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Come il nuovo CEO di Crypto Giant Tether sta rifacendo la società per l’Apocalisse
Con 111 miliardi di dollari di asset e 6 miliardi di dollari di profitti, l’oscuro commerciante di stablecoin Tether è emerso come l’azienda più redditizia nel settore delle criptovalute. Ora si sta ristrutturando, passando al mining di bitcoin, all’intelligenza artificiale e all’istruzione.
Di Nina BambyshevaPersonale di Forbes
Wper gran parte il mondo delle criptovalute è crollato e bruciato durante la recente flessione del mercato, vacillando per il crollo di FTX e di altri giganti, Tether ha prosperato.
La capitalizzazione di mercato della sua stablecoin, USDT, è salita a 111 miliardi di dollari, il triplo di quella del suo rivale più vicino, USDC, emesso da Circle con sede a Boston. Grazie ai tassi di interesse più elevati sui titoli del Tesoro statunitensi, che costituiscono la maggior parte del riserve sostenendo le sue stablecoin digitali, Tether è in una posizione invidiabile perché la sua fonte di capitale è effettivamente gratuita. A differenza delle banche tradizionali, i clienti che depositano valuta forte su Tether in cambio dei token non guadagnano interessi.
Solo per il primo trimestre del 2024, Tether riportato “risultati finanziari” non certificati a livello aziendale di 4,5 miliardi di dollari e un patrimonio netto di 11,4 miliardi di dollari. Nel 2023 ha registrato un utile netto di 6,2 miliardi di dollari, rendendola probabilmente la società più redditizia nel settore delle criptovalute oggi. Coinbase, il più grande exchange di criptovalute degli Stati Uniti, ha guadagnato 95 milioni di dollari su 3,1 miliardi di dollari di entrate in tutto il 2023 e per il primo trimestre del 2024 ha registrato un utile netto di 1,2 miliardi di dollari grazie in gran parte all’aumento dei prezzi delle criptovalute. Circa il 20% dei profitti di Coinbase nel 2023 lo erano generato dagli interessi che ha ricevuto sulle riserve a sostegno della stablecoin USDC grazie alla partnership con Circle.
Pieno di capitale, Tether sta ora guardando oltre le stablecoin per crescere. Il mese scorso, la società, con sede nelle Isole Vergini britanniche, ha annunciato una ristrutturazione strategica, ramificandosi in tre nuove divisioni oltre alle stablecoin: mining di bitcoin, intelligenza artificiale e istruzione.
“Esiste questo concetto di rimozione degli intermediari nelle criptovalute che può essere applicato a molte altre cose”, afferma il nuovo amministratore delegato di Tether Paolo Ardoino, che ne era stato chief technology officer e portavoce dal 2017.
L’espansione pianificata di Tether non è solo una questione di prudente diversificazione: è filosofica. “Abbiamo la sensazione che il 90% delle tecnologie, se non di più, siano progettate per lo scenario migliore, ma nessuno sta costruendo la tecnologia per lo scenario peggiore”, afferma Ardoino, 40 anni. dicendo che ci deve essere una guerra enorme, ma tutto può succedere e non siamo preparati per questo”.
Gli storici delle criptovalute ricorderanno che il bitcoin è stato creato da Satoshi Nakamoto in risposta alla crisi finanziaria del 2008, un periodo in cui c’erano dubbi diffusi sulla stabilità e l’affidabilità dei sistemi finanziari globali esistenti. Ardoino ritiene che Tether svolgerà un ruolo importante nella creazione di quelle che descrive come tecnologie sovrane in grado di dare potere alle persone.
Dice Ardoino “È positivo avere denaro resiliente, ma se hai solo denaro resiliente e tutto il resto è centralizzato, può essere distrutto rapidamente. Uno dei nostri motti è “costruire per l’apocalisse”.
Paolo Ardoino è cresciuto nel nord Italia in una fattoria di famiglia. Ha iniziato a programmare all’età di otto anni e ha continuato a studiare informatica e matematica all’Università di Genova. Dopo la laurea nel 2008, Ardoino è diventato ricercatore per un progetto militare presso la società di elettronica e informatica Selex Communications, dove si è concentrato su reti resilienti ad alta disponibilità e crittografia.
