As we bid farewell to 2023, the crypto industry is at a crucial juncture, having witnessed a plethora of events that have reshaped the landscape. In an exclusive conversation with Gracy Chen, CEO of Bitget, we explore the ups and downs of the crypto industry over the past year, discuss regulatory developments, and take a look at the company's strategies for the future.
Milestones and trends in the crypto industry
Gracy Chen began by highlighting five pivotal events that defined the crypto industry in 2023. The failure of traditional banks like Silicon Valley Bank and Signature Bank In March he outlined the need for a more decentralized financial system.
The second milestone for the industry came when Ethereum consensus mechanism moved to Proof of Stake (PoS), boosting LSDFi's TVL from $6 billion to $22 billion. The fourth major event was filings for BTC spot ETFs in the United States by major asset managers such as BlackRock and Grayscale, which could eventually attract massive amounts of funds to Bitcoin, propelling the industry forward, Chen noted.
Major lawsuit settlements, including Binance pays huge $4.3 billion fine, SBF found guilty of fraud and several other charges, Ripple winning a major battle against the SEC after it was sued for offering unregistered security in the form of XRP was one of the turning points for the industry, Chen noted. These agreements will help the industry move forward in terms of regulations and compliance, she added.
At the latest major event, Chen spoke about the rise of the Bitcoin ecosystem this year, which will bring long-term opportunities for the industry.
These developments, as Chen noted, underscore the growing demand for decentralized financial systems and mark critical points in the evolution of the industry.
Bitget herself has not been a bystander on this journey. Chen shared,
โOur P2P trading volume reached an all-time high, reflecting growing demand from non-participating users. We have included around 700 coins and our ecosystem continues to grow as more users join the platform. Today, we are a very global exchange where we serve more than 20 million users from more than 100 countries.โ
Bitget recently revealed its Protection Fund Valuation to an all-time high of $410 million.
Regulatory developments in 2023
Looking at regulatory developments, Chen noted a notable shift. She said:
โAsia and the Middle East have advanced more than, for example, certain developed countries such as the United States or North America in general. Just this year, there are very clear regulations in Hong Kong and we are quite aggressive in that market in terms of obtaining the regulatory license. โWe also hope to serve more users in different Asian markets in the future.โ
According to Chen, the regulatory landscape is continually evolving, with regions such as India and Debates at the G20 Summit. indicating a growing interest in providing more clarity to the crypto space.
Bitget's global expansion and future strategies
Bitget has not only participated in the cryptocurrency market but has also actively expanded its global presence. Open an office in Dubai and apply for licenses in several regions, including Poland and Lithuania, with the ultimate goal of serving users on a global scale.
Regarding future strategies, Gracy Chen emphasized the commitment to a marathon and stated:
โWe are running a marathon. What we want to achieve in 2024 is to offer a better product, list more tokens and strategically invest in emerging sectors such as layer 2. We have recently invested in a layer 2 project called Morph. Strategically we want to focus on layer 2. This does not mean that we are creating our own core network, which we are not. However, layer 2 is a sector that will be very important in this space.โ
Blockchain Program for Youth
Bitget's commitment goes beyond trading and investing. The Blockchain for Youth program offers a $10 million fund to invest in blockchain startups in different parts of the world. Chen shared his insights on various initiatives, including educational campaigns and meetings in different regions, including Japan and Argentina. Australia, Dubai, Taiwan, United Kingdom, Nigeria, Canada and India. , emphasizing her dedication to empowering youth in the crypto space.
Market projections for 2024
Looking into the crystal ball to 2024, Chen provided insight into market trends. While the Bitcoin halving has historically been a crucial event, Chen suggested that its impact could be waning. However, he noted that the narrative around events like the BTC Spot ETF Approvalinterest rate hikes and halving could still drive the market, possibly leading to the start of the next cryptocurrency supercycle.
