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Bitget Appoints Gracy Chen as CEO: Another Woman Takes Control in Crypto

Last Updated May 21, 2024 3:17 PM
Teuta Franjkovic
Last Updated May 21, 2024 3:17 PM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Gracy Chen was appointed as the new CEO of Bitget, replacing Sandra Lou.
  • Chen, an experienced entrepreneur, has been instrumental in Bitget’s global expansion and quadrupling its user base.
  • Chen is a strong advocate for diversity and inclusion in the crypto industry.
  • Women are increasingly playing key roles in the crypto sector, driving innovation and promoting diversity.

The Bitget crypto exchange and Web3 has announced  the appointment of Gracy Chen as its CEO.

Chen will succeed Sandra Lou, who is departing to pursue personal business endeavors. This means the web3 company has had two consecutive women chief executive officers.

Gracy Chen’s Path to Leadership in Crypto

Bringing over a decade of experience in business management, marketing, and investment, Gracy has established herself as a prominent female entrepreneur within the cryptocurrency realm.

Gracy Chen’s journey into the world of blockchain began in 2014 when she was a TV host. An appearance by American investor Tim Draper on her show piqued her interest in cryptocurrencies. This, in turn, led her to invest in several crypto startups, including Bitkeep, now known as Bitget Wallet, Asia’s largest Web 3 multi-chain wallet.

She previously told CCN:

 “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.”

By June 2022, Chen had joined Bitget as its Managing Director, where she played a role in the platform’s global expansion. Notably, her leadership contributed to a quadrupling of Bitget’s user base.

Championing Diversity and Innovation in Crypto

As CEO, Chen wants to promote diversity within the crypto industry. She has actively led significant Corporate Social Responsibility initiatives, such as #Blockchain4Youth and #Blockchain4Her, in a bid to make the crypto and blockchain industries more accessible and inclusive. These programs have had an impact, with #Blockchain4Youth working with over 50 educational institutions and more than 6,000 young individuals within a year.

Speaking to CCN, Chen mentioned that while she is glad to see how digital technologies and blockchain inclusivity are growing, there was still low inclusivity when it comes to growing businesses.

She said:

Bitget’s  research   found that, in 2022 and the first three quarters of 2023, female-led blockchain startups secured only 6.34% of the overall funding. The main reason behind this is that many investors still prefer male-founded companies over female ones. To overcome this gap, we launched the Blockchain4Her initiative   aimed at promoting gender diversity and inclusivity in the blockchain industry, with a $10 million commitment. The program includes educational courses, mentorship, and financial support, as well as an ambassador program already joined by notable women in crypto.”

Women in Crypto: Leading the Charge

The cryptocurrency and blockchain sectors, historically dominated by men, are increasingly seeing the influence of women. Chen is one example, but there are several others.

Prominent Female Leaders in Cryptocurrency

Cathie Wood, CEO of ARK Invest, is another high-profile woman in crypto. Known for her forward-thinking investment strategies, Wood has been a vocal proponent of Bitcoin.

Elizabeth Stark, co-founder of Lightning Labs, is building scalable Bitcoin transactions to create a programmable financial layer for the internet.

Similarly, Kathleen Breitman  co-founded the Tezos blockchain platform.

Advocacy and Innovation

Other influential women include

  • Amber Baldet, co-founder of Clovyr, who focuses on making blockchain technology more accessible for businesses
  • Joyce Kim, co-founder of the Stellar Development Foundation, who has played a crucial role in promoting financial inclusion through blockchain technology.
  • Blythe Masters, former CEO of Digital Asset Holdings,
  • Caitlin Long, founder of Avanti Bank and Trust.

These leaders, along with others like Perianne Boring and Kavita Gupta, are transforming the crypto landscape. Gracy Chen has now joined an exclusive, but growing, club.

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