Exclusive Interview with Bitget's New COO Vugar Usi Zade: Bitget's 2024 and Globalization Without Boundaries
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Exclusive Interview with Bitget's New COO Vugar Usi Zade: Bitget's 2024 and Globalization Without Boundaries
Having grown into the "elephant in the room" in 2023, with 2024 now underway and a new COO at the helm, what are Bitget's limits?
Navigating Web3 tides with focused insightsBy Frank, Foresight News
Harvard graduate, Oxford master’s degree holder, 15 years of experience serving in senior roles at renowned companies including Facebook, Danone, Carlsberg, Sony, and BeInCrypto—and seven years ago, first encountering Web3. Now, at the beginning of 2024, stepping into the role of COO at Bitget, the “elephant in the room” within the exchange sector, overseeing global business growth and strategic expansion.
This is undoubtedly an exceptional resume—summing up the professional journey of Vugar Usi Zade, Bitget’s newly appointed Chief Operating Officer (COO), as of January 11, 2024, when Bitget officially named him to the role.
For today’s crypto industry, seasoned veterans from traditional sectors diving into Web3 is no longer rare. However, someone like Vugar Usi Zade—with extensive experience spanning financial services, internet giants, and Fortune 500 corporations—is truly uncommon. And in his view, this very background forms the foundation of a mutual alignment between himself and Bitget:
“My experience across multinational markets enables me to help Bitget deepen its international strategy—such as tailoring approaches for different cultural and regulatory environments, formulating and executing effective, locally compliant global and regional strategies—to ensure a smoother path toward globalization.”
Wang Xing, advocate of the “boundaryless theory,” once said, “Too many people focus on boundaries, not on core strengths.” After repeatedly leading industry trends last year with its philosophy of “in martial arts, nothing prevails like speed,” Bitget has become the “elephant in the room” among exchanges, moving its core trading services to the forefront. Thus, at the start of 2024, advancing its global strategy naturally calls for someone with deep experience at the helm.
As Vugar Usi Zade puts it, “(Web3) users are seeking their own ‘edge’ in different ways.” With his arrival, how will Bitget define its own edge in 2024?
Foresight News was fortunate to conduct an exclusive interview with Vugar Usi Zade in January 2024. Below is the full transcript, presented for our readers.
I. From Fortune 500 to Web3: A Strategic Leap
Foresight News: Your career spans a wide range—from Fortune 500 firms and top internet companies to traditional financial powerhouses. Could you walk us through your professional journey before entering the crypto space, chronologically?
Vugar Usi Zade: I firmly believe in the importance of academic and educational foundations, as they’ve greatly benefited me by fostering continuous discipline and self-improvement.
I was fortunate enough to land a full-time job even before graduating—becoming head of marketing at Carlsberg Group, one of the world’s largest breweries, before turning 20.
Later, at global tech giant Facebook, I focused on building and expanding new market operations, helping Facebook scale into 45 countries and effectively tapping markets through the Facebook ASP program. It was during this period that I fully grasped the significance of effective expansion strategies and honed my professional skills.
I then served as CMO at a unicorn startup under Sony, which secured a massive $2.7 billion funding round led by CVC Capital—among the highlights of my career, opening doors to diverse startup and venture capital ecosystem opportunities.
Afterward, I joined Bain Capital, and in 2017, first encountered the Web3 industry—realizing its potential to reshape humanity’s future. That marked the beginning of my journey into Web3.
Foresight News: What personal takeaways have you gained from these roles? How have they shaped your operational philosophy?
Vugar Usi Zade: My experiences in finance have profoundly influenced both my personal development and my operational philosophy in three key aspects:
First, drawing from lessons as a senior consultant at Bain, I’ve strengthened my focus on outcome-driven results and operational efficiency, enhancing skills applicable to challenging scenarios—including work across venture capital, private equity, traditional financial institutions, and Web3 funds.
Second, through involvement in successful blockchain ventures in VC and serving as CMO at Beincrypto—one of the largest crypto media platforms globally, operating in 65 markets and 16 languages—I’ve deepened my confidence in the crypto space and developed a comprehensive understanding of the global crypto landscape.
Additionally, during my graduate studies at Oxford, I researched expansion strategies and enterprise operational efficiency, gaining insights into global scaling management—which I now aim to apply in accelerating Bitget’s global development.
Foresight News: What sparked your interest in crypto? How did you connect with Bitget, and what ultimately convinced you to join?
Vugar Usi Zade: I see myself first as a loyal Bitget user—the platform’s product appeal and features hold a special place in my heart, making the brand particularly meaningful to me.
My familiarity with Bitget deepened during my time at Harvard, where I met Gracy, Bitget’s Managing Director, multiple times. Through regular participation in crypto-related events, our shared interest in potential collaboration grew stronger. I’m truly excited to join Bitget and grateful for the leadership’s trust in me.
Overall, the main factors driving my decision were Bitget’s strong commitment to security and protection, and the fact that its ambitious growth trajectory aligns perfectly with my personal aspirations.
