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.

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