Bitget Reports $700M Capital Inflow in Q2, Sees 50% Increase in Traffic

Bitget

The exchange disclosed that its BTC, USDT, and ETH holdings increased by 70%, with a $700 million capital inflow.

Popular crypto exchange Bitget reported a capital inflow of $700 million in the second quarter of 2024. The financial achievement is accompanied by a substantial 50% increase in user traffic compared to the previous quarter.

According to an X post, the firm claimed to have attracted 10 million monthly visitors in the second quarter. 

In addition, the exchange stated it had 2.9 million new users and witnessed a 10% increase in its spot trading market volume compared to the first quarter of 2024. 

Alongside the huge capital inflow, Bitget reported a significant increase in its crypto holdings. The company’s BTC holdings rose by 73%, while USDT and ETH holdings grew by 80% and 153%, respectively.   

Bitget’s Big Moves in Q2

Aside from recording significant growth in capital inflow and crypto holdings, Bitget launched two new initial token listing products: PoolX and Pre-market. PoolX unveiled a staking platform that enables users to earn tokens by staking BGB and USDT, while Pre-market allowed trading for tokens that have not been officially listed on major exchanges.   

These products facilitated the launch of over 100 projects, offering high-potential opportunities and attracting heavy user participation. 

Bitget also partnered with three Turkish national athletes: wrestler Buse Tosun Çavuşoğlu, boxer Samet Gümüş, and volleyball player İlkin Aydın. These collaborations are part of the company’s broader campaign featuring football legend and Argentina captain Lionel Messi.  

In partnership with Foresight Ventures, Bitget introduced a $20 million TON Ecosystem Fund to aid early-stage projects developing on The Open Network (TON). The development aims to speed up growth and expansion within the TON community, which coincides with Bitget’s objective of promoting the broad adoption of digital assets.   

Proof-of-reserve Ratio Remain Solid 

The exchange also emphasized that its proof-of-reserves (PoR) report indicates ratios exceeding 100% for all primary assets. Bitget PoR holds over 5,714 BTC, 68,674 ETH, 935 million USDT and 60 million USDC. The total reserves stand at $2.9 billion, which shows Bitget’s effort in maintaining a safe and secure exchange. 

During the quarter, the company also collaborated with Sumsub, a Know Your Customer (KYC) verification provider, to prevent deepfake scammers from attempting to manipulate the KYC verification process on the exchange.   

Meanwhile, the firm stated that its protection fund exceeds $420 million, providing additional security measures for its users.