In an unique interview with cryptonews.com, Gracy Chen, Managing Director of Bitget, talks about AI-based buying and selling instruments, derivatives buying and selling, and This fall market outlook.
About Gracy Chen
Gracy Chen is the Managing Director of the highest crypto derivatives and duplicate buying and selling platform Bitget, the place she oversees market enlargement, enterprise technique, and company growth. Beneath her management, Bitget’s consumer base has quadrupled, propelling the alternate to the highest 5 positions amongst crypto exchanges when it comes to crypto derivatives buying and selling volumes.
Earlier than becoming a member of Bitget, she held government positions on the fintech unicorn firm Accumulus and Foxconn-backed VR startup XRSPACE. Gracy was additionally an early investor in BitKeep, Asia’s main decentralized pockets.
In 2015, Gracy was honored as a International Shaper by the World Financial Discussion board. She graduated from the Nationwide College of Singapore and is at the moment pursuing an MBA diploma on the Massachusetts Institute of Know-how.
Gracy Chen gave a wide-ranging unique interview, which you’ll see under, and we’re pleased so that you can use it for publication, supplied there’s a credit score to www.cryptonews.com.
Highlights Of The Interview
- AI Instruments and Methods: Bitget has grow to be a number one supplier in not simply digital asset copy buying and selling but additionally AI-powered crypto buying and selling
- Partnership with HELLO Labs: Focus on Bitget’s partnership with HELLO Labs for the web3 leisure present “Killer Whales,” showcasing the alternate’s dedication to selling web3 adoption
- Bitget’s Market Place: Spotlight Bitget’s robust market place as a number one crypto derivatives and duplicate buying and selling platform, with spectacular buying and selling volumes and consumer development
- Nansen H1 CEX Panorama report
- Derivatives buying and selling 101
Full Transcript Of The Interview
Matt Zahab
Women and gents, welcome again to the Cryptonews Podcast. We’re buzzing as all the time and I am tremendous pumped to have the one and solely Gracy Chen coming again on the present for spherical two, the Managing Director of one of many prime crypto derivatives and duplicate buying and selling platforms. That’s the one and solely Bitget. Gracy oversees market enlargement, enterprise technique and company growth. Beneath her management, Bitget consumer base has quadrupled, not a giant deal, propelling the alternate to the highest 5 positions amongst all different crypto exchanges when it comes to crypto derivatives buying and selling volumes. Earlier than that, she held government positions on the Fintech Unicorn Firm Accumulus and Foxconn backed VR startup XRSPACE. Gracy was additionally an early investor in BitKeep Asia’s main decentralized pockets. She’s additionally been honored by the World Financial Discussion board, graduated from the Nationwide College of Singapore and is at the moment within the one and solely Dean City, Boston, Massachusetts, the place she is pursuing an MDA diploma on the one and solely MIT. What a bio, Gracy, tremendous pumped to have you ever on. Welcome again on the present.
Gracy Chen
Thanks, Matt. All the time pleased to be on this present.
Matt Zahab
Nice to have you ever again on. You might be in Boston proper now. Such a very good metropolis. I imply, I’ve a love hate with Boston. I like Boston as a result of the vibes are nice. I feel the persons are very animated, very humorous. All of them, you understand, the place their coronary heart on their sleeves and I like that grit that is in Boston. It is also very stunning metropolis. You’ve all of the unimaginable universities just like the Harvard’s and the MIT’s. However then you might have the sports activities groups, Gracy. And it looks like Boston kicks the shit out of Toronto sports activities groups yearly. And that’s one thing that breaks my coronary heart time after time. Boston wins every little thing, whether or not it is the Bruins or the Celtics or Ton Brady successful, you understand, 5 chips in New England. What’s life like in Boston proper now? Give me some good tales at MIT. How a lot are you having fun with the one and solely Beantown?
Gracy Chen
Okay. Sadly, I do not watch sports activities that a lot aside from soccer. I imply soccer, as a result of I like Leo Messi. He is our ambassador, the one and solely ambassador that we actually love. So aside from, I suppose, soccer crew or soccer crew that I can discuss my previous work cup expertise, I can not actually chat that a lot about, you understand, Boston sports activities groups. However for the life in Boston, it is getting chilly. It is raining proper now and it is identical to an important season. I imply, I like truly autumn and fall and spring, not that chilly. You reside in Toronto, so you understand what I imply with this winter. So it is an important metropolis and it’s totally mental, particularly in MIT. I’ve a number of pals who’re very like postdocs and docs in numerous fields. AI is a really hype phrase proper now. And I am additionally learning one thing about AI Web3 on the whole. So one nice expertise I simply had final week was after I was visiting a pal at MIT and we have been taking part in together with his canine, which is a robotic canine. We’re chatting about AI and robotics, and that is a fairly attention-grabbing expertise.
