Five Stories Behind Bitget's Growth
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Five Stories Behind Bitget's Growth
Accurately grasping industry trends is crucial—it is the key prerequisite for a company's survival and development.
Navigating Web3 tides with focused insights
Founded in 2018, Bitget has now reached its fifth anniversary. We've steadily weathered the storms of the crypto industry. Looking back on these five years, there have been highs and lows, yet we remain confident about the future of the industry. On this milestone occasion, I'd like to share five stories behind our growth—reflecting on the past, drawing lessons, and offering encouragement to everyone still striving in this bear market. May you find reassurance that diligent efforts will not be in vain, as we all patiently await the next glimmer of hope.
Starting Up During a Bear Market: Commitment and Choices
The founding team of Bitget mostly came from the financial sector. In 2015, they began investing in funds with a focus on the TMT industry, occasionally encountering blockchain startup projects. At that time, blockchain was seen by many in finance as a "tulip bubble." Fast forward to the summer of 2018, when Ethereum sparked a crypto boom. Early members of Bitget started studying the Bitcoin whitepaper and Ethereum’s ecosystem. These novel ideas deeply impressed them, leading them to believe that digital assets would play an important role in the future—even enabling the unbanked to benefit equally. Seeing the vast potential and opportunities in the cryptocurrency industry, our founding team launched the company using several million dollars of their own capital.
As the saying goes, every journey begins with difficulty—but ours felt more like starting at the hardest level possible. We began our venture right in the middle of a bear market. We experimented with both spot and derivatives trading, exploring numerous niche areas, but none gained significant traction. The team was small, only dozens of people. By the end of 2018, we kept digging into the direction for futures trading. Given our limited size, we realized we couldn’t effectively manage both spot and derivatives simultaneously. After discussions among the founders, we made the strategic decision to selectively abandon certain businesses and concentrate resources on core priorities. Thus, in 2019, we paused our spot trading operations. For over a year, the company continued to operate at a loss, with initial funding nearly depleted.
A turning point came in July 2019. After analyzing market demand, we discovered strong user interest in long (positive-direction) contracts and officially launched this product. This innovative offering aligned well with prevailing market conditions, quickly pushing daily trading volume past $100 million. That night, despite being scattered across different locations, the team celebrated remotely. After more than a year of struggle, Bitget finally turned profitable. To thank employees for their perseverance, we distributed bonuses and continued improving our products, operations, marketing, backend systems, and HR/legal functions.
Hearing veteran employees recount those early days always makes me feel as though I’ve lived through the trials and tribulations of startup life. Persistence was our pillar of belief, but knowing what to let go of was equally crucial to Bitget's survival. By focusing intensely on derivatives, staying attuned to user needs, we caught the rising tide when the market began to recover in 2019. By 2021, we felt our derivatives business had matured enough, so we relaunched spot trading. Like humble monks sweeping the floor, the team kept working quietly, holding fast to our beliefs.
Retreat and Refinement: Optimizing Copy Trading
If Bitget’s journey is likened to a mountain climb, then the success of our long contracts in 2019 marked the first major milestone—a solid foothold that stabilized our position. The subsequent launch of copy trading functioned like a climbing pole. Through continuous refinement, it gradually evolved into our flagship product.
As an industry participant, Bitget has always been committed to promoting crypto literacy. However, we also noticed that new users often need more time to understand and learn about cryptocurrencies and trading. They can only learn through trial and error—some gain “experience” at the cost of losses; others leave altogether, labeling the crypto space as a scam.
We wanted to change this. We believed that if experienced traders could share proven strategies, and beginners could easily follow and replicate them—leveraging tools previously available only to professionals—it would create a win-win scenario. Therefore, starting in late 2019, we began developing the copy trading feature and decided to heavily promote it, aiming to bridge the gap between seasoned traders and newcomers. In May 2020, the feature officially launched and immediately attracted hundreds of traders, receiving enthusiastic responses from users.
Although the initial version showed promise, the first-generation copy trading function still had many shortcomings requiring improvement. After promoting the feature for some time, our startup team hit a bottleneck—early versions weren't smooth or intuitive enough. Only highly motivated users were willing to spend time mastering it; others found it too complex and gave up. Even well-meaning users who referred us complained, “Your copy trading product is useful, but not user-friendly.” As the saying goes, “Greatness lies in simplicity.” We believed that for a product to achieve widespread adoption, it must be grounded, simple, and easy to use.
Thus, during a weekend at the end of 2020, our management team and product leads retreated to a remote hotel for a “closed-door session” to systematically review and refine the copy trading function. Over several days, we debated extensively over which features to keep or remove. Ultimately, we eliminated less-used functionalities to make the experience more human-centered, intuitive, and streamlined. Since then, we’ve continuously iterated and enhanced the copy trading feature, expanded into spot copy trading, and introduced complementary tools such as Strategy Square, enriching the overall user experience.
Walking With Messi: Sharing a Journey to Greatness
In 2022, the World Cup captured global attention, and many crypto companies actively partnered with football teams or stars to boost brand visibility and promote mainstream understanding of the industry. By then, Bitget had grown to a considerable scale. We were building our brand identity and wanted more people to understand crypto and grasp our mission and vision. So, we decided to partner with a top-tier football superstar.
We chose Messi for two key reasons: his reputation and personal journey. Messi’s excellence has been proven match after match, trophy after trophy. But beyond performance, we valued his character—he has long embodied the roles of a good father, husband, and team captain. More importantly, we saw reflections of Bitget’s own journey in Messi’s rise.
At the time, we considered other national teams as well—strong contenders capable of lifting the World Cup. But after deeper research and internal discussions, we found that many of our employees were actually Messi fans, feeling a deep emotional connection with him.
