Bitget Transparency Report: August 2024 
Bitget
TLDR;
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Bitget attracted 1.72 million new users in August 2024, despite a sharp market downturn
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Bitget integrated Apple Pay and Google Pay, allowing users to convert fiat to crypto within 30 seconds.
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Hon Ng was appointed as Bitget's Chief Legal Officer, boosting compliance efforts and regulatory dialogues.
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Bitget launched its Blockchain4Her Awards to celebrate women driving innovation in the blockchain industry.
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Bitget wallet allows Telegram log-ins for MPC wallet
Introduction
In August 2024, the cryptomarket experienced a sharp crash, with Bitcoin dropping below $50,000, and Ethereum and other altcoins suffering double-digit losses. This downturn was driven by a combination of global economic concerns, including weaker U.S. jobs data and the appreciation of the yen, leading to a shift towards safer assets. Regulatory pressures, added uncertainty, while high-frequency trading algorithms amplified the sell-off. Despite this, institutional interest, especially in Bitcoin ETFs, remained strong, signaling potential for recovery in the long term. While all of this was happening, Bitget announced the hiring of its Chief Legal Officer along with their plans of expansion with compliance. Along with this, Bitget integrated Apple pay and Google pay strengthening its onramp features at the same time releasing new trading products. Bitget Wallet hit 30M userbase and concluded its TON's based TONNECT 2024 program with shortlisting a multitude of startups for further support.
Monthly Highlights
Bitget announced the appointment of Hon Ng as its Chief Legal Officer (CLO). With over two decades of experience, Hon has extensively been working with governments and policymakers for global corporations. At Bitget, he will oversee the group’s adherence to regulatory requirements worldwide. This includes constructive and active dialogues with regulators, gaining licenses in expansion markets and innovating products for stronger compliance. The new CLO will help the platform strengthen its compliance culture, and grow in line with its core values and goals of advancing the adoption of cryptocurrencies and blockchain worldwide.
With the launch of Bitget's inaugural Blockchain4Her Awards, it is celebrating women driving innovation and gender inclusivity in the blockchain industry. The awards is a platform for participants to "Shine Bright Like a Woman" by recognizing their contributions to Web3. Winners will receive scholarships, a trip to Singapore to participate in the awards ceremony and various blockchain events, media speaking and interview opportunities, and mentorship to further their careers in blockchain.
As a part of this initiative, Bitget plans to recruit 3000 crypto influencers on top of the 5000 builders who have already embarked on a journey to change the financial landscape of the world. The recruitment program is not limited to any specific country, so applications for this program are invited from all over the world. Recently, LinkedIn founder predicted that 9 to 5 jobs will become obsolete by 2034 and self-driven professionals will earn more than permanent employees. With the belief that gig economy in crypto will bring a new route to financial independence for people in the space.
Bitget in numbers
As per August 2024, Bitget offers 800+ tokens, 900+ spot trading pairs, and 300+ USDT-M futures trading pairs, with daily spot and futures trading volumes of $400 million and $7 billion, respectively. It maintains a protection fund of over $300 million and employs more than 1,500 people.
In August, the platform saw a Spot Total Value Locked (TVL) of over $508 million and a Futures TVL exceeding $2 billion. The platform attracted 1.72 million new users last month alone.
The platform boasts 185,000+ pro traders and over 840,000 copy trading followers, leading to more than 90 million successful trades. Profits from these trades have resulted in over $500 million in gains, with $23 million shared by elite traders.
Additionally, several notable tokens were listed on PoolX and Pre-market, including RFRM, SUNDOG, MAXNEW, CATDOG, and NMT, further expanding the platform’s token offerings.
New Products, Features and Integrations
With the integration of Apple Pay and Google Pay Bitget enabled users to convert fiat to crypto within 30 seconds, aligning with its ongoing efforts to provide secure, efficient, and user-friendly onramp solutions.
With the addition of Apple Pay and Google Pay, Bitget expanded its range of payment options, further enhancing accessibility for users to buy crypto with their respective currencies. This popular payment method has gained widespread adoption in recent years, making it easier for users to hold and trade digital assets. By integrating these payment options, Bitget aims to drive adoption and provide a seamless experience on its platform. Users can now buy crypto with ease across 140+ fiat currencies and 100+ cryptocurrencies, ensuring broad accessibility and convenience.
Bitget launched its Booster Platform, an one-of-a-kind Task-to-Earn (T2E) platform specifically designed for Key Opinion Leaders (KOLs), influencers and professional traders in the crypto space. This platform aims to connect crypto projects with content creators, fostering community engagement and growth. In its first year, Bitget is expected to distribute over $5 million in commission rewards through the platform, supporting thousands of crypto content creators. The Bitget Booster Platform offers several benefits, including real-time access to the latest industry news and promotional materials, a diverse range of task types to suit various skills, a user-friendly onboarding process, and generous commission returns.
Bitget shared that it has achieved ISO 27001:2022 certification. This well-recognized certification, awarded by the International Standard Organization (ISO), shows Bitget's efforts in maintaining the highest standards of information security. ISO 27001:2022 is an internationally recognized standard that provides a robust framework for establishing, implementing, maintaining and continually improving Information Security Management Systems (ISMS). It is also the latest version of the ISO 27001 standard, which includes updates to address the evolving landscape of information security.
