in identifying and combating deepfake scams. The main features Sumsub provides to Bitget are Identity Verification, Liveness (facial biometrics check), Non-Doc Verification along with Database Validation and more.

Events: Driving Crypto Adoption

Bitget celebrates 1st anniversary of #Blockchain4youth

Launched in May 2023 with $10 million committed over the following 5 years, Blockchain4Youth has quickly become a beacon of opportunity for Millennials and Generation Z. Over the past year, Blockchain4Youth has engaged over 6,000 participants and delivered over 54 campus lectures and workshops worldwide. Various events took place in Asia, the Middle East, Oceania, Europe and South America. The courses connect young participants with the tools and knowledge to understand and utilize blockchain technology, and over 2,000 certificates were issued to participants who completed the courses and passed the test.

B4Y Taiwan

B4Y Philipines

Bitget's presence in major conferences around the world

In April, our team participated in two prestigious blockchain conferences in Dubai: Blockchain Life and Token2049.

Vugar Usi Zade (COO at Bitget) at Token2049, Dubai

Bitget co-hosted exclusive afterparties, connecting more with the global crypto community. One of the most bustling weeks in Q2 for the crypto industry, with the main conferences, BTC Track Day with Surf Protocol and Crypto Trio Beach Night with TRON P2P.org

Moving a bit towards Europe, Bitget participated in Memecon Lisbon - the world's first memecoin conference in the world where the most innovative projects come to network.

Bitget Bitcoin Football Day to celebrate Bitcoin Halving - Our SEA teams organized Messi-themed football events to meet the broader community.

Bitget hosted its own Bitcoin Pizza Day meetups and co-branding events with PizzaDAO in a total of 21 cities across the world.

Bitget Research: Diving into Deepfake

The cryptocurrency sector has historically underestimated the risks posed by deepfakes, resulting in incomplete data from 2017 to 2021. To provide a comprehensive analysis, a deepfake report from Bitget Research includes data from 2022 and forecasts trends for 24 months, from Q1 2022 to Q1 2024. This approach was rooted in user reports and suspicions of illicit transactions involving deepfakes. Information was collected from partners and specialists in fake detection, and experiences were shared with other cryptocurrency companies.

The report highlighted multiple data points including how cryptocurrency fraud losses hit $79.1 billion since early 2022 and that crypto fraud losses are rising despite government efforts. Global deepfakes surged 245% in 2023, significantly impacting the crypto sector. Social engineering and bot fraud accounted for 14.21% of deepfake crimes in Q1 2024, with losses at $2.03 billion. Without effective measures in place, the exponential rise in crypto deepfake crimes may surge by 70% by early 2026. Annual losses caused by crypto deepfakes may reach $25.13 billion by the end of 2024. The full report can be found here.

The Bitget research team started a new initiative of putting daily market analysis out on Medium. Here's the channel link, subscribe for regular insights.

Closing thoughts

In Q2 2024, Bitget showed significant growth and success, effectively navigating market volatility and forming strategic partnerships. Our #MakeItCount campaign with Turkish athletes is part of our effort to empower users and promote perseverance and success. The increase in website traffic, funds inflow, and new user registrations highlight Bitget's growing credibility in the crypto community.

Innovative products like PoolX and Pre-market have enabled high-potential projects to thrive. Our $20 million TON Ecosystem Fund supports early-stage projects, reinforcing our commitment to blockchain innovation.

As Bitget accelerates crypto mass adoption, we remain focused on spreading financial sovereignty and wealth creation. Looking ahead to Q3 2024, we are excited to enhance our ecosystem, deliver value to users, and support the broader growth of the crypto industry.