Gracy Chen on Bitget: Aggressive Strategies in a Bear Market and the 2024 Roadmap, Plus the Rumored "Wolf Culture"
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Gracy Chen on Bitget: Aggressive Strategies in a Bear Market and the 2024 Roadmap, Plus the Rumored "Wolf Culture"
Bitget's wolf culture is one of the core characteristics of the team.
Navigating Web3 tides with focused insightsBy Wu Shuo Blockchain
*The views expressed in this article are those of Gracy Chen, General Manager of Bitget, and do not represent the opinions or positions of Wu Shuo.
Please introduce yourself.
Gracy: I graduated from Singapore with a major in applied mathematics. After graduation, I began my career as an anchor and producer at Phoenix Finance and Phoenix Television's financial technology channel. This experience, starting around 2014 to 2015, was also when I first encountered the cryptocurrency space. At that time, I met several industry insiders, including He Yi and Tim Draper. It was through their recommendations that I studied the Bitcoin whitepaper in 2015 and purchased my first BTC and XRP—my initial connection with blockchain.
Since 2015, I have been working in internet, tech, and VR industries, serving as co-founder and chief marketing officer, focusing on marketing and innovation. Until early last year, I officially joined Bitget, marking my transition from Web2 to Web3. My decision to join Bitget was partly due to my early investment in Bitget Keep (now Bitget Wallet). At Bitget, I primarily oversee marketing and have recently begun involvement in listing projects. This journey demonstrates how skills and experiences across multiple industries can be transferable and applicable.
Why did Bitget choose an expansion strategy during the bear market?
Gracy: In fact, although many people may have only started noticing Bitget over the past two years, we were actually founded five years ago. We've gone through full bull and bear cycles, and particularly during the previous bear market, we took proactive steps—an approach somewhat similar to how I entered this industry. Bitget was established in the summer of 2018, right when the market was entering a bear phase, and didn't turn bullish until late 2020 and into 2021. That cycle taught us valuable lessons—how to build fundamentals during bear markets, acquire assets at lower prices, and recruit talent under more favorable conditions. Meanwhile, asset prices are relatively low, making it generally more suitable for investments and allocating resources into Web3 projects and the broader ecosystem during bear markets than bull markets.
We’ve maintained this mindset consistently. I remember in mid-last year, during a CoinDesk TV interview, they noted that while most exchanges were cutting staff—especially Coinbase, which underwent severe layoffs—we were one of just a few among the top ten large exchanges still expanding. At that time, we firmly believed that bear markets present golden opportunities for growth—a logic closely aligned with my own.
What achievements have you made? What are your expectations for 2024?
Gracy: Before the World Cup, we signed a sponsorship deal with Messi. During the bidding process against other exchanges, Messi ultimately chose us, largely because he was aware of our collaboration with Juventus and felt we better understood the needs of the football community. Messi winning the World Cup proved to be a highly valuable brand investment for us, and we conducted extensive online and offline promotions around this event.
In 2023, Bitget’s spot trading volume grew by 94% despite adverse market conditions. Additionally, in terms of listings, we launched 355 new tokens in 2023—an increase of 46% compared to 2022. Currently, Bitget lists nearly six hundred tokens, including many high-quality assets. We have a dedicated research team that conducts rigorous evaluations of projects. For instance, even though inscription projects have become extremely popular, we don’t blindly list all such projects but instead apply careful screening and analysis. On the Foresight Ventures front, according to statistics up to September, we had invested in 77 projects with over $60 million committed, demonstrating our strong commitment to supporting Web3 initiatives. We’ve also made significant progress in backing early-stage tokens, partnering with public chains, and achieving solid results in the decentralized wallet sector.
For 2024, we have three key strategic focuses. First is compliance—especially after the FTX incident, compliance has become increasingly important. We’ve already participated in various compliance-related initiatives, such as obtaining VASP licenses in Poland and Lithuania, which will be critical for our future development. Second, we’ll place greater emphasis on emerging markets like Latin America and Southeast Asia, forming an essential part of our global strategy. Third, we will continue advancing our Web3 business, launching products such as DEX and L2 solutions, steadily progressing according to our development roadmap.
