Bitget has become a key player in the international crypto market, recently securing the fourth position among global exchanges. In an exclusive interview, Vugar Usi Zade, Chief Operating Officer of Bitget, shared his insights on the current state of the crypto market, the success of Bitget Wallet, and the future of meme coins.
According to Vugar, the growth of Bitget is part of a larger trend of market competition influenced by the splitting of Binance's user base among emerging rivals. He notes that while the total market cap is stagnant, user numbers are still climbing. “Changing from one exchange to another is just one click for users,” he explains, emphasizing the ease with which customers can switch based on transaction fees and available tokens.
Vugar identifies a critical factor affecting market cap growth: reduced disposable income resulting from economic downturns in major economies like Japan and the US. He observes two predominant strategies among users: either adopting a long-term holding approach with established tokens like Bitcoin and Ethereum or pursuing high-risk investments in meme tokens.
Recently, the Bitget Wallet topped the App Store charts in Nigeria, demonstrating its global appeal. Vugar highlights that Bitget Wallet surpassed Metamask in downloads. “In the middle of the bear market, we invested $30 million in BitKeep and rebranded it to Bitget Wallet,” he shares, underscoring the firm’s commitment to decentralization.
Meme tokens have become a hot topic in the current market cycle. Vugar believes they present opportunities for investors, aligning with the 'get rich quickly' narrative of crypto. However, he cautions that these are high-risk assets.
Known for its football sponsorships, Bitget continues to expand its brand presence, notably through its partnership with La Liga, aiming to reach 2.5 billion people worldwide. “We’ve been very loud with our Make it Count campaign,” Vugar states, referring to their previous collaboration with Lionel Messi.
