Gracy Chen: “Bitget is Building a Web3 Ecosystem and Doubling Down on Emerging Markets”

The CoinsPaid Media team spoke with Gracy Chen, CEO of crypto exchange Bitget, to learn about the company’s strategy in the rapidly evolving world of digital assets. During the interview, Chen shared plans to expand Bitget’s presence in promising markets in Latin America, Southeast Asia, and Africa, discussed how Bitget is building a Web3 ecosystem, and explained what she considers most important in building trust with users.

— Could you tell us more about your future plans? Which countries and regional markets do you consider most promising for Bitget and why?

— As the popularity of cryptocurrencies continues to grow, we see tremendous potential and opportunities in markets such as Latin America, Southeast Asia, and Africa. That’s why we’re focusing more attention on these areas, investing and quickly allocating more resources to support their growth.

The Bitget team understands the importance of compliance in this dynamic industry. As the regulatory environment for digital assets evolves globally, we’re actively and proactively communicating and negotiating with various law enforcement agencies.

— Does Bitget plan to expand into other areas of the Web3 industry beyond those related to trading? If so, could you share which ones? If not, why?

— We believe that today, the competition among exchanges is not only about attracting users and transaction volumes but also about building comprehensive ecosystems that include wallets, public blockchains, investments, and NFT platforms, allowing us to fully enter the Web3 world. Therefore, in addition to Bitget, we’re strategically working on the following companies:

• Bitget Wallet (formerly known as BitKeep). A decentralized multi-chain wallet that combines several wallets, swap transactions, an NFT marketplace, a dApp marketplace, and Launchpad 5 and supports ETH, BSC, Polygon, Avalanche, and over 90 other major networks.
• Foresight Ventures. Founded in 2021, this company encompasses venture capital funds, secondary funds, and a multi-strategy fund of funds (FOF). It has over $400 million in assets with investments in popular projects like Shardeum and Space and Time.
• Foresight News. A Chinese content platform launched in 2021, focused on crypto and vertical Web3 content, serving as an entry point into the Web3 world for users from China.
• Foresight X. An incubator program that will allocate $10 million in funding through Foresight X accelerators, ecosystem grants, and research grants.

— Bitget invests significantly in PR and user acquisition, such as the 2024 KCGI trading tournament with a huge prize pool, a two-month USDT staking program with a 100% annual yield, or the partnership with Lionel Messi. Could you reveal how effective such promotions are with specific examples?

— Of course. For example, the marketing campaign and different events with Messi further increased brand awareness and led to significant recognition and trust. Before the partnership with Lionel Messi, Bitget had 10 million users, and now we have over 25 million. Bitget has also entered the top 5 platforms for futures trading and the top 10 platforms for spot trading.

— In your opinion, what is the most important factor in building a community and establishing relationships with users or clients in the Web3 industry?

— Building a community and establishing relationships with users or clients in the Web3 industry involves several key factors. The most important ones can be summarized as trust and transparency. Here’s how to achieve that:

1. Always keep the community informed about developments, milestones, and any changes to the project. Regular updates through blogs, social media, or community calls make a significant difference.
2. Be transparent about your project’s goals, challenges, and progress. Whenever possible, share detailed roadmaps and financial data to build trust.
3. Engage actively with your community on a regular basis. Respond to questions, address concerns, and participate in discussions. Being active on forums, social media, and at events helps build a strong connection.
4. Implement systems to gather feedback from your community. Use surveys, polls, and communication channels to understand user needs and preferences.
5. Provide educational content to help users understand your project and the broader Web3 space, such as guides, articles, webinars, and AMA sessions.
6. Offer resources and support to new users to help them get started with your project. This can help reduce friction and increase user adoption.
7. Ensure that your project delivers real value to users. Offer financial incentives, unique features, or community benefits. Users should feel that they’re gaining something meaningful.
8. Implement reward mechanisms for active community members, such as token rewards, exclusive access to certain features, or recognition within the community.

In summary, building a strong community and establishing solid relationships in the Web3 industry depend on trust and transparency. By being open, engaged, and providing real value, you can create a loyal and active community that will contribute to the long-term success of your project.

— In your opinion, what does a trader need to be profitable in 2024? What tools, knowledge, habits, or traits are essential?

— Whether you are a trader or just an investor, remember that all investments carry both risks and opportunities. To maintain a consistent win rate in long-term investing, the following qualities are crucial:

1. Strict trading discipline. Avoid emotional trading, be attentive and patient, and refrain from blindly following trends or using excessive leverage. Develop and adhere to a strict trading strategy.
2. Continuous learning and analysis. Industries evolve rapidly, especially in the crypto space, where popular trends can become outdated in less than six months. Stay true to your investment principles, engage in ongoing education, and regularly study and understand industry fundamentals. Continuously reassess your trading strategies.
3. Understanding economic principles and technical analysis. Study macroeconomic trends and political factors and master fundamental and technical analysis. Since the crypto industry is tied to blockchain, it’s beneficial to understand on-chain data.
4. Mastering basic tools. Efficiently use trading platforms, market monitoring tools, news platforms, and more.

Investing and trading is a long journey. While on this path, stick to your principles, develop good trading habits, engage in continuous learning and analysis, and manage your positions and risks to maximize long-term profits.