Matt Zahab
That is wild. What are the individuals like at MIT? I’ve heard all these tales like on the web and from the tales I heard and my apologies if I am offending anybody right here, however I’ve simply heard it is a bunch of nerds and it isn’t a foul factor. It is simply once more, you bought to be a really sensible cookie like your self to get into MIT. After all, it is the one and solely MIT the place good individuals go to high school for post-secondary. What’s it like? Is that what the individuals’s like? Just like the individuals get together in any respect? Like what is the lowdown on MIT?
Gracy Chen
We’re get together like hell. So I work onerous, examine onerous, and play onerous is the important thing. So sure, there’s a number of stereotypes or saying MIT college students are nerdy, which my expertise shouldn’t be actually true. Like I stated, we’re partying so much. And likewise for gender ratio, I used to be shocked after I got here and I spotted that there are such a lot of clever girls and the scholars profile within the faculty when it comes to gender and when it comes to diversification like the place we’re from, worldwide college students, racialized, and so forth. The whole lot is so diversified. For instance, at our MBA cohort, feminine to male ratio is like 45 to 55. So it is fairly impartial. Mainly, I met a number of attention-grabbing clever individuals right here and in addition we’re partying like hell.
Matt Zahab
I like that. I completely love that. I will pop down and are available come get together for every week with you and the squad there. A pair extra questions on the journey matters after which we’ll get into the crypto stuff. I thoughts you, that is crypto as properly, however you simply went on a loopy journey, clearly Boston, then over to Singapore for TOKEN2049, then you definitely hopped on a jet went to Hong Kong after which flew again to Boston. That is fairly the rip. How was token? What was good in Hong Kong? What was the sentiment like within the largest, I suppose it’s most likely the largest crypto convention in Asia. How was that?
Gracy Chen
Sure, so TOKEN2049, I had a keynote and a speech. We additionally organized a complete day occasion, which I name Bitget EmpowerX Summit. And we launched a fund known as Bitget EmpowerX Fund that we will discuss later. So the occasion, our day, our summit, that is truly the primary time that Bitget is internet hosting a summit. We’ll sponsor some and we participated in so much, however it’s the primary time that we hosted an occasion. And the rationale of us internet hosting this occasion is primary, we’re celebrating our fifth 12 months anniversary. After which quantity two, we felt we’re a frontrunner within the area already. And we wanna present the stage for our ecosystem to flourish. And likewise for us to hook up with extra individuals and extra leaders within the area. And I had nice conversations over there. As for TOKEN2049, that is my returning speech and panel already. I actually loved it. I had a panel with all main exchanges. There’s KuCoin, Bybit, OKX and us. So for large crypto exchanges and leaders from these exchanges, we had an important dialogue round probably the most matters that individuals know or individuals considering understanding how we do token itemizing, how are we making certain extra transparency and safety for our customers. And we all the time considered beginning up an alternate alliance. That is, by the best way, nonetheless cooking. I’ll allow you to guys know if it is confirmed. However there’s been some very attention-grabbing dialog. TOKEN2049 on the whole, I feel we’ve fewer individuals this 12 months, fewer contributors or fewer audiences this 12 months. As a result of I suppose, bear market, final 12 months TOKEN2049, that is proper earlier than FTX. And there have been nonetheless a number of hypes, a number of individuals from conventional finance business or conventional tech business, or simply individuals considering understanding the area. However proper now, I felt there are much less hypes or much less window customers, however there are extra builders and extra Westerners touring to Asia for TOKEN2049, I suppose, as a result of regulatory causes. In order that’s my normal expertise in token. After which I went to Hong Kong for a closed-door occasion. It is organized by Dragonfly Capital. They really are buyers and we’re their buyers as properly. In order that’s a really attention-grabbing occasion. It is like a 60 individuals closed-door. The founding father of Dragonfly Capital actually hand-picked up everybody. I am the one consultant of Bitget. And I get to satisfy all of the leaders, and so they invited some very attention-grabbing audio system, and their portfolio firm founders. And we had some additional introduction and additional dialog flowing. And I am nonetheless assembly a few of them on-line and offline proper now to debate additional cooperation.