What is Bitget’s token listing strategy?
Gracy: Bitget’s listing strategy primarily focuses on rapidly responding to market trends while ensuring we offer assets that combine quality with potential. Our approach can be summarized as “speed over slowness”—being agile while delivering wealth-generating opportunities to our users. For example, ARB was a major trend we captured in the first half of this year. Even before ARB issued its token, we noticed growing excitement around its ecosystem, especially core projects like GMX. We responded quickly, listing over a dozen ARB ecosystem projects at a time when industry demand emerged, creating what we call the “full ARB ecosystem bundle.” This move attracted many users to our platform, as we provided the most comprehensive ARB ecosystem support available.
Our listing zones reflect this strategy too—for example, launching dedicated sections for MEME coins, inscriptions, and Layer2 projects, and being among the first to list hot tokens like BLUR, ORDI, ZERO, and Silly. These are all examples of our fast response and ability to capture market momentum.
However, speed isn’t our only consideration. While pursuing agility, we also place great importance on quality and project potential. We have a strict evaluation system that considers liquidity, project teams, investor backgrounds, and other dimensions. Striking this balance is delicate—we must remain agile and ahead of the curve without compromising quality or user interests.
Overall, Bitget aims to find the right balance between speed and quality. It’s an ongoing process of learning and adjustment, and we’re committed to becoming a fast yet responsible trading platform.
Will there be any synergy between Foresight’s incubation efforts and Bitget’s listing decisions?
Gracy: Currently, Bitget and Foresight operate with relatively independent decision-making processes. When Foresight makes investments, their primary focus is on return on investment rather than specifically identifying listing candidates for Bitget. Although Bitget is one of Foresight’s LPs, we are not the sole decision-maker. Our decision-making processes are separate, and Foresight follows its own strategies and considerations.
That said, we do maintain coordination with Foresight and many other investment firms. A project backed by well-known investors has already undergone preliminary screening and research, which serves as an important reference point for us. We’re also actively seeking collaborations with mainstream U.S.-based venture capital firms such as Shima Capital, Dragonfly, A16Z, and Paradigm, hoping these partnerships will help bring more high-quality projects onto our platform.
Regarding the relationship between Bitget and Foresight, it’s more about referrals. For instance, if a project funded by Foresight wants to get listed on an exchange, they might refer it to our listing team. Then, our listing team applies its own set of evaluation criteria, with dedicated researchers conducting project ratings. Different rating levels correspond to different listing strategies—for example, SSS-rated projects like Blur or ARB receive strong support from us, whereas C-rated projects may be excluded entirely. This framework forms an independent and crucial part of our listing decisions.
In summary, while Foresight’s investment decisions may provide some reference value, Bitget maintains independent standards and strategies in its listing process. We aim to ensure a balance between speed and quality while preserving independence and rigor in listing decisions. For deeper insights into Foresight’s investment criteria, consulting directly with the Foresight team would be the best approach.
How do you view Binance’s settlement with the DOJ? Will it affect your compliance strategy?
Gracy: Regarding Binance’s settlement with the U.S. Department of Justice, we had somewhat anticipated this outcome. We had already decided not to operate in the U.S. market, so the direct impact on us is relatively small. However, compliance is a global issue and direction. Especially after the FTX incident, regulatory requirements worldwide have significantly increased, with many countries and regions introducing clearer regulatory frameworks—such as Hong Kong’s Type 7 license. These developments prompted us to establish a legal and compliance team of nearly dozens of people dedicated to handling related matters.
Our strategy is to obtain licenses in as many appropriate jurisdictions globally as possible, and even acquire regional exchanges that already hold licenses, integrating them into our compliant operations. In regions where regulations are unclear or compliance environments are complex—like the U.S.—we choose not to participate. In areas where regulations are still evolving or lagging—such as Latin America—we remain cautious and maintain close communication with regulators to ensure our business aligns with potential future rules.
Currently, we are actively applying for licenses in multiple regions, and have successfully obtained licenses in several areas. Our commitment to compliance isn’t merely reactive to a single event, but part of a comprehensive, ongoing global strategy aimed at ensuring our business can grow steadily amid an ever-changing international regulatory landscape.