Bitget introduced P2P security layer Shield, increasing security within its peer-to-peer (P2P) trading. This new layer is aimed at assuring users, building trust and reliability of the platform from fraudulent activities that can occur in P2P transactions.
The Bitget P2P Shield program offers financial protection to users who are victims to fraud on peer settlements. In such cases, users are assured of compensation to mitigate losses directly related to the platform's operations. This feature aims to build trust among users, ensuring a more confident trading experience.
Bitget Wallet
Bitget Wallet Introduces
MPC Wallet with Telegram Log-in
Bitget Wallet introduced a pioneering feature that lets users create and access Web3 wallets using their Telegram accounts. This innovation offers a seamless entry into decentralized finance, allowing Telegram users to easily log into a keyless MPC wallet and explore the Web3 world. By eliminating the complexities of private key management, this feature greatly enhances security and user experience, making it simpler than ever to dive into Web3.
Also released a Bitget Wallet Telegram trading bot, which will further enhance trading experience with Telegram. This bot will allow users to quickly create wallets, discover and trade tokens, and receive real-time market updates particularly on Smart Money movements, enabling users to capture market trends quickly—a feature especially helpful for trading meme coins.
Bitget Wallet Integrates Four.Memes and Sun Pump
Token
Lists for
TRON and BNB Chain Memecoins
Bitget Wallet has added token lists of memecoin generating platforms Four.meme and Sun Pump. These lists now feature dozens of memecoins from the TRON and BNB chain ecosystems for users to discover trending projects. Bitget Wallet has upgraded, enhancing transaction features on the TRON and BNB chains. A key improvement is the instant mode, which doubles the transaction speed—ideal for the fast-paced nature of Meme coin trading. The platform automatically adjusts settings to reduce costs and encourage more trading. On the BNB chain, Bitget Wallet offers a "borrow Gas" function, allowing users to complete transactions even without $BNB or pay 0 GAS by using $GASU to cover fees. Additionally, Bitget Wallet has pledged 2 million $TRX on the TRON chain, which helps it subsidize transaction fees for its users. This provides users with daily gas fee discounts on TRON chain transactions, making trading more affordable and user-friendly.
Events across the world
Crypto Experience Month (Aug 3-29)
Bitget ran Crypto Experience Month in August across 12 cities with 2000+ youth participating it successfully concluded the event achieving significant milestones in blockchain and AI education globally. This year’s event, featuring key collaborations with Bondex, a Web3 talent platform backed by Animoca Brands, as Blockchain4Youth's career partner, set a new standard for engagement, with participation doubling from last year. CEM 2024 also saw partnerships with various projects and institutions, including the University of Transport in Ho Chi Minh City, The Aula Magna of UTN in Buenos Aires, Gen AI, ICP Hubs PH, the WebX Japan Conference and Multimedia University in Melaka, Malaysia. These collaborations aimed to provide deeper insights into the AI and blockchain industries, particularly targeting youth education and involvement.
Malaysia Blockchain Week (Jul 31 - Aug 1)
Bitget participated in the Malaysia Blockchain Week 2024 which was packed with unforgettable insights, inspiration, and groundbreaking innovations. With Malaysia Prime Minister visiting our booth, Bitget was honoured to be a part of the event. Gracy Chen, CEO at Bitget spoke at the event sharing her thoughts on growing crypto landscape.
From August 6-29, Bitget and Bitget Wallet participated in a series of key blockchain events, including the Asia Blockchain Summit in Taipei, Foresight 2024 in Hong Kong, and WebX Japan. Bitget engaged with over 15,000 attendees, hosted KOL meetups, and shared insights on emerging blockchain trends. Notable appearances included CEO Gracy Chen's panel discussion at WebX and Bitget Wallet COO Alvin's talk on future industry trends. Bitget also hosted its first meetup in Ukraine and participated in Coinfest Asia, further enhancing its global brand presence.
Must reads
In August, we released 130+ new educational pieces on Academy and Blog. Here's the must-read list:
#TonEcosystem:
Top 5 Telegram Tap-to-Earn Games in 2024,
How to Trade & Withdraw After the DOGS Airdrop,
Hamster Kombat (HMSTR) Airdrop Alert
#SecurityGuides:
Bitget Scam Prevention Guide,
How to Identify SMS Phishing,
How to Avoid Common P2P Scams
#BitgetVerse:
Mastering The Bitget Telegram Signal Tool,
Bitget Earn Guide ,
Bitget Pre-Market,
BGB Fee Deduction
ICYMI: In the news
Conclusion
Despite market challenges in August 2024, Bitget achieved remarkable growth, attracting 1.72 million new users and enhancing its product offerings with seamless fiat-to-crypto integration via Apple Pay and Google Pay. The appointment of Hon Ng as Chief Legal Officer aligned with Bitget's commitment to compliance and global regulatory efforts. With the launch of the Blockchain4Her Awards and expansion of the Bitget Builders Program, the platform continues to drive innovation and inclusivity in the blockchain space. These developments, combined with global event participation and product upgrades, position Bitget for continued growth and leadership in the crypto industry.
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