Alla ricerca di opportunità fuori dall’Italia, si è trasferito a Londra intorno al 2013 e subito dopo ha fondato Fincluster, una startup che creava applicazioni finanziarie basate sul cloud per consulenti, gestori di fondi e istituzioni di Londra, Milano e Lugano. Nell’ottobre 2014, uno dei suoi clienti lo ha presentato a Giancarlo Devasini, il CFO di Tether e del suo scambio di criptovalute gemello Bitfinex. Devansini ha chiesto ad Ardoino di aiutarlo a scalare la piattaforma Bitfinex, che stava già guadagnando popolarità.
Ardoino fu presto incaricato di guidare la tecnologia in entrambe le società e poiché Devasini e il CEO Jean-Louis van der Velde evitarono i riflettori, Ardoino divenne il volto pubblico di Tether. Tutti e tre, compreso il consigliere generale Stuart Hoegner, diventerebbero miliardari, secondo La classifica dei miliardari secondo Forbes.
A dicembre, Ardoino ha preso ufficialmente le redini di Tether pur mantenendo le sue funzioni di CTO presso Bitfinex. È inoltre a capo della strategia di Holepunch, una piattaforma tecnologica che consente agli sviluppatori di creare app senza server, lanciata da Tether, Bitfinex e dalla piattaforma infrastrutturale Hypercore.
La proprietà di Tether la struttura non è cambiata, secondo Ardoino. Il CFO Devasini è ancora il maggiore azionista dell’azienda e l’ex CEO van der Velde è ancora coinvolto come consulente. Ciò non ha impedito ad Ardoino di tracciare il nuovo corso di Tether. Il mese scorso, l’azienda annunciato la sua ristrutturazione in quattro divisioni per riflettere il suo ampliamento del focus:
- Finance, che gestisce USDT e supervisiona la prossima piattaforma di tokenizzazione degli asset digitali;
- Data, responsabile degli investimenti strategici nelle tecnologie emergenti, comprese l’intelligenza artificiale e le piattaforme peer-to-peer;
- Power, focalizzato sull’estrazione di bitcoin e sulle iniziative legate all’energia;
- Edu, per sostenere iniziative di istruzione e leadership.
Tether ha già fatto passi da gigante in ogni ambito. Nell’ultimo anno, il colosso delle stablecoin ha partecipato a un investimento di 1 miliardo di dollari in un’operazione di mining di bitcoin in El Salvador, soprannominata “Volcano Energy”, anche se le operazioni sarebbero state alimentate da energia solare ed eolica. Ha inoltre stabilito una propria miniera di bitcoin in Uruguay. Lo scorso settembre Tether rivelato che ha speso 420 milioni di dollari per 10.000 unità di elaborazione grafica (GPU) H100 di Nvidia, che vengono tipicamente utilizzate dalle società di intelligenza artificiale che cercano di elaborare enormi quantità di dati, per conto del minatore di bitcoin quotato in Germania Northern Data. In cambio dei chip avanzati, Tether ha ricevuto una partecipazione del 20% nella società, che intende affittare i chip alle startup di intelligenza artificiale. Un altro investimento innovativo da parte di Tether è avvenuto in aprile, quando ha speso 200 milioni di dollari per una quota di maggioranza in Blackrock Neurotech, una biotecnologia di Salt Lake City che crea impianti cerebrali progettati per consentire alle persone con disturbi neurologici o paralisi, la capacità di “mangiare, bere, operare”. bracci robotici e inviare e-mail semplicemente pensando”.
Secondo Ardoino, che intervista personalmente ciascun candidato, l’azienda ha anche raddoppiato il suo organico ridotto nell’ultimo anno, arrivando a circa 100 dipendenti. “Non voglio yes men”, dice Ardoino. “Voglio che le persone mi dicano cosa pensano di Tether, cosa stiamo facendo di giusto e di sbagliato.”
In termini di mining di bitcoin, l’obiettivo di Ardoino è una quota di mercato del 5%, che lo classificherebbe tra i migliori miner a livello globale. “Se pensi al bitcoin come alla forma definitiva di denaro, creata per l’apocalisse, non vorrai che la maggior parte dell’estrazione di bitcoin sia concentrata in un solo paese. Quindi il modo per farlo è investire in diverse regioni”, spiega. “Siamo partiti dal Sud America e prevediamo di espanderci in diverse aree a livello globale per garantire che il mining di bitcoin possa continuare a essere decentralizzato.”
