Crypto change Bitget has grown considerably regardless of the challenges introduced by the bear market. In 2023, the change introduced two $100-million funds — one devoted to crypto initiatives in Asia and one other for maximizing the corporate’s long-term influence within the crypto house.
On the Bitget EmpowerX Summit held in Singapore, Cointelegraph’s Zhiyuan Solar spoke with Gracy Chen, managing director of Bitget. The 2 spoke about Bitget’s progress amid the bear market, pausing its enlargement in Hong Kong and america, and why they imagine that implementing Know Your Buyer (KYC) protocols is essential for exchanges.
In accordance with Chen, the corporate grew 10 instances its unique measurement in simply two years. “For our firm’s staff, we had about 150 two years in the past, and proper now, 1,500,” Chen mentioned. The chief highlighted that this can be a results of their efforts up to now few years and their being pushed by outcomes. Chen defined:
“We expect it’s like operating a marathon. So, what we’ve been doing, and if you happen to take a look at our staff, it’s a really working result-driven staff.”
The Bitget government additionally talked about lots of their efforts, from branding and product launches to the corporate’s partnership with soccer celebrity Lionel Messi, as a few of the causes for its progress over the previous years. “When it comes to the key sauce, I suppose it’s due to this stuff that we’re doing — we’re rising,” she added. On the similar time, the expansion makes them “financially wholesome” to do extra actions, in response to Chen.
When requested concerning the exchanges’ lack of presence in two key markets — america and Hong Kong — Chen famous that regulatory uncertainty within the U.S. is holding Bitget again from coming in. She mentioned:
“We need to wait and see the way it develops after which decide on whether or not we need to serve the U.S. clients or not. That is one thing that has all the time been growing, however I don’t see us serving the U.S. market within the quick time period.”
With regards to Hong Kong, Chen mentioned that they’ve already been in talks with the Hong Kong authorities and are at present within the strategy of making use of for a license within the particular administrative area.
Chen additionally spoke about why the change carried out necessary KYC necessities for all of its customers on Sept. 1. In accordance with the manager, a few of their customers have been complaining concerning the new requirement. Nevertheless, the manager believes that implementing KYC is an efficient method to filter out “illegitimate” customers. She mentioned:
“I’m fairly positive if the consumer is a financially wholesome consumer, equivalent to, like, in the event that they’re not doing one thing illegitimate, equivalent to cash laundering, they need to be fairly snug with the KYC course of.”
Other than this, the manager believes that necessary KYC goes to develop into a development among the many larger crypto exchanges within the close to future.