Bitget’s Native Token rallies 121% in less than a week as crypto exchanges see rapid growth
Crypto exchange Bitget’s native token BGB outperforms most markets as it prints a new all-time high after parabolic rallies.
According to Bitget’s CEO, Gracy Chen, the exchange has reached a number of new milestones in recent months.
Addresses BGB’s big drive-up, Chen says that Bitget has innovated throughout the bear market, and helped to stand out from the competition.
She refers to Bitget’s new proof-of-reserve report, which cites a snapshot from January 31 that claims a 227% reserve ratio on the exchange’s assets. Following the collapse of FTX, which saw billions of dollars in client funds disappear and the arrest of CEO Sam Bankman-Fried, crypto exchanges faced increased scrutiny of their backup systems.
Chen also cites a Boston Consulting report that says BItget’s market share of derivatives trading went from 3% to 11% and saw a 300% increase in volume.
According to Chen, Bitget is also the first crypto exchange to introduce copy trading, where users can simply copy the trades of more experienced traders instead of managing their own.
Bitget also aims to give crypto traders access to lesser-known altcoins with less capital in its “innovation zone.” Earlier this week, Bitget, along with Top US crypto exchange Coinbase, listed BLUR, a brand new Ethereum (ETH) based non-fungible token (NFT) marketplace project.
At the time of writing, BGB, which gives Bitget traders certain benefits, is trading at $0.461, up 108% in the last seven days. The market cap is $642,944,742.
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Featured image: Shutterstock/satawat nuntasiri
