Bitget has become Japan’s second-largest cryptocurrency wallet behind MetaMask, following a period of noticeable growth in the second quarter of 2024.
Bitget wallet’s new user adoption in the Japanese markets increased by over 34% during the second quarter of 2024. This makes Bitget’s wallet the second most popular among Japanese users after industry leader MetaMask, according to an announcement shared with Cointelegraph.
The main reason behind the user growth was the introduction of Bitget Wallet Token (BWB), according to Alvin Kan, chief operating officer of Bitget Wallet. Kan told Cointelegraph:
“Users earned BWB by depositing coins, performing Swap transactions, and completing referrals. Many Japanese influencers noticed and promoted our wallet, boosting BWB’s popularity and users’ confidence in its value and potential.”
Cryptocurrency wallets like Bitget and MetaMask are some of the most important Web3 infrastructures, enabling the self-custody of assets. The user experience and complexity of Web3 wallets continue to be a pain point for mass blockchain adoption.
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Bitget’s DeFi and cross-chain capabilities were key for its growth — COO
Beyond standard custody, Bitget Wallet offers more advanced decentralized finance capabilities, including a decentralized exchange, a non-fungible token marketplace and an Inscription platform.
Bitget claims to be the industry’s first cross-chain wallet that enables users to easily transact on multiple chains without the need for cross-chain bridges or dealing with transaction fees.
These advanced capabilities were crucial for the wallet’s growth during 2024, according to Bitget Wallet’s Kan:
“Our biggest selling point is our comprehensive functionality. We are a platform, not just a simple wallet, meeting all user needs: trading, interaction and investment.”
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Web3 wallets and mobile experience are key for mass crypto adoption
Crypto will need to remove the friction points to bring the first billion mainstream crypto adopters on the blockchain, said Chintan Turakhia, senior director of engineering at Coinbase.
Some of the most pressing friction points include setting up a wallet with a complicated seed phase, paying transaction fees and buying blockchain-native tokens to transact on a network.
Improved product experience, especially for crypto wallets, will be key for boosting mainstream adoption, according to Bitget’s Kan, who added:
“We emphasize the mobile experience to push for mass adoption, as Web3 users often find it inconvenient to use plugin wallets on computers. […] We believe decentralized trading will become mainstream in the Web3 industry, with payments being a key application for wallets.”
Other wallet providers are also aiming to boost mainstream adoption. For instance, Coinbase launched a smart wallet with more user-friendly features at the beginning of June.
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