Bitget has released its transparency report for the first quarter of 2023, showcasing its accomplishments and progress during that period.
According to the report, Bitget experienced a surge in investor activity driven by the cryptocurrency market’s total capitalization exceeding $1.2 trillion. The company noted that this increased investor sentiment led to a significant rise in traffic on Bitget’s website and mobile apps, with a quarter-over-quarter increase of 35% to reach 33.1 million users by the end of Q1.
Bitget’s spot and futures markets achieved a total trading volume of $59 billion and $658 billion, respectively. Spot trading witnessed an 8% increase compared to the previous quarter, while futures trading grew by 27%.
The company attributed this growth to the expansion of trading options on the platform and the introduction of new features and services, such as Fund Custody Service, Composite Index, and Bitget Spot Copy Trading, to enhance the user experience and ensure asset protection.
Bitget’s native token, Bitgettoken (BGB), also experienced substantial growth, recording a gain of 120% and outperforming other exchange tokens. The increased demand for BGB resulted in the number of BGB holders reaching 229,732 by the end of March, representing a growth of 146% in just three months.
The report also highlighted the positive performance of Bitget’s Proof-of-Reserves fund, which increased from 223% to 246% between December 20, 2022, and April 3, 2023. Additionally, the book value of the $300 million Bitget Protection Fund surpassed $380 million in Q1 2023.
Gracy Chen, Managing Director of Bitget, emphasized the importance of transparency in building trust with Bitget’s users. She noted the quarterly report is a means to increase the company’s visibility, share milestones, and enhance accountability within the Bitget community.
According to Chen:
“Despite market volatility, Q1 2023 was a productive quarter filled with new feature releases, partnerships, and other key achievements with our focus on BUIDL.”
Meanwhile, Bitget has launched a $10 million program to support blockchain education and growth. The “Blockchain4Youth” initiative includes offering courses and certifications through Bitget Academy and organizing campus lectures in collaboration with universities worldwide. The program is a part of Bitget’s vision to promote the development of blockchain technology and nurture the next generation of blockchain professionals.
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