CDS Crypto News Bitget Reports $700 Million Inflow and Growth in Q2 2024
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Bitget Reports $700 Million Inflow and Growth in Q2 2024

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Bitget Reports $700 Million Inflow and Growth in Q2 2024

Bitget Reports $700M in Q2 Capital Inflow, Expands User Base by 2.9 Million

Bitget Reports – Bitget, a prominent crypto exchange, disclosed a substantial $700 million capital inflow in the second quarter of 2024, alongside significant operational achievements.

Traffic and User Expansion

During Q2, Bitget experienced a remarkable 50% surge in website traffic compared to the previous quarter, attracting a substantial 10 million monthly visitors. The platform also onboarded 2.9 million new users and recorded a notable 10% increase in spot trading market volume from Q1.

Asset Holdings Surge

Bitget reported robust increases in its cryptocurrency holdings, highlighting gains of 73% for Bitcoin (BTC), 80% for Tether (USDT), and an impressive 153% for Ether (ETH). These expansions corresponded closely to the $700 million capital inflow.

Strategic Partnerships and Initiatives

In an effort to bolster its global presence, Bitget partnered with Turkish national athletes Buse Tosun Çavuşoğlu, Samet Gümüş, and İlkin Aydın. This collaboration forms part of Bitget’s broader campaign with football legend Lionel Messi.

Ecosystem Development and Investments

Bitget launched a $20 million ecosystem fund in partnership with Foresight Ventures, aimed at nurturing early-stage projects on The Open Network (TON) and advancing the TON ecosystem’s growth.

Security Measures and Partnerships

To enhance security, Bitget implemented stringent Know Your Customer (KYC) verification processes in collaboration with Sumsub, targeting deepfake scams prevalent in the crypto industry. The exchange’s commitment to maintaining proof-of-reserve ratios above 100% ensures robust asset protection, with a dedicated protection fund valued at over $420 million.

Deepfake Threat Awareness

Bitget remains vigilant against deepfake threats, with recent reports highlighting potential losses exceeding $25 billion within the crypto sector by the end of 2024.

Bitget CEO Gracy Chen expressed optimism about the platform’s future, emphasizing ongoing efforts to support Web3 development and global expansion initiatives. The exchange’s strategic partnerships, substantial user growth, and financial achievements underscore its pivotal role in the evolving crypto landscape.

This comprehensive update underscores Bitget’s commitment to transparency, security, and innovation within the cryptocurrency exchange ecosystem.

FAQ

What is Bitget?

Bitget is a leading cryptocurrency exchange platform known for its robust trading services and innovative ecosystem offerings.

What were Bitget’s key achievements in Q2 2024?

In Q2 2024, Bitget reported a significant $700 million capital inflow, a 50% increase in website traffic, and the addition of 2.9 million new users. The exchange also saw a notable uptick in spot trading market volume.

For more up-to-date crypto news, you can follow Crypto Data Space.

Bitget Reports $700 Million Inflow and Growth in Q2 2024

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