Bitget 2023 Transparency Report
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Bitget 2023 Transparency Report
In the 2023 Bitget Transparency Report, let us take a journey together through our progress and milestones.
Navigating Web3 tides with focused insights
The year 2022 left us breathless; in 2023, we continued forward amid constant surprises. Despite numerous challenges and market volatility, Bitget stayed true to its mission and achieved significant breakthroughs across multiple areas—substantial user and trading volume growth, diversified business expansion, and regulatory licensing progress.
In the Bitget Transparency Report 2023, let’s revisit this journey together.
Report Summary
• Despite a challenging environment, Bitget's total trading volume reached $3.14 trillion in 2023, with spot trading up 94%
• Platform token BGB surged 291%, hitting an all-time high of 0.70499 USDT
• Copy Trading welcomed 52,000 new traders, generating 26.9 million profitable trades
• Completed key strategic investments, including $30 million into BitKeep, and launched EmpowerX Fund and Web3 Fund with $100 million each
• Upgraded brand identity around the new concept of “smarter trading” and celebrated five years in Singapore with 2,000 crypto experts
• Maintained an average reserve ratio above 200%, with the User Protection Fund consistently valued above $300 million as pledged
• Launched the Blockchain4Youth public welfare initiative, pledging $10 million over the next five years
• Registered as a Virtual Asset Service Provider (VASP) in Poland and Lithuania
• Focused on product optimization, continuously enhanced Copy Trading, introduced AI-powered trading strategies, and provided multidimensional data to help users trade smarter
Data Growth
Trading Volume
2023 was a challenging year, yet under these market conditions, our businesses—especially spot trading—delivered outstanding results. Bitget achieved a total trading volume of $3.14 trillion, with spot trading surging to $81.6 billion, a 94% increase from the previous year.
Our total user base grew from 8 million last year to 20 million in 2023. To support this growth, our team expanded from 1,100 to 1,500 employees. Bitget’s average monthly website traffic reached 10.4 million, peaking at 13.6 million in May.
Data source: Similarweb
Newly Listed Assets
Since relaunching our spot business in 2021, we have steadily increased investment. In 2023, we actively identified high-potential assets and adopted a more flexible and aggressive listing strategy to uncover early-stage projects. These efforts led to strong growth in spot trading, making Bitget one of the most diverse platforms, offering over 600 tokens and 700 spot trading pairs.
In 2023, Bitget listed 355 projects—an increase of 46%—including 5 Launchpad and 45 Launchpool projects. We also categorized tokens and launched dedicated zones such as BTC Ecosystem, Artificial Intelligence, and Layer 2.
Bitget Token (BGB)
Bitget’s platform token BGB stood out as one of the top-performing exchange tokens in 2023. Over the year, BGB repeatedly broke new records, soaring from 0.18 USDT at the beginning of the year to an all-time high of 0.70499 USDT in December—a 291% increase—and ranking among the top five exchange tokens by market cap.
Growing demand for BGB stemmed from Bitget’s expanding spot trading business and ecosystem, along with richer benefits for BGB holders. Throughout 2023, we introduced perks such as zero withdrawal fees when staking BGB and exclusive airdrops for BGB holders. By year-end, the number of BGB holders reached 217,000—an 83% increase from 2022—and BGB’s annual trading volume rose 110% to $5.15 billion.
Data source: Coingecko
Copy Trading
As the first and largest crypto copy trading platform, Bitget continued to lead the industry in 2023: welcoming 52,167 new traders and gaining 295,975 new followers. In 2023, there were 26.9 million profitable copy trades, generating $138 million in copy trading profits, with traders earning $6.4 million in revenue share. To date, total profits generated through copy trading exceed $450 million, with trader revenue sharing amounting to $23 million.
Customer Service
We made substantial improvements in customer service, reflecting our commitment to "user-first." Over the past year, we responded to nearly 600,000 customer inquiries, with an average response time under three minutes. Our support team resolved complex issues within an average of 9.15 hours and helped users recover digital assets worth over $495,000.
Milestones
Investing in the Crypto Industry
Bear markets often present ideal opportunities to invest in high-quality assets. During this crypto winter, we intensified our investments and support for the industry. To better integrate decentralized and centralized finance, Bitget invested $30 million to become the controlling shareholder of BitKeep, a decentralized multi-chain wallet now rebranded as Bitget Wallet. Additionally, in December, we invested millions of dollars into Morph, a promising Layer 2 project.
We also launched two funds to support development across different sectors. The Bitget Web3 Fund, initiated in April, plans to invest $100 million in Web3-focused VCs and projects. So far, it has partnered with Foresight Ventures, Dragonfly Capital, SevenX Ventures, Gitcoin Fund, DAO Maker, and ABCDE Capital. In September 2023, during our fifth-anniversary celebration, we unveiled the EmpowerX Fund, strategically aimed at investing in regional exchanges, venture capital firms, data analytics companies, media outlets, and other entities that can strengthen the Bitget ecosystem.
Brand Upgrade: Trade Smarter
We observed that the rapid development of the crypto industry over the past decade has inadvertently raised entry barriers for new investors. With increasing numbers of crypto beginners, Bitget aims to empower them by learning from experienced traders and making smarter trading decisions. Thus, in mid-2023, we began a brand upgrade, launching a new slogan—Trade Smarter—guiding holistic improvements in branding, intuitive features, and intelligent trading solutions.