Matt Zahab
I imply, I completely love that. You gotta, Gracy, come on, break some information on the Cryptonews Pod. Not less than give us a bit snippet. What is going on on with this alternate coalition or this alternate group that you simply mentioned? Give us a pair particulars. Do not let the cat out of the bag, however give us a bit snippet right here, Gracy. Come on.
Gracy Chen
Effectively that is onerous as a result of I actually, I feel my PR individuals will scream at me as a result of this once more very un-started. However I am pleased to share a little bit of not less than what I have been considering. Actually, there are many points that centralized exchanges are going through collectively, like primary, hacking and safety issues that we have to cope with. And quantity two, to construct stronger requirements amongst adjustments, akin to when and why can we record a token and cope with the token and in addition amongst auditing, amongst proof-reserve, amongst safety funds that we’ve however another exchanges might not. All this stuff that our customers within the business care about. So this once more very preliminary dialogue that I had with among the alternate leaders that we thought it is a good time to construct an alliance in order that we will battle a few of these issues collectively. And the rationale that it took such a very long time and it is nonetheless, after two weeks, it is nonetheless a preliminary dialogue is that I do need this alliance to be significant and to be selective and to make actual impression somewhat than simply organising an alliance and announce that and that is it. I do not need it to be only a PR factor and I really need it to be significant. In order that’s why we need to take it slowly and discuss particulars and the best way to make it sustainable and the best way to make an actual impression, issues like that. However once more, you’re the first person who I talked to outdoors of Bitget and out of doors of different exchanges.
Matt Zahab
After all. So people, you heard it right here. Nothing, that is clearly strictly preliminary and Gracy and the leaders of the exchanges may whip one thing collectively and create a possible crypto alternate alliance. However do not look an excessive amount of into it and doubtlessly get your popcorn prepared for the long run, as this could possibly be one thing very particular. So we’ll depart it at that, c’est la vie. One subject I can not wait to get into is every little thing AI associated. A few minutes in the past, you mentioned how AI is the massive buzz phrase at MIT proper now. Looks like it is the massive buzz phrase all over the place nonetheless. The pattern nonetheless positively has legs. You guys and the crew at Bitget are doing a little unimaginable issues in that regards the innovation zones enlargement. You’ve the bogus intelligence primarily based martingale, CTA and grid buying and selling methods. You guys have been launched some unimaginable merchandise to permit your customers to grow to be higher merchants by piggybacking off of AI. I would love you may contact a bit bit extra on this topic and simply kind of segue into the way you see AI shaping the way forward for crypto.
Gracy Chen
Certain. So to begin with, like we mentioned, AI is a buzzword. And it isn’t only a buzzword, it is also a basic and crucial know-how that’s altering and shaping how we reside, how we work, how we work together with each other. Really, we additionally invested in a digital boyfriend, SocialFi firm or GameFi firm a month in the past. And aside from digital boyfriend, they’re additionally creating digital girlfriend and digital pets. So it is all about feelings and taking good care of the consumer however by means of AI. So it is actually completely different about, you understand, it is, and by the best way, that firm is known as HIM. So when you’ve got watched the film, Her, it is mainly the other. And it is the identical concept. It is simply reverse gender that they’re serving. However this apart, I felt when it comes to buying and selling, proper? As a result of Bitget a crypto alternate and we glance into the best way to use AI in crypto buying and selling extra. There are many optimistic points, clearly, like velocity and effectivity may be elevated. There’s like highly effective information evaluation functionality that we will discuss. For instance, AI algorithms can, you understand, analyze numerous information and a giant set of knowledge sources, together with advertising and marketing developments, new sentiment and social media actions and historic value after which provide you with sure sample correlation buying and selling alternatives, and so forth. After which there, we will additionally use AI in danger administration as a result of particularly one thing like some unusual conduct of like anti cash laundering and buying and selling like some, if we outline the AI device on some predefined danger parameters, then we will use AI to determine some cease loss order to find out like take revenue ranges and execute trades accordingly. So these are some nice points that I sort of see when it comes to making use of AI to buying and selling. However there are additionally a number of drawbacks. Primary, I’ll spotlight is over reliance on historic information as a result of AI narrates a number of by information, proper, by historical past. And that is fairly harmful. After which one other factor is information safety. What I imply is like information breach and cyber assault threats. So these are harmful. And by the best way, I experimented with ChatGPT the opposite day and I requested it to choose up 10 cryptocurrency that I ought to look into if I am a danger averse investor. And in that 10 cryptocurrencies record, there may be Terra Luna and that simply occurred a number of months in the past. So that is what I imply by like historic information or information safety issues. And that is simply, you understand, dangerous. And if you’re relying your funding technique issues like ChatGPT, it may be very harmful.
