Crypto exchange Bitget reported a significant increase in its user base, surpassing 45 million users across the globe as it celebrated its sixth anniversary.
On Sept. 18, the platform announced that the number of users on its crypto trading platform had almost tripled since 2023. The company highlighted that most of the growth was driven by regions like Africa, South Asia and Southeast Asia.
Bitget’s user growth per quarter from 2021 to 2024. Source: Bitget
In Africa, Bitget reported 1,614% user growth as the region continues to dive into the Web3 space. In South and Southeast Asia, the crypto exchange reported 729% and 216% growth, respectively.
Memecoins, P2P and TON drive Bitget’s growth in Africa
Bitget CEO Gracy Chen told Cointelegraph that the significant growth in their platform’s user base is attributed to three key factors: the expansion of their peer-to-peer (P2P) marketplace, the rising popularity of memecoins and the emergence of The Open Network (TON) ecosystem.
Chen said that Bitget facilitates a P2P market, which the executive described as what crypto was originally created for — a means of value exchange. The Bitget CEO said:
“We have a strong P2P market where people can trade crypto for fiat in a secure and trustworthy environment. Given the difficulties with bank transfers and the inaccessibility of banking services, this remains the primary way for many to maintain financial freedom.”
In addition, Chen said that memecoins “played a huge role” in Bitget’s growth in the region. She added that as Africans embraced opportunities in the memecoin sector, Bitget provided a platform that supported them.
Lastly, the emergence of the TON ecosystem also contributed to Bitget’s growth in Africa, according to Chen. The executive said that Africans quickly get onboarded to the Web3 space as they use the Telegram messaging platform.
“Millions of Africans use Telegram on a daily basis, and it has become a gateway into the world of crypto for millions,” Chen explained. The Bitget CEO added that the exchange positions itself as a “TON-friendly” platform.
Related: African blockchain venture funding down 70% in H1 2024 — CV Labs
Rapid growth tests capabilities to withstand load
When asked about the challenges accompanying rapid user growth, Chen admitted that it constantly tests their ability to withstand the increasing load on multiple fronts. This includes technical infrastructure, security, support teams and other aspects.
However, the Bitget CEO believes that the company’s 1,500 workforce is able to respond to this challenge and continue to push the industry forward.
Magazine: Bitcoin in Senegal: Why is this African country using BTC?