Bitget to double workforce despite crypto winter

Rick Steves

As the cryptocurrency space endures a significant market downturn, Bitget has announced plans to double its workforce to reach 1,000 headcounts in the next six months. 

The crypto derivatives exchange has been experiencing growth and generating recurring cash flow despite uncertain market conditions.

The bear market has cut short a lot of crypto projects and initiatives as well as headcount reductions in various global crypto operators in space that experienced over-hiring and misplacement of resources in recent years.

Bitget to hire 500 in product development and customer service

Bitget started 2021 with a small team of 150, which tripled by mid-2022 in order to cater to burgeoning growth. For the same reason, the crypto platform is now expanding its global workforce to 1,000, equivalent to about 500 new hires by the end of the year, mostly in the product development and customer service fields.

Gracy Chen, Managing Director of Bitget, commented: “Earlier this year, we announced our derivatives trading volume had reached an all-time high of $8.69 billion in March 2022. In the last 12 months, our trading volume grew by over 10 times, a notable achievement unlocked, moreover, our user base also grew significantly to two million users worldwide.”

“Of course, we were also eager to expand our team to cater to the rapidly growing market needs, however, we decided to adopt a more prudent approach right from the get-go. By scheduling frequent meetings with our global and regional teams to understand where resources are needed, we were able to systematically and effectively carry out strategic hires. As we continue to endure the crypto winter, it will be a perfect opportunity for us to attract talent in the market and strengthen our foundation, prioritise growth, and be prepared to welcome the next round of crypto adoption when the market regains strength.”

Bitget to launch grid trading

Bitget has announced plans of working towards an open strategy platform in 2022 as part of the crypto derivatives platform’s efforts to enhance the social trading experience.

The Singapore-headquartered trading platform will first launch grid trading, a type of quantitative trading strategy designed to maximise returns in a range-bound market.

With grid trading, a user simply sets a price range for the automated trading bot, adjusts how many grids they want and, as long as the price stays within one’s set range and depending on the setup, the bot will sell a portion when the price goes up or buy a portion when it goes incrementally down.

Social media and messenger platforms have become an integral part of people’s lives, and trading platforms have increasingly followed suit in adopting the concept to the investing, via social trading, where people can interact and observe other traders, as well as follow or execute the strategies of more experienced peers.

Bitget launched One-Click Copy Trade in May 2020, which found massive popularity to the point of amassing over 27,000 professional traders, with approximately one million followers, the firm claims.

Read this next

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.

blockdag

Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, USD, May 17 ,2024

Overall, both the Federal Reserve’s policy and the US dollar’s outlook are shrouded in some degree of uncertainty.

Market News, Tech and Fundamental, Technical Analysis

Ethereum Technical Analysis Report 17 May, 2024

Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3200.00, which is the top of the previous impulse wave i.

Digital Assets

Hong Kong adopts digital yuan payments through Chinese banks

Hong Kong has launched a pilot program enabling digital yuan payments through major Chinese banks, marking the first instance of China’s digital currency project being deployed outside the mainland.

Retail FX

Saxo Bank increases client assets five-fold to $116 billion

Copenhagen-based broker Saxo Bank has achieved a major milestone, surpassing $116 billion (DKK 800 billion) in client assets.

Inside View

ISDA says US Basel III “endgame” to heighten market risk capital

ISDA further explained that, by requiring banks to hold additional capital that is misaligned with levels of risk, the proposal would significantly reduce capital market access for US end users and businesses, restrict the ability of businesses to hedge exposures to changes in commodity prices, and increase the cost of everyday consumer goods, including food and gasoline.

<