Matt Zahab
Such a very good level. I imply, I have never, to be trustworthy, Greece, I have never actually thought in regards to the lack of qualitative, the shortage of emotion and empathy that AI has, you understand? Like in buying and selling, you clearly, there’s lots of qual that goes into it as properly. And when these AI algos are merely taking a look at, you understand, earlier historic information, like identical to you stated, they’re gonna spit out stuff like Terra Luna, which is wild to consider. It’s totally attention-grabbing. One other subject that we gotta get into earlier than we get into some extra Bitget stuff. Clearly I lurk all of my friends Twitter earlier than each single present. And a few days in the past, it was truly yesterday, you had an important little tweet on some finish of 2023, crypto developments, insomation, or some crypto predictions, somewhat, insomation, you set three factors and these are nice. We’re gonna connect this within the present notes. Primary is that prime rates of interest may not make crypto go to the moon straight away. And I can not wait to get into that one as a result of that’s positively a little bit of a scorching take. Bitcoin ETFs could possibly be like a superheroes arrival. I positively agree with that one. And quantity three, extra regulation might imply extra individuals discovering crypto’s magic. Additionally agree with that one. The one one which I do not absolutely agree with is excessive rates of interest may not make crypto go to the moon straight away. What’s your tackle that? Why do you not assume that’ll make crypto rip if the gov continues to rise rates of interest?
Gracy Chen
Okay, this requires a bit bit rationalization of how finance world works. I personally love to do that analogy of conventional monetary world akin to fairness and sure market and financial market. They’re like a giant pool, so swimming pool, like large pool, and crypto the place like a small pool. And when cash flows out from large pool, it flows to small pool. And vice versa, when the massive pool is like pumping the so known as influx of money or of funding fund, it is also taking a number of impact on the small pool. Then why this pertains to rates of interest? So when rate of interest is excessive, individuals will need to put more cash within the bond market. In order that’s precisely what we noticed in NASDAQ, in NYSE, within the fairness market. It is also happening on the whole when it comes to these market index. However that additionally has robust impact from crypto as a result of when rate of interest is excessive, individuals might be much less keen to spend money on different asset courses akin to cryptocurrency. So what I meant is as a result of FED and FOMC, the final assembly that they’d, they sort of indicated that there might be one other rate of interest rise finish of this 12 months. So due to this, crypto can very onerous enter a bull market straight away. That is what I meant. I imply, very onerous to do it straight away. And by straight away, I imply this 12 months or earlier final 12 months, as a result of this excessive rate of interest and this robust correlation of Bitcoin and cryptocurrency costs versus the rate of interest.
Matt Zahab
Effectively stated. And are you within the camp {that a} Bitcoin ETF remains to be the best possible factor that might occur to the market proper now?
Gracy Chen
Sure, I’m. And I additionally assume it isn’t about whether or not or not, it is extra about when. So I am a powerful believer that Bitcoin spot ETF might be improved, doubtless earlier subsequent 12 months.
Matt Zahab
The one challenge I’ve subsequent 12 months is the election. And it looks like in election years, lots of large monetary occasions usually get pushed after the election simply to see which get together will get in. So, I imply, I am hoping that does not trigger any points, however we’ll positively should see. Final query earlier than we get again into the Bitget stuff. What are the areas of crypto are actually tickling your fancy for the time being? Clearly you’re a chief of among the finest exchanges on the earth. I am certain you get requested this on a regular basis, however what areas of crypto excite you, get you going, have you ever and the crew, you understand, placing eggs in that basket?
Gracy Chen
Proper now I am learning and looking out into some tasks within the so known as new public chains, particularly the Layer-2s. After which one other factor that I am learning lately so much is TG bots. We see a number of development on TG bots and the customers. And also you most likely have heard that TG Telegram consumer has been reaching an all time excessive lately. And there are many TG bots engaged on Telegram. And likewise Telegram they issued a token speak to you. Though it is like a bit ambiguous, they do not actually say it is their token, however everybody thinks it is their token.
Matt Zahab
Which token is that this?
Gracy Chen
TON.
Matt Zahab
Oh, yeah. I simply regarded it up. Telegram is the fourth hottest messaging app globally. After WhatsApp, we chat in Fb Messenger with an estimated 1.068 billion complete customers and 700 million month-to-month energetic customers. That’s insane, Gracy. In North America, you are in North America now, extra particularly in Toronto. Except you are in crypto, you do not use Telegram. Like I do not converse to at least one pal on Telegram who shouldn’t be in crypto. And so it is loopy to assume that there is that many energetic customers, 700 million energetic customers on Telegram in 2023.