Singapore Five-Year Anniversary Summit
With each milestone achieved, we pause to reflect and prepare for the next leap forward. In September 2023, we hosted a series of events celebrating Bitget’s fifth anniversary, including the King's Cup Global Invitational Tournament, the Bitget Smart Awards, and the Bitget EmpowerX Summit in Singapore, where we engaged with over 2,000 industry experts on future developments.
Security, Transparency, and Compliance
Proof of Reserves and Protection Fund
Since publicly releasing Proof of Reserves (PoR) in November 2022, Bitget has consistently published monthly PoR reports, including updated reserve snapshots. In 2023, the average PoR ratio remained steady at 200%, significantly exceeding the industry standard of 100%.
To enhance security and transparency, we publish monthly updates on the value of the Bitget Protection Fund. Initially capitalized at $300 million, the fund’s valuation remained above $300 million throughout 2023, reaching a record high of $410 million in November. As one of the largest self-insured funds among exchanges, the Bitget Protection Fund provides additional safeguards against hacking, fraud, and extreme market conditions.
KYC Enhances Security and Compliance
Starting September 1, 2023, Bitget implemented mandatory KYC procedures to strengthen security and compliance, ensuring adherence to global and regional financial regulations. This move aims to improve transparency, meet regulatory standards, and provide users with a safer trading environment.
Licensing and Regulatory Registration
In 2023, Bitget completed VASP (Virtual Asset Service Provider) registration in Poland and Lithuania, underscoring our commitment to compliance and regulation. Bitget continues to monitor evolving regulatory landscapes worldwide to promote industry development, cryptocurrency adoption, and user trust.
Public Welfare Initiatives Driving Crypto Adoption
Blockchain4Youth Public Welfare Project
In May 2023, Bitget launched the Blockchain4Youth initiative to inspire the younger generation to embrace Web3 and blockchain technology and cultivate interest in digital assets. The project commits $10 million over five years. Initial initiatives include blockchain courses, Bitget Academy certifications, campus lectures, and scholarships.
In 2023, we hosted 26 offline educational events and partnered with universities—including University College London (UCL), University of Buenos Aires, RMIT Melbourne, and National Taipei University of Technology—to offer students deeper insights into blockchain technology.
Blockchain4Youth also launched the Builders Program, aiming to recruit young talent globally and equip them with tools and training essential for careers in crypto, blockchain, and Web3. To date, we’ve recruited over 4,000 young builders. By supporting their growth, we aim to prepare for continuous innovation in blockchain technology and nurture the next generation of leaders.
Relief for Turkey Earthquake Victims
We believe the crypto community should make a positive impact in the real world. At the beginning of 2023, we donated 1 million Turkish Lira to earthquake victims. Additionally, Bitget established a 1 million Turkish Lira scholarship fund to support youth development in Turkey. This scholarship is part of the Blockchain4Youth program, aiding financially disadvantaged students in Turkey.
Product Iteration and Development
Bitget firmly believes that an exceptional crypto trading platform should empower users to trade smarter and more efficiently—making trading truly “smarter.” Therefore, we are actively refining our product strategy, focusing on three key areas:
1. Upgrading and optimizing Copy Trading functionality
2. Leveraging AI technology to create innovative trading strategies
3. Providing comprehensive information resources to support informed investment and decision-making
Ongoing Copy Trading Optimization
We are committed to building an innovative copy trading platform that allows beginners to easily follow experienced traders, learn their strategies, and improve their trading success rate. We continuously refine and enhance copy trading features to help users achieve their investment goals more efficiently and intelligently.
In January 2023, we launched Spot Copy Trading, becoming the first exchange to offer this feature. It enables users to follow trading strategies and execute related crypto transactions in the spot market, delivering a seamless and efficient trading experience. In Q4 2023, we introduced the Bitget Expert Trader Premium Mode, allowing traders better follower management and more flexible profit-sharing options.
AI-Powered Support for Users
2023 is widely regarded as the dawn of the AI era. We are integrating this cutting-edge technology to better serve and empower trading. By combining AI, our platform automates and intelligently manages trading processes, delivering a more advanced and efficient trading experience.
We first integrated AI with Grid Trading, enabling users to select from various AI bots—“Conservative,” “Safe,” and “Aggressive”—to match different risk preferences. We also launched the CTA-AI Bot, which allows users to flexibly optimize investment performance whether buying (long), selling (short), or both. Furthermore, leveraging AI and advanced algorithms, the Bitget Futures Quantitative Function offers users superior portfolios and optimized investment decisions. This feature breaks traditional limitations and intelligently adapts to varying market conditions.
Comprehensive Data and Information Support
In finance, information gathering and processing are crucial to decision-making. Therefore, in 2023, Bitget enhanced its products by offering practical tools that help users access vital data and insights. These tools cover market data and analytical perspectives, enabling users to make smarter, more strategic investment decisions.
Conclusion
In 2008, Satoshi Nakamoto released the Bitcoin whitepaper. A decade later, in 2018, Bitget was born. The name “Bitget” combines “Bit” from Bitcoin and “get,” symbolizing effortless access to digital assets. This reflects Bitget’s commitment to Satoshi’s vision—building a fairer, more open, and mutually beneficial financial and crypto world that empowers individuals and society. As we enter 2024, Bitget will continue walking alongside users and industry participants, driving and leading innovation in the crypto space.
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