Efe Nail Saltık 
Crypto exchange Bitget reported capital inflows of $700 million and increased web traffic in the second quarter of 2024.
The company observed a 50% increase in traffic compared to the previous quarter and claims to have attracted 10 million monthly visitors in Q2. Additionally, the exchange said it gained 2.9 million new users and saw a 10% increase in spot trading market volume compared to Q1.
The stock market also reported an increase in its funds. The company stated that Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) holdings increased by at least 70%. While BTC assets increased by 73%, USDT and ETH increased by 80% and 153% respectively. Bitget states that these increases correspond to a capital inflow of approximately 700 million dollars.
In the second quarter of 2024, Bitget partnered with three Turkish national athletes: wrestler Buse Tosun Çavuşoğlu, boxer Samet Gümüş and volleyball player İlkin Aydın. This partnership is part of the company’s campaign with football legend Lionel Messi.
Bitget CEO Gracy Chen appreciated the community’s support and emphasized that they will continue to build for the future of Web3. Chen said:
“The second quarter of 2024 has been a critical period for Bitget. Our collaboration with Turkish athletes and significant growth in users and web traffic are part of our global expansion.”
Bitget launched a $20 million ecosystem fund in Q2, in collaboration with Singapore-based investment firm Foresight Ventures. This fund aims to support early stage projects on The Open Network (TON) and accelerate the development of the TON ecosystem.
The exchange highlighted in its proof-of-reserves (PoR) report that rates are above 100% for all major assets. The company reported holding more than 100% cryptocurrency compared to user funds. He also noted that the company’s hedge fund was valued at over $420 million. The company claims that this provides additional security for its users.
During the quarter, the company partnered with Know Your Customer (KYC) verification provider Sumsub to combat deepfake scammers attempting to complete the KYC verification process on the exchange. This step was taken in response to the increasing amount of deepfakes detected in the crypto space.
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