Gracy Chen
Yeah, precisely. So you’ll be shocked. I agree. I additionally use Telegram primarily for crypto group and speaking to a few of our companions. Perhaps WhatsApp is extra used for pals after which in search of social community profession smart. However you’ll be shocked to see how many individuals are becoming a member of Telegram. Like a number of crypto pals that I noticed as a result of I had their numbers saved earlier. So after they joined Telegram on trip and I noticed lots of these lately.
Matt Zahab
So, sorry, why are you guys going so onerous on the bots then? You simply due to the inflow of telegram customers, you guys wanna be extra environment friendly and extra correct with the bots? Is that the entire ordeal there?
Gracy Chen
Not likely. We’re nonetheless working primarily on our alternate and our app. The explanation that I introduced up Telegram bots shouldn’t be due to Bitget. It is simply because I noticed a number of developments and all these tokens like TON, Unibot, Banana Gone, that is one other crypto TG bot venture. And we simply listed their token, by the best way. So all these corporations or these tasks, these tokens have been fairly robust lately. And that is why I am learning. So I did not do it simply because we at Bitget, we’re doing one thing round. Not likely so much. And you’ll be supporting like TON. I feel TON is like quantity 12 token proper now. I’d say the valuation is basically excessive. Market cap is 7 billion for that token.
Matt Zahab
That is loopy. Sure, 7.3.
Gracy Chen
Yeah, you do not know TON in any respect, like a pair.
Matt Zahab
Attention-grabbing, loopy quantity on it too. I assume it is listed on Bitget.
Gracy Chen
Uh, yeah.
Matt Zahab
Yeah, after all, I like that. Grace, you have to take a fast break, give an enormous shout out to our sponsor of the present, PrimeXBT, and once we get again, we’re going to dive in to a few tremendous enjoyable issues. Bitget’s EmpowerX Fund, some group engagement, and the massive rebranding, which even the crew, completely crushed. And earlier than that although, acquired to offer an enormous shout out to PrimeXBT, longtime sponsor of the present, longtime pals of cryptonews.com. PrimeXBT provides a strong buying and selling system for each learners {and professional} merchants. It does not matter in case you’re a rookie or a vet, you may simply design and customise your layouts and widgets to finest suit your buying and selling type. PrimeXBT can also be working an unique promo for listeners of the Cryptonews Podcast. After making your first deposit, you get 50% of that first deposit, that’s 50% of that first deposit, credited to your buying and selling account that can be utilized as further collateral to positions. The promo code is CRYPTONEWS50, that is CRYPTONEWS50, all one phrase, to obtain 50% of your deposit, credited to your buying and selling accounts, and now again to the present with Gracy. Let’s get proper into the rebrand. I am a marketer, I like rebrands. I feel until you might have a model that’s so cliche, like McDonald’s or a BMW or a Mercedes Benz, the place everybody is aware of your emblem and you have been established for dozens of years, I like a very good rebrand. It will get the individuals going. It is good to deliver some new blood on the entrance finish. Why did you guys rebrand? Was it simply, oh, we’re getting sick of it? Was it we did some, you understand, group research? What was the aim behind it? I like it, however I am all the time curious to know why you selected to do it.
Gracy Chen
Yeah, so the rebrand, we began that earlier this 12 months. The primary cause was primary, it has been some time that we used our emblem and our UI, UX, all these coloration issues that we felt some consumer could be a bit bit uninterested in it. It was primarily blue, black, and white that we have been utilizing. And proper now, in case you see our model picture, it is way more colourful, with metal blue being the skinny coloration, however there’s a number of purple, inexperienced, even pink, pink, and so forth. to complement blue. And we need to point out that we’re a cautious, colourful model, and with some new filling and new photographs. And likewise for the slogan, we used to name it, our emblem was “Higher Buying and selling Higher Life”. It was nonetheless like, what do you imply by Higher Buying and selling Higher Life? Why Higher Life? Yeah, so we need to be very easy, to be sensible, and we need to outline what is sensible and have Bitget as a sensible platform for our customers, as a result of it is all about making smart and sensible choices. And once more, one other factor is 5 years. So Bitget was established in 2018. Many individuals weren’t conscious of that. So we need to use this rebrand as a possibility to emphasise that Bitget is a wooden alternate additionally. Not a no one who simply got here up on the road one or two years in the past. Though we did grow to be way more well-known since one or two years in the past, as a result of the crew, truthfully, earlier than, I would not say it is my credit score, however truthfully, my crew, earlier than I joined, it is a bunch of individuals from product, know-how, and operation. And they’re so right down to floor and get palms soiled sort of particular person. And so they do not actually do a lot advertising and marketing earlier than I got here in. So whereas we signed up, Leo Messi final 12 months, and we did this rebranding, we had a number of issues flowing. Our crew additionally grew tremendously throughout the one and a half 12 months, for the previous one and a half 12 months, from 200 to proper now, 1,500. So there’s been a number of development within the firm, and we simply need to use rebranding as a possibility to showcase that we have been right here for some time and let individuals know what we’re specializing in. And we need to proceed being this nice platform with instruments and information to assist our customers confidently navigate the world of crypto.
