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Bitget’s Managing Director Gracy Chen on Rebranding, Bitget Swap & Blockchain4Youth

Last Updated August 18, 2023 9:15 AM
Teuta Franjkovic
Last Updated August 18, 2023 9:15 AM
Key Takeaways
  • Bitget has unveiled its latest rebranding to solidify its leadership in trading
  • MD Gracy Chen highlights the challenging nature of cryptocurrency for newcomers due to zero-sum game theory
  • According to Chen, the pinnacle of our strategic investment deal involves rebranding BitKeep to Bitget Wallet

Bitget has recently unveiled  its latest rebranding endeavor, aimed at fortifying its position as a pioneer in trading sector.

The exchange was established with the firm conviction that it would be among the ten percent of people who remained dedicated through hardship.

With a background in conventional finance, Bitget’s founding team learned about blockchain technology in 2015, but at the time, the industry dismissed it as “tulip mania”.

“We started getting interested in cryptocurrencies in 2018 after reading the Ethereum ecosystem and the Bitcoin whitepaper,” the company said .

In the future, the company said it anticipated that cryptocurrencies would be significant and even advantageous to those who are not now banked. Less than 10% of the population, however, decided to keep to their principles and rebuild when the market meltdown pushed away the majority of speculators. The next year saw the official founding of Bitget.

Bitget, which was founded during a bear market, states is adamant about putting customers first, emphasizing product innovation, and promoting long-term prospects in the spirit of “earnestness.” One person at a time, the company hopes to encourage them to adopt cryptocurrency and enhance their trading.

According to the company, the latest rebranding campaign  revolves around the core philosophy of “Trade smarter,” highlighting Bitget’s unwavering commitment to empowering individuals through intuitive tools that pave the way for a secure, user-friendly, and efficient financial journey.

Additionally, following the lead of industry heavyweights like Binance, KuCoin, and OKX, cross-chain wallet service BitKeep has changed its name  to Bitget Wallet. This tactical adjustment follows the wallet’s acquisition by the well-known cryptocurrency exchange with a base in the Seychelles, which paid $30 million for a majority stake in March.

Unveiling of Bitget Swap

On August 10, the rebranding announcement  was made in conjunction with the launch of Bitget Swap, a cross-chain swap mechanism built into the wallet. This function sources liquidity from a network of about 100 decentralized exchanges spread across 20 chains.

A collective Bitget User Protection Fund has been created, featuring a $360 million pool. The fund is supported with 6,500 Bitcoin, providing strong security measures. This effort started after the FTX exchange collapsed in November of last year, and the fund’s value was increased by a subsequent $60 million capital gain due to the surge in Bitcoin prices.

CCN spoke with Bitget Managing Director Gracy Chen about the rebranding, but also about the Bitget Wallet as well as the exchange’s Blockchain4Youth Global Recruiting Program:

CCN: Bitget’s rebranding announcement significantly reinforced the platform’s position as a leader in innovative crypto trading products. Could you provide us with more details about the goals and vision behind this rebranding? How do you envision this strengthening Bitget’s position in the industry?

Chen: “Since its establishment in 2018, Bitget has embarked on an ongoing process of improvement, consistently setting the highest industry standards for innovation, security, and a diverse array of new products. As Bitget’s 5th-anniversary approaches, we have chosen to introduce fresh enhancements that bolster our Trade Smarter philosophy.”

“This philosophy is encapsulated in our AI-powered and copy trading products, our robust user protection policy, and our comprehensive educational initiatives. We are also delighted to officially announce the successful merger with the leading decentralized wallet BitKeep, resulting in the birth of Bitget Wallet.”

“Throughout the years, Bitget has steadfastly championed the motto “Better trading, better life,” encouraging individuals to embrace the potential of cryptocurrencies and leverage them for a more promising future.”

“Guided by an unwavering commitment to shaping a more intelligent future, Bitget harnesses the power of technology to empower users and drive positive transformations within the industry. As an integral part of this rebranding campaign, the company underscores its dedication to equipping users with intuitive tools that pave the way for a secure, user-friendly, and efficient financial journey.”