Foresight News: What do you see as the biggest differences between crypto and traditional industries? What role does joining Bitget play in your career journey?
Vugar Usi Zade: In traditional finance, the primary focus is creating profits and accumulating wealth for stakeholders. In contrast, blockchain and cryptocurrency aim to disrupt the status quo by advocating equal opportunity.
According to World Bank data, 74% of men in developing countries can access financial services through traditional banking, while only 68% of women enjoy the same privilege. Even more strikingly, about 1.4 billion people worldwide remain unbanked.
Cryptocurrency holds the potential to bridge this gap, empowering billions to become active participants in the financial ecosystem. Through seamless transaction platforms, crypto enables individuals to send and receive payments freely, ultimately unlocking greater financial freedom.
At Bitget, we see ourselves as contributors to this transformation—committed to providing millions with access to financial tools without unnecessary barriers or burdens, facilitating their journey toward a freer, more sustainable financial future.
Foresight News: Within Bitget, what would you say defines the team culture? What common traits stand out among your colleagues?
Vugar Usi Zade: Joining Bitget feels like immersing myself in a culture relentlessly pursuing success. Bitget draws inspiration from the resilience and efficiency of elite athletes—evident in its partnership with Lionel Messi, widely recognized as the “Greatest of All Time (GOAT).”
While many companies claim to foster close-knit family cultures to boost morale, Bitget stands apart. Step inside, and you’ll immediately sense a unique tapestry formed by clashing yet complementary values.
Overall, Bitget’s spirit centers around a determined winning mindset—one that mirrors the synergy seen in top-tier sports teams. Our shared goal isn’t just participation; it’s victory itself.
Of course, the road to success isn’t easy—it demands discipline, unwavering dedication, and sharp focus. As the new COO, I’m committed to ensuring our team remains tightly aligned with Bitget’s overarching vision, strengthening organizational structure into a robust framework ready to conquer ambitious goals.
At Bitget, each of us understands that success isn’t merely a destination—it’s a journey defined by resilience and purpose.
Foresight News: Have there been any memorable experiences or colleagues since joining Bitget?
Vugar Usi Zade: As mentioned, Gracy’s career progression has deeply inspired me. After hearing her speak multiple times, I’ve come to appreciate her profound knowledge and experience in crypto.
She consistently highlights unexpected yet critical emerging trends in the space, setting her apart as an exceptional leader through her commercial insight, analytical rigor, and foresight.
For example, during our conversations, I learned that amid the FTX crisis at the end of 2022, when the entire crypto market was gripped by fear, she and her team urgently convened and made the decisive move to introduce Proof of Reserves ahead of others—and increased Bitget’s User Protection Fund from $200 million to $300 million. This alone speaks volumes about Bitget’s leadership and resolve.
II. Vugar Usi Zade on 2023 and Globalization
Foresight News: Bitget experienced rapid growth in 2023, rising to the top tier. As the new COO, how do you position Bitget in this evolving competitive landscape? How will you differentiate in areas like compliance and products (e.g., copy trading), avoiding homogenization?
Vugar Usi Zade: Bitget will focus on three key areas: compliance, emerging markets, and Web3.
First, compliance—especially after the FTX collapse—has become increasingly crucial. Bitget has already taken significant steps, such as securing VASP licenses in Poland and Lithuania. This will be central to our future development.
Second, we’re placing greater emphasis on emerging markets—particularly Latin America and Southeast Asia—as a core component of our globalization strategy.
Third, we’ll continue investing heavily in Web3, especially in Bitget Wallet, while actively supporting innovative DEXs and Layer 2 projects—steadily advancing our roadmap.
Foresight News: Most major exchanges now offer wallet services—Bitget included. What more should exchanges do to drive mass Web3 adoption? What is Bitget doing in this area?
Vugar Usi Zade: Bitget has already taken major strides in decentralized application (DApp) integration—embedding various DApps directly into its Web3 wallet, enabling seamless interaction with DeFi, gaming, trading, and more.
This not only enhances user experience but also attracts a broader audience by catering to diverse interests and needs.
On security, Bitget has adopted advanced measures like Multi-Party Computation (MPC)—similar to Binance—to strengthen Web3 wallet safety. MPC decentralizes private key management, reducing risks associated with traditional seed phrases.
In terms of service expansion, Bitget Wallet now offers Swap, NFT marketplace, and DApp access, and will continue partnering with leading projects and integrating decentralized swap aggregators to deliver a more comprehensive and efficient trading experience.
Foresight News: Regarding Bitget’s current business performance, can you share any data—active users, trading volume, product portfolio, etc.?
Vugar Usi Zade: Absolutely. In terms of trading and user metrics, Bitget achieved a total trading volume of $3.14 trillion last year, with spot trading volume reaching $81.6 billion—a 94% increase year-on-year. Our user base grew from 8 million to 20 million, and team size expanded from 1,100 to 1,500 employees.