Matt Zahab
Effectively stated. One other factor we’ve to get into is the Bitget EmpowerX Fund. You guys did a pleasant, fats, $100 million fund, not a small quantity. 100 large tickets, 100 mil, devoted to fostering the platform’s ecosystem growth, and the fund seeks funding alternatives in regional exchanges, information analytics companies, media orgs, different entities. Is that this simply we’re taking among the revenue slash rev that we’ve and investing it in our complete ecosystem to develop all legs, all verticals of Bitget? Is that the kind of the TLDR, the summation of it?
Gracy Chen
Sure, right. And the rationale that we’re most considering these sectors, akin to regional exchanges, information analytics companies, and media organizations, are twofold. Primary, they’re truly two units of corporations. Like regional exchanges, it is identical to our smaller opponents that in some areas, they’re stronger. However we’ve a worldwide and well-known model that with that acquirements or funding, we will every leverage on the small exchanges can leverage on our platform, and we will leverage on their native expertise and localization and their consumer and perhaps license as properly. After which media analytics companies and information analytics companies and media organizations, this I name it a complete group, like take into account it being collectively as a result of these are for mass adoption and or drive mass adoption and for us to develop with ecosystem synergies. And there might be a really large announcement arising quickly, perhaps a number of, inside a number of months and even quicker, a number of weeks that we get to amass a serious media agency, a prime one. Yeah. So mainly,
Matt Zahab
Like crypto media?
Gracy Chen
Do not chew me into this. You need extra it is as a result of they’re simply so many names on the market, proper? There is not many large crypto media.
Matt Zahab
Yeah. Effectively, I imply, you are speaking to the largest proper now. You are speaking to the one solely cryptonews.com. So, you understand, I am joking, however you understand what I imply? Effectively, hey, we’re prime eight. , we’re often, we vary between 5 and 12, relying on the month. So, however that is superior. I imply, that is simply gonna, you understand, that is simply gonna improve the scope. And you have seen this occur time after time, all the massive enterprise leaders and firms all the time find yourself shopping for media corporations as a result of it simply expands your attain. Such as you noticed Jeff Bezos by the Washington Submit, proper? For Amazon, not for Amazon, however I imply, when you’ve got the cash, why would not you? Particularly in at this time’s day and age, the place each firm must be a media firm, proper? Such as you both pay for media otherwise you create media. It is fairly binary. And in case you can have an entity, it does each. I imply, that basically does transfer the needle.
Gracy Chen
And likewise we felt proper now it is a bear market. The valuation is comparatively low. I preserve saying that bear market or crypto winter is the golden window for development, whereas additionally individuals do not actually imagine so. Nonetheless, I am a powerful believer that when valuation is low, it’s best to make investments and be grasping when others are fearful and be fearful when others are grasping. And I feel proper now it is typically persons are extra fearful and we’re being fairly aggressive and grasping on this local weather. So a number of funding, a number of acquirement. We simply did our announcement of buying BitKeep. That is one of many companies that I invested in early days as properly. And that is how I get to know the Bitgetting. So BitKeep was rebranded to Bitget Pockets and we acquired BitKeep truly final 12 months, however we simply did announcement this 12 months through the Paris Blockchain Week. So all these are actions that we’ve been doing and we’re regularly doing with the intention to strengthen our aggressive edge on this centralized alternate area as a result of the competitions between exchanges for us isn’t just about DAU buying and selling volumes. Because the final cycle, proper now it is so much about ecosystem and the way we will have synergies among the many complete provide chain and the way we sort of assist one another develop stronger.