“In termini di competizione nel mining di bitcoin, ciò che conta davvero è l’investimento che puoi fare. Hanno stanziato circa 500 milioni di dollari. Puoi andare molto lontano con questo”, afferma Kevin Dede, analista di HC Wainwright. Adam Sullivan, CEO del minatore quotato in borsa Core Scientific, aggiunge: “Sono il più grande investitore nel mining di bitcoin in questo momento. È una scelta naturale per loro perché è davvero ciò che guida la loro attività”. Sullivan si riferisce al fatto che il recente aumento del prezzo del bitcoin ha aumentato i profitti di Tether date le sue grandi partecipazioni nell’asset digitale. L’estrazione di bitcoin dovrebbe amplificare i profitti se i prezzi dei bitcoin continuano a salire.
Ma mentre Tether ha fatto passi da gigante nel mining di bitcoin, il suo passaggio all’intelligenza artificiale sarà più impegnativo. Oltre ad accordi come Northern Data, Tether cerca di stabilire competenze interne nella costruzione di modelli su larga scala e nell’integrazione di funzionalità di intelligenza artificiale nei suoi prodotti esistenti. Le offerte di lavoro sul suo sito Web elencano posizioni come ingegnere AI e capo della ricerca e sviluppo dell’IA. “Penso che l’intelligenza artificiale possa essere molto più utile e un po’ meno soggetta ai pregiudizi politici di una piccola élite che in questo momento sta portando avanti i più grandi progetti di intelligenza artificiale nel mondo”, afferma Ardoino riferendosi al piccolo gruppo di aziende tra cui Microsoft, OpenAI e Google ora guidano la maggior parte dello sviluppo dell’IA. “Crediamo che l’intelligenza artificiale dovrebbe essere disintermediata dagli intermediari, proprio come dovrebbe essere il denaro”.
Rob Toews, partner di Radical Ventures, è dubbioso sul cosiddetto passaggio di Tether all’intelligenza artificiale. “Mettere le mani sulle GPU e noleggiarle alle aziende di intelligenza artificiale è una strategia più facile da adottare, ma è davvero difficile per me immaginare che Tether diventi un concorrente credibile nel mondo della costruzione di modelli di intelligenza artificiale multimodali.”
Attraverso il suo braccio educativo, Tether offrirà corsi e workshop che comprendono la tecnologia blockchain, l’intelligenza artificiale, la codifica e il design. Ha già avviato iniziative con l’Accademia dell’industria digitale in Georgia e Bitkub, la più grande borsa locale della Thailandia. “L’istruzione rappresenta la pietra angolare di questo viaggio, fungendo da fulcro per promuovere la prosperità economica e lo sviluppo sostenibile”, afferma Ardoino.
Date le criptovalute La sua storia travagliata e il fatto che Tether deve ancora produrre rendiconti finanziari verificati da contabili pubblici certificati, è ragionevole preoccuparsi della fonte di capitale per i nuovi investimenti della società. Secondo le attestazioni finanziarie della società, gran parte dei suoi profitti di 4,52 miliardi di dollari nel primo trimestre derivavano dai guadagni nelle posizioni in bitcoin e oro dell’azienda. Ardoino insiste che gli investimenti di Tether provengono dai suoi profitti, non dalle riserve dei suoi clienti.
“Se le persone pensano che stanno iniziando a attingere alle proprie riserve per investire in quella roba, Tether potrebbe crollare abbastanza rapidamente”, afferma Austin Campbell, professore a contratto presso la Columbia Business School e consulente per aziende blockchain. “Ho sempre detto che il problema con Tether non è quello che hanno adesso. È ciò che potrebbero contenere in futuro perché non sono soggetti a restrizioni”.
Campbell avverte inoltre che il dominio delle stablecoin di Tether è lungi dall’essere garantito a lungo termine: “Quando i regimi delle stablecoin emergono, quando la regolamentazione viene formalizzata, quando queste strutture vengono messe in atto, Tether dovrà iniziare a conformarsi ad essi a livello locale o abbandonare quelle giurisdizioni. .”
Il dominio di Tether è già messo in discussione. Anche se USDT è ancora leader nel mercato delle stablecoin con una quota del 69%. dati da DefiLlama, è in ritardo nel volume delle transazioni. L’USDC di Circle ha registrato 178,6 milioni di transazioni nell’aprile 2024, superando i 173,9 milioni di transazioni mensili di USDT. secondo analisi da parte del colosso dei pagamenti Visa e della piattaforma dati blockchain aziendale Allium Labs.