“We noticed that the zero-sum game theory of all financial markets seems to make crypto increasingly unfriendly to newcomers and we believe that there is still more we can do in addition to facilitating fair and efficient trade matches. We believe a better crypto trading platform aims to empower the community and users to trade smarter with the assistance of new technology such as AI, and experience and insights shared by veteran traders.”

CCN: The transformation of BitKeep to Bitget Wallet, following your exchange’s purchase of a controlling stake for $30 million, marks a noteworthy evolution. Could you elaborate on the reasons behind this name change? Furthermore, we would like to understand the driving factors behind the launch of Bitget Swap, its functionalities, and the benefits it brings to users.

Chen: “The rebranding of BitKeep to Bitget Wallet is the most important step of our strategic investment deal with a leader in the decentralized wallet sector. The integration of BitKeep Wallet into the Bitget ecosystem would be incomplete without a corresponding rebranding, which is more of a formality.”

“At the same time, we are working to apply Bitget’s expertise to make it even better, particularly through integration with other products within our ecosystem, increased funding, and expanded support staff. With the integration of Bitget Wallet, our registered users have crossed the impressive milestone of 20 million.”

“Bitget Swap is the flagship feature of the wallet, supporting over 20 public chains and facilitating cross-chain transactions among 17 public chains. Its innovative “Instant Gas” feature enables users to seamlessly complete cross-chain transactions, eliminating the need to hold native Gas tokens and revolutionizing the overall trading experience.”

“This is a significant advancement in the decentralized Web3 market, providing users with the ability to interact with cryptocurrencies without encountering technical obstacles and limitations that are unfortunately still prevalent on the blockchain.”

CCN: The Blockchain4Youth Global Recruiting Program seems to align with the industry’s growing focus on inclusivity and educating the younger generation about blockchain technology. We would love to hear more about this initiative, its objectives, and how it is contributing to nurturing talent within the industry.

Chen: “Today, we hear about numerous courses, webinars, and conferences that promise aspiring crypto investors a ready-made plan for entering the market and initiating trading. However, amidst these offerings, a significant group often gets overlooked—teenagers who are poised to embark on their journey into the realm of digital assets.”

“It holds paramount importance to equip them with essential information about the economy of the future, elucidate the advantages and risks associated with new technologies, and demonstrate how to utilize them securely.”

“With this crucial objective in mind, we have introduced educational and supportive initiatives such as Blockchain4Youth and its Bitget Academy courses.”

“These initiatives are designed to provide young individuals with opportunities to delve into innovations, glean insights from industry experts, and explore potential career paths, all on a complimentary basis. These efforts particularly focus on aiding young talents in developing countries.”

“This year, Bitget is conducting a series of campus lectures at esteemed universities across Taiwan, Vietnam, and Thailand, with plans to expand to other regions.”

“The Blockchain4Youth program is also committed to recruiting over 100 young talents and furnishing them with comprehensive education and training in the realms of crypto, blockchain, and Web3, coupled with invaluable hands-on industry experiences.”

“It’s important to recognize that the future of crypto and Web3 will largely hinge on the contributions of Generation Z. Hence, we bear the responsibility to provide these young individuals with the necessary tools and resources.”

Gracy Chen: MIT MBA Holder and Early Investor in BitKeep

Gracy Chen is leading the charge in Bitget by holding the pivotal role of Managing Director. In this capacity, she is at the helm of orchestrating the growth and outreach of global markets, orchestrating strategic initiatives, executing plans, fostering business expansion, and nurturing corporate development for Bitget.

Her journey into the realm of cryptocurrencies commenced back in 2014, when she embarked on a path that led her to become an early investor in BitKeep, a decentralized wallet platform that holds sway as a prominent player in Asia.

Gracy Chen is a graduate of the National University of Singapore, and has an MBA degree at the Massachusetts Institute of Technology.

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