Bitget’s BitKeep Acquisition: Next Generation Crypto Exchange Services

In a move to expand its business, Seychelles-based crypto exchange Bitget has invested $30 million in the BitKeep decentralized multi-chain wallet, acquiring a controlling stake.

This investment allows Bitget to expand its range of services and partner with BitKeep to connect DeFi and CeFi. The merger is expected to enhance Bitget’s user base and product offerings. It also aims to provide native storage and asset management services.

As part of its new Go Beyond Derivatives strategy, Bitget is transforming its platform into a comprehensive exchange. In an exclusive interview with Bitget’s CEO, Gracy Chen, BeInCrypto delves into the company’s vision for the Web3 space.

Driving mass adoption and security in the crypto industry

Gracy Chen believes that crypto exchanges will not offer traditional banking services. This is due to high entry barriers, including capital requirements, compliance challenges and high technology and security costs. However, exchanges can offer innovative financial services within their infrastructure.

Simplicity, clear and well-implemented regulations, and offline/online payment connections are key to kickstarting the mass adoption of cryptoassets, according to Chen. Traditional payment banks and Internet companies such as Visa, Mastercard and PayPal are promoting offline cryptocurrency payment channels, which will drive the popularization of cryptocurrencies.

After the collapse of FTX, Bitget saw its market share in the derivatives market increase from 3% to 11%. Chen attributes this growth to innovative products, which are a secure and compatible platform and reliable asset protection.

According to Chen, Bitget has taken several security measures to ensure that users can trade with ease and comfort. These include periodic updates, launch of the Bitget Protection Fund and introduction of the Proof of Reserves site.

Exploring partnerships and CBDC development in the crypto world

Chen does not see cold wallets as competitors to crypto exchanges, as they serve different purposes and can coexist and complement each other. Cold wallets provide secure long-term storage for crypto, while exchanges facilitate the purchase, staking and transfer of funds, among other functions.

Regarding the development of CBDCs, licensed crypto exchanges may be required to circulate, exchange and accept local CBDCs in countries where they legally operate. This can add liquidity to new CBDC projects and expand their use cases.

Bitget has partnered with various sports organizations, as the sports industry has a large base of dedicated fans, which helps crypto exchanges build a better brand image and gain wide awareness. Cooperation between crypto exchanges and sports is a win-win situation. Bitget has also partnered with the esports and entertainment industry and plans to bring in more partners to achieve their goals together.