On the product front, Bitget actively pursued high-quality assets in the past year with a flexible and aggressive listing strategy—launching 355 projects in 2023, a 46% increase, including 5 Launchpad and 45 Launchpool projects.
Our flagship copy trading product added 52,000 new traders in 2023, generating 26.9 million profitable trades. To date, users have cumulatively earned over $450 million in profits via copy trading, with traders receiving $23 million in profit-sharing. We’re leveraging AI to develop innovative strategies such as AI Grid Trading and CTA models to empower traders and enhance user experience.
Strategically, Bitget completed several major investments last year, including a $30 million investment in BitKeep, and launched two dedicated funds—EmpowerX Fund and Web3 Fund—each with $100 million in capital.
We also launched the Blockchain4Youth philanthropic initiative, committing $10 million over the next five years to support youth development in Web3.
Foresight News: On the globalization front, what milestones has Bitget achieved in 2023? Which regions were prioritized, and why?
Vugar Usi Zade: Bitget now operates in 100 countries and regions. In 2023, we continued deepening our global strategy—not only through the above developments but also via comprehensive brand upgrades and celebrating our fifth anniversary. Additionally, we completed VASP registrations in Poland and Lithuania, actively expanding our presence in Western markets.
III. Bitget in 2024: Global Expansion Without Boundaries
Foresight News: Can you share your outlook or predictions for the exchange landscape in 2024? (For example, market share shifts, or how spot Bitcoin ETFs might impact existing CEXs?)
Vugar Usi Zade: My forecast includes three main points.
First, the approval of spot Bitcoin ETFs could attract more traditional investors into the crypto market, potentially increasing trading volume on centralized exchanges (CEXs). As more institutional and retail investors use these platforms to buy and trade ETFs, exchange user bases and active participation may grow significantly.
Second, spot Bitcoin ETFs offer a more familiar entry point for traditional investors, allowing them to engage with Bitcoin through conventional channels. While this diversifies investment options, it’s unlikely to cause user attrition from exchanges—because the investor profiles drawn to ETFs differ from typical exchange users.
Third, the introduction of spot Bitcoin ETFs may reshape the competitive dynamics among exchanges. More traditional financial institutions may enter the crypto space, intensifying competition between legacy finance and crypto-native platforms. As these institutions gain exposure via ETF investments, they may eventually launch their own crypto exchanges—posing new challenges to existing players.
Foresight News: How would you describe the current Web3 development climate in North America, Europe, APAC, and emerging markets? Which regions does Bitget find most promising going forward?
Vugar Usi Zade: With the growth and adoption of cryptocurrency, we see tremendous potential and growth opportunities in emerging markets such as Latin America, Southeast Asia, and Africa. Bitget is therefore intensifying its focus on these regions and allocating more resources to support development.
Web3 development in North America, Europe, APAC, and emerging markets each show distinct emphases and characteristics—making it difficult to declare one superior to another.
In North America, DePIN (Decentralized Physical Infrastructure Networks) is gaining significant attention. DePIN leverages blockchain and token incentives to enable decentralized construction of real-world infrastructure (like WiFi, storage, batteries), accessible to all. The convergence of DePIN and AI is considered a powerful combo in 2024, enabling more efficient resource sharing and advancing Web3 innovation.
The surge in Helium Mobile and Coinbase’s listing of Hivemapper (HONEY) have fueled trader interest in the sector, indirectly encouraging developers and innovators to build in this space.
In Europe, crypto regulations tend to be stricter, with ongoing enhancements in AML/CFT oversight. Yet, this also provides a relatively stable and transparent regulatory environment. Europe is actively promoting digital asset innovation and economic digitization, while safeguarding investor and consumer interests.
In APAC, significant contributions have been made to the Bitcoin ecosystem. Protocols like Ordinals and Atomicals have enabled asset issuance on Bitcoin, injecting new life into the long-established chain. The community’s enthusiasm during the “Inscriptions Summer” is evident in ORDI’s price and trading volume spikes.
In emerging markets, users leverage BTC and USDT to hedge against hyperinflation, anticipate a new GameFi Summer driven by AAA games, explore evolving tokenomics, and witness fierce competition among Layer 2 blockchains. Users across regions are seeking their own ‘edge’ in diverse ways.
Foresight News: Compared to 2023, what new operational directions or priorities will Bitget pursue in 2024? Any upcoming plans you can share?
Vugar Usi Zade: Certainly. My cross-border market experience allows me to help Bitget refine its international strategy—adapting to different cultural and regulatory landscapes, crafting and implementing effective, locally compliant global and regional strategies to ensure a smoother globalization journey.
I’ll also further optimize Bitget’s marketing and outreach efforts, rolling out more comprehensive and diversified strategies as market conditions improve, to expand our influence and visibility.
My strategic focus will be leading Bitget’s expansion into Latin America, the Middle East, and Africa, while reinforcing our presence in Southeast Asia and Europe. I believe my diverse skill set and rich experience make me the ideal candidate to lead Bitget into its next phase of growth.
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