At the start of 2024, the cryptocurrency exchange Bitget significantly increased its presence in the CIS market: in January the share of clients from Russia rose to 11%. In February the platform’s total number of users exceeded 25 million.
We spoke with Bitget’s chief operating officer, Vugar Usi Zade. He discussed expansion in the CIS and Ukraine, marketing activities and the exchange’s main areas of development, and also commented on the situation around the Grimace, Sundae and Sexone tokens.
ForkLog: Vugar, you joined Bitget very recently. Why did you choose this company?
Vugar Usi Zade: I became interested in cryptocurrencies in 2017, when I was exploring opportunities for investment and hedging after successfully selling a startup. At the time I was also studying legislation related to this field and working on projects to improve the crypto ecosystem in close cooperation with government organisations in the Middle East and the Dubai International Financial Centre (DIFC).
Later I took up trading and staking, and in 2021, when the hype literally gripped the world, I joined several DAOs. From 2022 to 2024 I worked at the publication BeInCrypto and studied the market, including following Bitget’s activities.
The team achieved significant results in a fairly short period. For example, two years ago Bitget was in the top 20 crypto exchanges in CoinMarketCap’s derivatives ranking. But already in 2024 the platform recorded a record volume among derivatives venues and secured a top-five position, which I consider a great success.
In addition, Bitget is actively developing in Russia, Ukraine, Uzbekistan and other countries of Eastern Europe. So when I received a job offer, I accepted it almost immediately.
ForkLog: Before BeInCrypto and Bitget you worked in marketing at Carlsberg, Wunderman Thompson, Sony and Enhance Ventures. How do you assess the exchange’s marketing over the past two years? Which seem especially successful to you?
Vugar: In my view, the most successful have been the collaborations with the football clubs Juventus and Galatasaray, as well as the partnership with Lionel Messi.
Such collaborations not only increase trust in the exchange but also help explain cryptocurrencies to a wider audience in a more accessible way.
ForkLog: And how does Bitget choose partners?
Vugar: The exchange has a set of requirements for content quality, community size and partners’ image. We provide comprehensive support, but there are also restrictions; for example, the Bitget brand may not be used to promote partners’ own products and startups.
Failure to comply leads to an immediate termination of cooperation. Any Bitget symbols, including images of our ambassador Messi, are protected by copyright.
ForkLog: Is the new bull market the ideal time for marketing? Or does bitcoin’s price do all the work?
Vugar: There is no ideal time for marketing. It is necessary for the stable development of the platform.
Bitget did not abandon marketing activities even in the bear market, when other exchanges massively curtailed promotions and cut staff.
As a result, we not only came through the bear market without losses, we strengthened our presence. This was achieved in part thanks to strong marketing support.
ForkLog: Are you preparing special initiatives for April’s bitcoin halving?
Vugar: Absolutely! The exchange’s marketing team is working on a whole range of activities timed to the bitcoin halving. We will announce them separately.
ForkLog: What about dedicated marketing activities in the CIS and Ukraine?
Vugar: Of course, we will run them throughout 2024. Some have already started, for example a weekly reward giveaway for P2P merchants and the Blockchain4Her ambassador programme for women entrepreneurs.
Bitget is already among the top three crypto exchanges in the CIS, but we do not intend to stop. The platform will develop business in Ukraine, Russia and Uzbekistan: these regions concentrate a large number of crypto investors and traders.
ForkLog: Will the exchange comply with the sanctions regime with respect to users from Russia?
Vugar: The same conditions apply to all Bitget clients from Ukraine and the CIS. We provide equal opportunities for everyone.
ForkLog: What else is the Bitget team focused on at the moment?
Vugar: It is impossible to talk about a single vector, since the company is developing in several directions at once. I will list some of them:
- support for AI projects. Bitget will fund startups creating solutions in the field of AI. We will create educational materials, provide consultations and award grants;
- Blockchain4Her. The exchange will support women entrepreneurs in cryptocurrencies and blockchain. We will invest in interesting and promising projects, hold workshops and reward the best participants;
- integration of next-generation tokens. Bitget will enter into partnerships with projects that offer new token standards such as ERC-404.
ForkLog: The community is discussing events around the Grimace, Sundae and Sexone tokens. Can you comment?
Vugar: Of course. The tokens were created by Odyssey (also known as Petr Lunev) and were added on Bitget and MEXC. I know listings on other trading platforms were planned.
However, in late February we decided to delist Sundae and Sexone due to the wave of negativity associated with them. On March 18 Bitget also ceased support for Grimace.
ForkLog: Is it true that the former head of Bitget in the CIS markets, Gleb Zhuchenya, was involved in listing these tokens?
Vugar: There is a mistaken assumption in this question: there is no such structural unit in the company. Bitget has a marketing team and local business development managers. They report directly to senior management.
It is incorrect to refer to Gleb as the head of Bitget in the CIS markets. But he did hold a manager position and showed decent results.
As for the listing of Sundae, Grimace and other tokens… Neither Gleb nor other managers exerted a direct influence on their addition. Bitget representatives and employees merely provide recommendations, just as entirely external people do. Last year we launched a campaign under which anyone could recommend a cryptocurrency for a local listing.
Each application undergoes a thorough audit: analysts study the team, the project’s technical side, the community and many other factors. We do not list an asset without checks.
I cannot assert that Gleb was involved in the listing of the tokens. But he did advertise Grimace on his Telegram channel.
We consider such behaviour unethical and therefore immediately terminated our cooperation with him. Bitget values its image and will not allow such actions.