In the first quarter of 2023, Bitget’s utility token price rose by 120%

The Bitget cryptocurrency derivatives exchange published its first-quarter 2023 report. During this period, the platform’s trading volumes rose by 27%, and the ecosystem’s utility token price climbed 120%. This is according to Bitget’s blog.

Key achievements for the exchange in Q1 2023, compared with the previous quarter, were:

• The site attracted 33.1 million visitors — up 35%;
• Users achieved a total futures trading volume of $658 billion — up 27%;
• The BGB token rose to an all-time high — up 120% in three months. The price at its peak reached $0.478, and the number of holders rose by 146% to 229,732 people;
• Bitget expanded its staff by 30% to 1,300 employees and opened hundreds more vacancies;
• The exchange’s followers on social media grew by 181% and reached 1 million.

During this period Bitget launched three new products: index futures, Fund Custody Service for storing funds on dedicated wallets, and copy trading on the spot market. The latter helped attract 100,000 new users who earned $41 million in two months.

According to the latest Proof-of-Reserve audit, Bitget’s reserve ratio rose from 224% in December 2022 to 246% in April 2023. The recovery in Bitcoin’s price allowed increasing the insurance fund from $300 million to $380 million.

The cryptocurrency exchange became holder of a controlling stake in the BitKeep wallet and forged partnerships with DeFi projects and blockchain-data providers such as Nansen and Coin360. The platform also renewed cooperation with FC Juventus and began sponsoring the club’s women’s team.

Bitget is a cryptocurrency exchange offering spot and futures trading, copy trading, P2P and OTC deals. The platform is developing a social-trading concept with its Bitget Insights service for publishing trading ideas and copy trading on futures and spot markets. The exchange serves more than eight million users worldwide.

Earlier, Bitget launched a new referral program. The exchange will award up to 9,000 USDT for inviting friends.