Matt Zahab
Yeah, properly stated. Gracy, this has been a deal with. We’re getting tight for time. Final subject that I actually need to get into is Bitcoin. You all the time have a bunch of actually good takes on Bitcoin as a frontrunner of an alternate. What is going on on with Bitcoin proper now? What key resistance stage do we have to hit or surpass? What sentiment like is it completely different in Asia than it’s throughout the pond in North America? Give me the fast kind of 360 diploma birds-eye view on current day Bitcoin.
Gracy Chen
That is onerous. And that is impromptu. It’s best to give me extra time to arrange. In order that I can provide it a extra concise presentation on Bitcoin, hopefully a 360 diploma, perhaps a 180 diploma.
Matt Zahab
Yeah, give me 180 or simply the 90 or 90 diploma works to only a good little good little Bitcoin snippet.
Gracy Chen
Okay yeah, so Bitcoin clearly there are some things occurring or going to occur that individuals care. Primary, halving. Halving is sort of, is a sure factor, proper? And it’ll occur subsequent 12 months, very doubtless March, April 2024. Why this isn’t an correct day? As a result of you understand, Bitcoin, so it is all about when this blocks is constructed and the three.5 to 4 12 months Bitcoin cycle or crypto cycle, bull market and bear market cycle is there primarily due to halving. However truthfully, I actually do not actually assume halving is that necessary. As a result of, properly, proper now the change, the marginal change is simply not that a lot.
Matt Zahab
Yeah, it isn’t as large because it was earlier than. Yearly it will get much less and fewer. Effectively, not yearly. Each halving it will get much less and fewer. Yeah, good level.
Gracy Chen
Though subsequent 12 months may nonetheless be the 12 months once we kick off the following bull market, however it is probably not due to halving. It is only a coincidence that each one this stuff occurred in 2024.
Matt Zahab
Similar time.
Gracy Chen
Yeah, however it does not actually assure that halving will drive the identical sample that it noticed earlier than. Nevertheless, aside from halving, spot ETF, BTC spot ETF is one thing that I feel extra significant. So for a few of our audiences who may not be like have a full image, you most likely have heard that BTC spot ETF, this was firstly initiated by BlackRock after which adopted by WisdomTree, by Constancy and another establishments. So there’s like seven establishments earlier, which is perceived by the market that, not less than by me, that the approval probability is fairly excessive. Yeah, so I feel I additionally learn, I listened to this interview of CNBC versus the previous SEC Chairperson Jay Clayton, that is like the primary of September or one thing like simply 20 days in the past, that he stated that an approval is inevitable as a result of that might inform me between a futures product and money product can’t go on without end. Yeah, so I imply, hearken to him in case you do not imagine in me, agree, I personally agree with him that BTC spot ETF goes to be accredited. And as soon as it is accredited, the core beneficiary would clearly be the worth of BTC, however you’ll drive among the sectors akin to real-world asset, RWA and all of the Altcoin, Ethereum cash collectively as a result of BTC is just like the index of our business. So these are the 2 issues that I feel goes to occur round BTC.
Matt Zahab
I’d love for all these issues to occur. Won’t be as large as everybody thinks.
Gracy Chen
Halving may not be dangerous.
Matt Zahab
Yeah, as impactful as everybody thinks. That is truthfully a very good take. I like that one. Final thing we did not contact, two large issues. The bread and butter of Bitget is clearly the derivatives platform and the copy buying and selling. Once I had you on final 12 months on the pod, I feel you have been one of many first friends who talked about copy buying and selling and I completely not fell in love. It is positively a little bit of a lift, however I simply went down a little bit of a rabbit gap and noticed how environment friendly and candy that’s. I would love for our final kind of section of the present, simply give me the fast TLDR on what Bitget does with reference to derivatives buying and selling and duplicate buying and selling and the way simple it’s for merchants or non-traders like myself who simply need to come on, get began on the platform and use Bitget’s unimaginable options like derivatives and duplicate buying and selling.