Though gifted, Messi never had ideal physical attributes. As a child, he faced multiple setbacks—poverty and health issues. Yet he overcame adversity through relentless training and unwavering determination, becoming a legend who inspires millions. His story mirrors our exchange’s entrepreneurial path. Founded during the 2018 bear market, we endured tough times without ever riding a massive wave of luck or enjoying smooth sailing. Each step brought challenges. Yet we persisted through market turbulence, growing stronger—just like a small-town kid mastering his craft through grueling discipline.
His resilience, dedication, and constant self-improvement reflect the values Bitget holds dear. Partnering with Messi not only elevated our brand awareness but also allowed us to communicate the potential and future of crypto to a broader audience. This collaboration symbolizes Bitget’s firm belief: in the future of crypto, we aim not just for commercial success, but also to uphold noble values—growing and making an impact, just as Messi has done.
The World Cup final between Argentina and France remains thrilling to recall. When Argentina led 2–0 against France in the 77th minute, I thought the game was secure. But in the 78th minute, Mbappé converted a penalty. Then in the 81st, France threatened again—Mbappé combined brilliantly with a teammate and smashed home a volley, leveling the score at 2–2. Eventually, Argentina triumphed in the penalty shootout, claiming the World Cup trophy.
Messi leading Argentina to victory at the Qatar World Cup resonated deeply with our journey at Bitget—filled with passion, emotion, and tears—moments unforgettable for a lifetime. This story inspires us, reminding us that no matter how great the challenge, persistence leads to dreams fulfilled. Just like Messi, we are chasing our own glory.
After the FTX Crisis: Earning Trust Through Authenticity
In 2022, the crypto industry witnessed one dramatic event after another, with the collapse of FTX standing out as the most shocking. Rumors of Binance acquiring FTX triggered a fierce war of words, culminating in FTX’s eventual bankruptcy announcement—the climax of an already intense saga.
On November 8, I was on the U.S. East Coast, preparing to fly to London for the Token2049 conference. As I waited, my phone buzzed with news: “Binance announces acquisition of FTX.” I quickly checked Twitter feeds from SBF and CZ—their tones differed. SBF seemed to confirm the deal was done, but CZ did not. At that moment, I sensed something critical: FTX’s problems were likely far worse than imagined—otherwise, why would SBF turn to CZ, the very person who ignited the crisis? I immediately posted a tweet sharing our perspective.
Before boarding, I instructed the team to closely monitor developments, especially asking our product and engineering teams to track proof-of-reserves and related matters. During the six-hour flight, one question weighed heavily: If FTX truly collapsed, where would the crypto industry go? And as a centralized exchange, how should we reestablish stability and regain user trust?
Upon arriving in London, I attended the Token2049 summit alongside representatives from Binance, including Helen Hai, and Gemini. The situation remained unclear—even Helen couldn’t offer definitive answers. We received numerous questions from the audience, marking one of the toughest challenges I’ve faced since entering the crypto space.
Given FTX’s severe liquidity issues and attempts to conceal them, we decided to take proactive steps to enhance transparency and help rebuild market confidence. On November 9, 2022, we announced plans to publish Bitget’s proof-of-reserves within a month—and followed through. In December, we launched a dedicated proof-of-reserves page, fully disclosing our reserve holdings. At the same time, we increased our protection fund from $200 million to $300 million, providing users with greater security. Additionally, we established a $5 million “Builders Fund” to support KOLs, KOCs, and traders affected by FTX’s collapse.
Through these actions, we aimed to show users and the market that builders like Bitget still exist—actively contributing even in dark times. In moments of crisis, solidarity and mutual support matter most. We must believe that dawn is coming. Our efforts paid off: amid extreme market volatility, Bitget’s user base continued to grow, and trust in our platform strengthened.
Marathon Mindset: Going the Distance
As a long-distance runner, I cherish the solitude and reflection time that running offers. The crypto industry is the fastest-moving and most intense field I’ve ever worked in. Here, companies can rise or fall overnight—or even in an instant.
In such an environment, staying true to your original purpose is essential—only by walking the right path can we avoid losing direction. Many have asked me how Bitget became a top global trading platform. I believe two aspects deserve deep reflection: *what* we do, and *how* we do it.
Today, competition among crypto platforms extends beyond exchanges themselves—it spans the entire ecosystem. Therefore, beyond our centralized exchange, we plan to expand into diversified ventures, including decentralized wallets, investment and incubation, and media development.
Accurately identifying industry trends is vital—it’s the foundation for survival and growth. Yet in my view, in a world filled with brilliant minds, attitude and mindset may matter even more.
During my time at Bitget, I’ve come to realize that we’ve always moved forward with the mindset of marathon runners. Once, discussing the FTX crisis with an industry veteran, he remarked: “FTX was like a sprinter—fast, dazzling, impressive. But corporate development isn’t a 100-meter dash. Starting similarly with derivatives, Bitget is more like a marathon runner. Perhaps not eye-catching at first, but steady, patient, and persistent—qualities that, over time, forge real value.” I was glad to hear Bitget described this way, because we’ve always embraced long-termism, believing it to be an essential trait for any successful platform or project in this industry.
Psychology presents a happiness paradox: directly pursuing happiness often fails. True fulfillment tends to emerge as a byproduct of effort—when you give your all, stay committed to doing the right thing, and work hard, satisfaction follows naturally. Company growth works the same way. Real progress and success cannot be achieved simply by chasing them. Like a marathon runner, you need patience, the ability to endure loneliness, continuous reflection, staying true to your purpose, and focusing on each step ahead. Regardless of wins or losses, by fully realizing your potential, genuine growth and fulfillment arrive unexpectedly.
Gracy Chen
Managing Director, Bitget
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