Bitget crypto exchange doubles down on expansion, to hire 300 more

Pradipta Mukherjee

12 months ago

Seychelles-based Bitget is looking to hire 300 more people across operations, compliance, research and development, and customer support, the cryptocurrency exchange said on Wednesday.

Fast facts

Bitget has about 1300 employees, according to its first-quarter report.
Unlike many exchanges that fired employees throughout the recent contraction of the Web3 industry known as “crypto winter,” Bitget announced last November that it was looking to expand its workforce by 50%.
In the first quarter of 2023, the total spot and futures trading volume at the trading platform reached US$59 billion and US$658 billion, respectively, the company said in its quarterly report. This marked an 8% quarter-on-quarter growth for spot trading and a 27% increase for futures trading.
Bitget said it generated around US$41 million in profits through its copy trading, a feature that allows investors to follow other professional traders to have the same positions.
The report said its reserves ratio relative to the assets backing customer deposits increased to 246% on April 3 from 223% on December 30 last year.
Bitget added that Bitcoin’s price rebound last quarter raised the book value of its emergency insurance reserve to more than US$380 million from US$300 million in the previous quarter.
Bitcoin prices dropped to under US$16,000 last November for the first time since 2020. The world’s largest cryptocurrency has since recovered and was trading around the US$28,000 range at the end of Q1, CoinMarketCap data shows.
The 5-year-old exchange, which claims to have more than 8 million users in 100 countries, launched a US$100 million Asia-focused fund last month to support the development of blockchain, cryptocurrency, and non-fungible token projects.
Bitget’s BGB token lost 1.64% to US$0.4573 in 24 hours to 9.30 p.m. in Hong Kong, according to CoinMarketCap.