Bitget’s Resilience and Growth Strategy in the Crypto Bear Market: Gracy Chen Explains
Cryptocurrency exchange Bitget went forward with key investments amid the digital asset winter setting the tone for favourable market conditions in the future.
In a Jan 4 interview with Colin Wu, the Bitget executive explained the role the exchange took in the bear market, its expansion strategy, achievements, coin listings, and a pathway towards 2024.
Gracy Chen Explains Bitget: Why Adopt Aggressive Strategies in a Bear Market? The Direction for 2024? What is the Rumored "Wolf Culture"?https://t.co/KWkF804BLy pic.twitter.com/cKtijZjW28
— Wu Blockchain (@WuBlockchain) January 4, 2024
Chen explained that the company kicked off operations five years ago but began gaining rapid traction in the last two years witnessing both bear and bull markets.
The previous bear market preceding 2020 taught the firm a lot that saw it handle the 2022 season better making strategic partnerships striving towards international expansion in a competitive market.
According to the executive, those who believe in the growth of the sector make investments during the bear market. The firm acquired assets at low prices, onboarded staff while competitors saw walkouts, and most importantly, invested in web3 projects to shape the industry and increase decentralized finance (DeFi) numbers.
“Assets are cheaper, and the talents who truly stay in the industry are the real believers. Therefore, it’s more appropriate to lay out during a bear market. We’ve been through cycles of bull and bear alternation, so we have a deeper understanding and thorough knowledge of these situations.”
Chen also disclosed the company’s coin listing strategy as a blend of speed and quality to improve user experience. An example was the ARB token and other projects within the Arbitrum ecosystem including GMX as the exchange responds to market hotspots.
The firm seeks the perfect balance for market trends and user experience creating a fast and responsible platform.
Regulatory framework toward 2024
In a recent interview with Cryptonews, Chen highlighted market milestones, regulatory developments, and global expansion strategies in the wake of institutional inflows in the market.
She hailed the recent regulatory milestone hit by countries in the Middle East and North African region as well as Hong Kong with regulators opening up new hubs and issuing licenses to firms within local frameworks.
However, the United States remains an uncertain space in terms of regulation although investors have high hopes for space.
Still, on regulations, Chen views the latest settlement with Binance and the Department of Justice (DOJ) as taking the issue of compliance to the next level. The firm strategy amidst this is to obtain licenses in many countries acquire regional exchanges with the regulatory nod and incorporate them into their operations.
💰 The DoJ is seeking a settlement of more than $4 billion from @binance as a proposed resolution to a yearlong investigation into the exchange, Bloomberg reported on Monday citing people familiar with discussions.#CryptoNewshttps://t.co/JnS69Kf5YV
— Cryptonews.com (@cryptonews) November 20, 2023
The company does not currently participate in the United States market citing unclear regulations. For 2024, the firm will adopt strategies that involve listing more coins, fostering partnerships, and gaining licenses.
“We believe running a centralized exchange is not a sprint but a marathon. It’s a contest of endurance and strategy, with the key being who can continue moving forward, not who runs the fastest.”