What strategies will you pursue in 2024 to further push toward becoming a top-tier exchange?
Gracy: Looking ahead to 2024, our strategies may sound like “correct clichés,” but they are indeed critical strategic actions. First, we plan to list more high-quality tokens. Selecting the right projects is essential for attracting and retaining users. Second, we will focus on optimizing product experience to make it smoother and more user-friendly. Continuous incremental improvements like these are vital to us.
We believe running a centralized exchange isn’t a sprint but a marathon—a test of endurance and strategy. The key isn’t who runs fastest at the start, but who can sustain momentum. Our goal isn’t to hastily overtake a competitor, but to steadily improve every aspect of our business, including product technology and fund protection programs, ensuring users feel our exchange is both secure and reliable.
Of course, we’re also highly focused on developments in the Web3 space. For the upcoming bull run in 2024 and beyond, we see native Web3 businesses—such as decentralized wallets and Layer2 technologies—as critically important components of the entire ecosystem. We’re committed to making significant moves in these areas to ensure we maintain a leading position in future market competition. In short, our goal is steady advancement—through continuous innovation and improvement—to gradually emerge as an industry leader.
Will your existing KOL and channel growth strategies change in the future?
Gracy: For future KOL and channel growth strategies, we prefer to introduce new approaches within our existing KOL framework rather than completely overhaul it. For example, in addition to traditional KOLs, we’re now placing greater emphasis on KOCs (Key Opinion Consumers)—individuals with smaller influence but strong credibility within specific communities. We launched a dedicated KOC-focused business line at the end of last year or earlier this year, marking a new addition to our strategy.
Additionally, brand initiatives like our sponsorship with Messi have helped attract substantial traffic, so our strategy is increasingly shifting toward more brand-centric methods, going beyond traditional KOL or affiliate partnerships. For instance, the success of our listing strategy—such as the ARB case—naturally draws in many users. Our recent listing selections increasingly consider traffic potential, seeking out unique and valuable assets, which are key drivers of user growth.
KOL collaborations remain an important component of our strategy. We maintain close ties with top-tier KOLs, promptly addressing their feedback and concerns—whether regarding product improvements or risk management issues. We invest considerable time and effort nurturing these relationships, while simultaneously exploring other multidimensional growth avenues.
We believe achieving top-tier exchange status requires excellence across multiple dimensions. While relying on major influencers is a labor-intensive and gradual process, we aim to achieve exponential growth through diversified strategies. Ultimately, we want the Bitget brand itself to become powerfully attractive, naturally drawing in and retaining users. Of course, every aspect of product experience needs constant refinement, because building user trust is crucial—and once lost, rebuilding it becomes far more difficult. We remain highly vigilant and attentive to all these aspects.
Where exactly does Bitget’s "wolf culture" manifest?
Gracy: Bitget’s “wolf culture” is one of our team’s core traits, evident across multiple levels. First, our team demonstrates exceptional cohesion and execution capability. We don’t have obvious factionalism; team members collaborate closely, united toward a clear common goal. This direct, efficient work style is part of our wolf culture.
We also emphasize four core values that collectively shape Bitget’s corporate culture and working style. The first is “user-first.” We encourage teams to deeply study and understand user needs—both internal and external—and always prioritize user needs above all else. The second is “integrity and honesty.” We maintain zero tolerance for dishonest behavior, especially in core business areas like listings and investments, where we uphold transparency and integrity.
The third value is “frank communication.” We encourage team members to communicate directly and provide honest feedback rather than avoiding issues or escalating unnecessarily. We promote an open and upright communication culture, empowering team members to proactively solve problems. The fourth is “delivering results,” a crucial element of our wolf culture. We are a results-driven team—everyone has OKRs, and we emphasize data-oriented, outcome-focused work practices.
Moreover, our wolf culture is also reflected in our relentless pursuit of innovation and excellence. As an industry challenger, we have developed our own competitive systems and management strategies—all designed to unlock team potential and drive faster, better progress.
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