Gracy Chen
Yeah, so Bitget is primary in spinoff buying and selling, I imply, amongst all of the crypto exchanges. Bitget is powerful in spinoff buying and selling as a result of we began off in 2018 and 2019 with spinoff market, particularly in East Asia. After which for copy buying and selling, that is one thing we began in Might of 2020. And there have been a number of customers. I feel there are 110,000 elite merchants that we’ve. Elite merchants are the merchants who’ve methods and have opened up their portfolio for sharing, for subscribing. After which the follower or different merchants, they will simply copy commerce and subscribe to that buying and selling technique after which copy commerce. So regardless of the elite dealer is doing, the followers might be copying that commerce or technique, might be making the identical crusing or mainly lengthy and brief positions. And likewise for copy buying and selling, we used to have solely spinoff supplied on this, however we even have spot copy buying and selling earlier this 12 months. And that is fairly an innovation that we had as a result of we’re most likely one of many very first exchanges to supply spot copy buying and selling. We’ve got this as a result of we understand among the customers may not be very comfy with spinoff buying and selling as a result of it is leveraged. Many customers simply choose to purchase and maintain and promote when the worth goes up. And so they simply do not like leverage. So we provide copy buying and selling for a spot market as properly. And likewise this 12 months, we truly put a number of effort and useful resource into rising the spot market. As a result of like I stated, we’re stronger in spinoff. When you have a look at information like CoinGecko or CoinMarketCap, we’re prime 5 in spinoff market amongst all centralized exchanges, perhaps prime 10 across the spot market. So we’re stronger in spinoff market, however we need to use this crypto enterprise as a, once more, golden window for development to develop our spot market as properly. A number of the methods round that’s to supply uniquely a useful asset. And once more, one other factor is I’ve our analysis crew monitoring the unchain information. And we need to supply some cryptocurrencies sooner than our opponents accomplish that. So for instance, we listed PEPE three weeks earlier than Binance did that. And we additionally listed Bitron, ecosystem tokens, even earlier than ARB was there. As a result of we realized that this lack of unchain information, like GMX has a number of quantity, driving about 80% of the Arbitrum development. And we talked to all these, like there have been 10 plus crypto tokens that have been prepared earlier than ARB launched, or Arbitrum had their airdrop, etcetera, March this 12 months. So these are among the actions that we’re taking with the intention to develop our spot market, as a result of at the moment, customers can solely purchase Arbitrum, ecosystem tokens, or solely be capable of purchase PEPE at Bitget earlier than our opponents accomplish that. So our itemizing technique evolves, and we need to guarantee that we’re working with probably the most legit, most wished crypto tasks as properly.
Matt Zahab
Wonderful. Gracy, all the time a pleasure. Love having you on. Hopefully we will meet in particular person at some point and might’t anticipate spherical three. We’ll should perform a little sooner this time. The entire 12 months, hiatus is a bit an excessive amount of. So hopefully we will make that occur over the following couple of months. All the time a pleasure. Thanks a lot. And earlier than you go, please let our listeners know the place they will discover you and Bitget on-line and on social.
Gracy Chen
So I am very energetic on Twitter, now X, I nonetheless cannot get used to that identify.
Matt Zahab
I name it Twitter. It is nonetheless Twitter.
Gracy Chen
So @GracyBitget be happy so as to add me. I write each day monetary and private development recommendation, and I am very updated about every little thing crypto, and naturally, every little thing Bitget. So even if you’re not a consumer, be happy to simply to twin and know the area a bit bit extra. I do share a number of insights and analysis. No monetary recommendation, however I hope you are able to do your individual analysis. That is crucial on this area, however I do need to share our in-depth evaluation on many issues. So I am very energetic on, once more, Twitter, X @GracyBitget, and you too can discover me on Instagram. I am probably not energetic, however I do have an Instagram account, additionally @ceogracybitget. I even have LinkedIn account, Gracy Chen. Perhaps Gracy Chen Bitget, it’s best to be capable of discover me. Yeah, however Twitter is my main battlefield that I share my opinions.
Matt Zahab
And folk, Gracy’s Twitter is fireplace. So do go test it out. Like she stated, lots of actually good snippets of information. And all the time all the time do your individual analysis. DYOR and Gracy shouldn’t be a monetary advisor. So like all the time, take it at face worth. She’s going to offer you some good alpha, however it’s your name on the finish of the day. Gracy, thanks a lot. All the time a pleasure. Cannot anticipate spherical three.
Gracy Chen
Thanks Matt and be a part of me at Boston for events.
Matt Zahab
100% you might have my phrase. I might be there. Of us what an episode with Gracy Chen coming in scorching from Bitget the managing director of Bitget one of many largest and finest exchanges on the earth. Enormous shout out to Gracy’s crew and my crew for making this occur. Love everybody on my crew. Thanks a lot for every little thing guys, particularly my man Justas my superb sound editor You’re the GOAT and you understand it the listeners. Thanks as all the time in case you guys loved this one I hope you probably did please do subscribe. It will imply the world to my crew and I and guys as all the time, thanks for every little thing carry on rising these baggage and carry on staying wholesome rich and pleased. Bye for now and we’ll speak quickly.
