According to the Bitget crypto exchange, the BGB token entered the top five platform tokens by market capitalization, and the number of crypto asset holders reached 354,472 in the third quarter.

Bitgetone of the largest platforms for trading crypto derivatives and copy trading, published its Q3 2023 transparency report. The report describes the platform’s performance during a difficult market period and notes the growth of its native token BGB.

BGB dynamics

According to the report CCData, in the third quarter, spot trading volume on centralized exchanges was $1.33 trillion and derivatives trading volume was $4.8 trillion, showing declines of 22% and 23%, respectively. In September, combined spot and derivatives trading volume on centralized exchanges fell for the third month in a row, down 20.3% to $1.67 trillion. According to the crypto exchange report, Bitget recorded one of the highest market share increases – up to 9.43%, despite the overall decline in the industry.

One of the factors driving the platform’s growth in the last quarter was the positive dynamics of the BGB token, which entered the top five largest tokens on the platform by market capitalization. The price of the crypto asset rose from $0.18 at the beginning of the year to a quarterly high of $0.4927 in September.

“BGB’s exceptional performance reflects Bitget’s commitment to accelerating mainstream cryptocurrency adoption through DeFi and CeFi products in the ecosystem. We are committed to providing our users with innovative and secure trading solutions, and BGB’s growth is a result of the trust and support of our growing community,” said Bitget Managing Director Gracie Chen.

BGB remained one of the most popular exchange tokens in the third quarter of 2023, according to TokenInsight. The number of BGB holders continued to grow to 354,472, with BGB trading volume exceeding $1.3 trillion over the past three months.

The size of Bitget’s user asset protection fund consistently exceeded $300 million last quarter, and in September its value peaked at $340 million. The fund provides an additional level of security for user funds beyond the $1.38 billion in reserves of the exchange.

Partnerships and expansion

In the third quarter, Bitget established partnerships with many market participants in the areas of cryptocurrency tax reporting, portfolio management and trading automation. This includes collaborations with Cointracking, Coinstats, CCData, Koinly, 3commas, Cobo Superloop and other companies. In the summer, the crypto exchange also rebranded to strengthen its position in the field of innovative trading products.

According to the report, Bitget is planning expansion in the Middle East. Among the countries the exchange is exploring are Bahrain and the UAE, including the cryptocurrency-friendly emirates of Dubai, Abu Dhabi and Ras Al Khaimah.

In September, Bitget launched the $100 million EmpowerX fund to help grow the platform’s ecosystem. This strategic fund aims to explore investment opportunities in regional exchanges, data analytics firms, media outlets and other entities that contribute to the platform’s growth trajectory.

To celebrate its fifth anniversary, Bitget held a summit EmpowerX Singapore’s flagship event, which attracted 1,900 guests and 247 speakers and partners. The summit provided a platform to discuss the transformative potential of the cryptocurrency and web3 ecosystems. Notable keynote speakers such as Tim Draper, Haseeb Qureshi and Justin Sun highlighted the platform’s commitment to empowering the crypto community.