Open Letter from Bitget CEO: A New Journey, Allow Me to Reintroduce Myself and Bitget

I am excited to embark on a new journey as the CEO of Bitget. I would like to share some current focuses and future plans of Bitget (it seems like every new CEO does this?), but first, let me introduce myself properly (maybe not every new CEO does this, but please bear with my lengthy self-introduction).

I grew up in a single-parent family, and my mother's expectations for me were always simple: to grow up happily. Like many Asian parents, she hoped I wouldn't be too assertive and believed that my most important task as an adult was to find a suitable partner. However, from a young age, I wanted to be a "leader." Starting from elementary school, I actively sought every leadership opportunity. This wasn't just because I wanted to manage or direct others, but because I believed that leaders should create more value, take on more responsibility, and bring about greater change. (Not sure if 8-year-old Gracy would agree with this view)

At 18, I received a full scholarship to pursue an undergraduate degree in Singapore, where I chose to study Applied Mathematics. After graduation, I became the host of a financial technology program. In 2015, some friends and interviewees from my show told me, "Gracy, you should learn about crypto assets..." At that time, one Bitcoin was worth about $300 (yes, it recently surpassed $71,000)!

Gracy interviewing Michelle Yeoh (2016)

I started reading the Bitcoin whitepaper and was immediately captivated. As a math enthusiast, I loved the mathematical beauty of it and was excited about the decentralized system. Most importantly, I was drawn to the idea of a decentralized ledger that complements traditional finance.

Although I don't consider myself a "rebellious" person, I've never been interested in following the rules. Instead of obeying rules, I prefer to make my own! I found that the crypto industry allowed me to be at the forefront of innovation, so I bought some mainstream crypto assets—Bitcoin, Ethereum, and Ripple (regret not buying more...)—and later invested in some crypto startups like BitKeep, which is now called Bitget Wallet.

During 2015-2016, I also met many early investors and builders in the crypto industry, such as Tim Draper, founder of DFJ Fund, and He Yi, co-founder of Binance (I was honored to invite her to be my bridesmaid). I saw many shining qualities in these industry practitioners—sharp, visionary, and down-to-earth. They have now become the pillars driving the industry forward.

Gracy's wedding with He Yi and other bridesmaids (2016)

Not long after, I quit my job at the TV station and, as a serial entrepreneur, founded two startups in the fintech and virtual reality (VR) industries (how do you describe those entrepreneurs who keep failing? Just call them "serial entrepreneurs"? Haha, that was me...). At the same time, I always believed in the importance of lifelong learning, so I decided to pursue an MBA at the Massachusetts Institute of Technology (MIT).

In the spring of 2022, a friend told me that Bitget was hiring a Managing Director (MD). Due to my investment in BitKeep, I was already acquainted with the Bitget team, but joining an exchange was still a cautious decision. Through one-on-one conversations with each member of the Bitget management team, I found them to be highly professional in their respective fields, with strong execution and ethical standards. I believed this platform had greater potential yet to be realized. At that time, there were already several mature exchanges in the industry, and it wasn't a guaranteed victory, but seeing such a sincere and reliable team, I decided to take on the challenge with everyone.

Gracy at MIT campus (2022)

Fortunately, with the joint efforts of myself (my contribution was actually the smallest), the management team, and 1,500 Bitget employees, we achieved more than fourfold growth in just two years, with the number of users exceeding 25 million. Bitget has become one of the top 5 contract trading platforms and top 10 spot trading platforms globally. I feel very fortunate to work with the best people in the industry! Everyone is hardworking and united, moving towards bigger and stronger goals.

From Managing Director to CEO, I have witnessed Bitget's growth. Although everyone may have their own views on "what kind of company Bitget is," I want to describe Bitget with two words. (Alright, jokes aside, let's get serious...)

User-Centric. I firmly believe that users are the starting and ending point of all our actions, which is why I strongly believe in being user-centric. Take the SLERF incident in March this year, for example. When they lost user funds due to a mistake, we immediately stood up and donated SLERF's transaction fees so that all users who participated in the SLERF presale could get their assets back.

Diversity. Bitget is a collective of 1,500 people of different genders, nationalities, and beliefs. We are here to create change with integrity and honesty. When we find inequalities, we strive to bridge them. As a single mother (I divorced in 2022), I deeply understand the importance of equal industry opportunities and gender diversity, which is why I initiated the #Blockchain4Her initiative, hoping to build a more female-friendly crypto industry.

Gracy with her son (2020)

In early 2024, I mentioned in an open letter the three main focuses for Bitget throughout the year: 1) Compliance, 2) Emerging Markets, 3) Web 3.

Six months have passed, and we have made good progress in these three areas. For example, in Web 3, our non-custodial Web 3 wallet, Bitget Wallet, has just completed the BWB token airdrop. According to its newly launched product roadmap, Bitget Wallet will be positioned as Bitget's Onchain layer, integrating a series of modular DApps through industry partnerships. More exciting developments about BWB will be revealed in the coming week.

Besides these three strategic focuses, we have bigger dreams and expectations for Bitget's role in the mainstream adoption of the crypto industry. Therefore, in the longer term, we will focus on:

1. Strengthening Bitget's Ecosystem: Beyond the centralized exchange, Bitget is enriching its ecosystem through investments. After launching the Bitget Web3 Fund and EmpowerX Fund last year, enriching the ecosystem through investments will be our long-term strategy.

2. Bridging Traditional Finance and the Crypto Industry: With the approval of spot crypto ETFs in major markets like the US and Hong Kong, more institutions and retail users are expected to include cryptocurrencies in their investment portfolios. We are committed to working with industry partners to drive this trend and lower the barriers to entering the crypto world.

3. Integrating Crypto Assets into Daily Life: At the end of 2023, we launched the Bitget Card, a crypto asset credit card that can be used anywhere Visa is accepted. This innovation helps make crypto assets a part of daily life, not just an investment. We will develop more services to support this integration.

Gracy at the Bitget EmpowerX Summit in Singapore (2023)

In the long run, the crypto industry is destined to continue flourishing. Whether it's the performance of Bitcoin prices, the influx of more talent, the establishment of more innovative projects, or the increasing integration of traditional finance and public participation, this industry will only grow stronger!

We are fortunate to have the best team in the industry, but I believe Bitget's success is more dependent on our beliefs. We want to be excellent marathon runners, not sprinters. Six years ago, Bitget was founded during the crypto winter. We have faced many challenges but never pursued overnight success. Instead, we have worked hard to lay a solid foundation, adhered to long-termism, and believed in making steady progress. Bitget's growth aligns with our global brand ambassador Messi. It is this similar spirit that has made Messi, who was not the best physically conditioned young player, one of the greatest football players in history.

Gracy and Messi (2023)

I am very grateful to embark on this journey with each and every one of you. Let's roll up our sleeves, open our imaginations, and create more possibilities together!

There are more adventures ahead, let's keep working hard to BUIDL!

Respectfully,

Gracy Chen, Bitget CEO