Bitget reports $700M capital inflow in Q2, adds 2.9M users

Crypto exchange Bitget reported a $700 million capital inflow and increased website traffic for 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. Furthermore, the exchange said it had 2.9 million new users and witnessed a 10% increase in its spot trading market volume compared to Q1.

The exchange also reported a rise in funds. The company mentioned that its Bitcoin (BTC), Tether (USDT) and Ether (ETH) holdings have increased by at least 70%. BTC holdings increased by 73%, while USDT and ETH saw 80% and 153% increases respectively. Bitget claims that this equates to about $700 million in capital inflow.

Partnerships and new ecosystem fund

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 campaign.

Bitget CEO Gracy Chen appreciated the community’s support and highlighted that they will continue to build for Web3’s future. Chen said:

“Q2 2024 has been a pivotal period for Bitget. Our collaboration with Turkish athletes along with significant growth in users and website traffic is a part of our global expansion.”

In collaboration with Singapore-based investment firm Foresight Ventures, Bitget launched a $20 million ecosystem fund in Q2. This fund aims to support early-stage projects on The Open Network (TON) and accelerate the development of the TON ecosystem.

Related: Bitget Wallet to launch native token 1 year after $30M raise

Proof-of-reserve ratios remain intact

The exchange also highlighted that its proof-of-reserves (PoR) report shows ratios above 100% for all major assets. On its website, the company reported holding more than 100% of cryptocurrencies compared to user funds.

Bitget’s proof-of-reserve report. Source: Bitget

Meanwhile, the company said that its protection fund is also valued at over $420 million. The company claims that this adds additional security for its users.

Within the quarter, the company also partnered with Know Your Customer (KYC) verification provider Sumsub to combat deepfake scammers attempting to complete the KYC verification process in the exchange. The move responds to the rising amount of deepfakes detected within the crypto space.

On June 27, Bitget researchers highlighted that losses from deepfake attacks within the crypto space could reach $25 billion in 2024.

Magazine: Meet the hackers who can help get your crypto life savings back

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