Inoltre, a nuova versione della legge bipartisan sulle stablecoinintrodotto dai senatori statunitensi Cynthia Lummis (R-Wyo.) e Kirsten Gillibrand (DN.Y.) in aprile, che limiterebbe gli istituti senza licenza bancaria a un’emissione massima di stablecoin di 10 miliardi di dollari, potrebbe stimolare la concorrenza delle banche tradizionali, secondo ad un recente rapporto di S&P Global Ratings.
Ardoino afferma: “Crediamo che tutti questi investimenti siano fondamentali per Tether… cose che crediamo possano cambiare la vita dei mercati emergenti e dei paesi in via di sviluppo. Vogliamo essere leader nell’evoluzione dell’umanità”.
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Block Investors Need More to Assess Crypto Unit’s Earnings Potential, Analysts Say — TradingView News
Block, a payments technology company led by Jack Dorsey square could become a formidable player in the cryptocurrency mining industry, but Wall Street will need details on profit margins to gauge the positive impact of the business on earnings, analysts said.
Block signed its first large-scale cryptocurrency mining hardware pact on Wednesday, agreeing to supply its chips to bitcoin miner Core Scientific 
CORZbut no financial details were disclosed.
JP Morgan estimates the deal could net Block between $225 million and $300 million, but said more information will be needed to assess the hardware business’s long-term earnings potential.
“We still have a lot to learn in terms of the margins of this business, so we are hesitant to underwrite this transaction until we know more about the cadence and economics,” J.P. Morgan said.
The deal marks a major step for the payments company, which started out as “Square” in 2009 before rebranding in 2021 in a nod to its focus on crypto and blockchain technologies.
Dorsey, who co-founded and ran Twitter (now known as “X”), has long been bullish on Bitcoin. Block began investing 10% of its monthly gross profit from Bitcoin products into Bitcoin in April.
In the first quarter, nearly 9% of the company’s cash, cash equivalents, and marketable securities consisted of bitcoin.
“This development (the deal with Core Scientific) is further evidence of Block’s role as an emerging leader in the crypto hardware ecosystem,” Macquarie analysts Paul Golding and Emma Liang wrote in a note.
Analysts say similar deals to follow could further validate Block’s reputation in the industry.
But J.P. Morgan said the stock’s performance will be determined by Block’s other segments, such as Square and Cash App.
Block shares have lost nearly 17% this year.
3:30 PM ▪ 4 minute read ▪ by Luc Jose A.
This Thursday, attention will be focused on the United States with the anticipated release of the Consumer Price Index (CPI). This economic indicator could trigger significant movements in the markets, especially for the U.S. dollar and cryptocurrencies. While investors remain vigilant, speculation is rife about the potential impact of these key figures.
The Consumer Price Index: The Cornerstone of the American Economy
The Consumer Price Index (CPI) is a key measure of inflation which reflects changes in the price of goods and services purchased by American households. This index is calculated monthly by the Bureau of Labor Statistics (BLS) and serves as a barometer for the cost of living. The consumer price index covers a wide range of products, including food, clothing, housing, health care, and entertainment. Economists and policy makers closely monitor this data to anticipate economic trends and adjust monetary policies accordingly.
The June CPI data is due to be released this Thursday at 2:30 p.m., and is highly anticipated by investors. The current consensus is for headline annual inflation to decline to 3.1%, from 3.3% the previous month, while core inflation is expected to remain stable at 3.4%.
THE BIGGEST EVENT THIS WEEK 🚨
The U.S. Consumer Price Index is expected to
PUBLICATION TODAY AT 8:30 AM ET.EXPECTATIONS ARE 3.1% WHILE
LAST MONTH THE CONSUMER PRICE INDEX (CPI) WAS 3.3%HERE ARE SOME SCENARIOS 👇
1) CPI above 3.1%
THIS WILL BE A DAMAGE TO THE MARKET
GIVEN THAT THE LAST TIME THE CPI DATA… photo.twitter.com/yudjPLPl8g— Ash Crypto (@Ashcryptoreal) July 11, 2024
Consumer Price Index Release: What Does It Mean for the Dollar and Bitcoin?
Inflation as measured by the consumer price index is a key determinant of the value of the US dollar. If the consumer price index declines more than expected, it could reinforce expectations of a rate cut by the Federal Reserve in September, thus weakening the dollar. A weaker dollar could benefit GBP/USD, which recently broke a major resistance level, and Bitcoin, which could see its price rise due to increased demand from institutional investors.
Current forecasts suggest that headline inflation will decline to 3.1%, with core inflation holding steady at 3.4%. However, a surprise increase in the consumer price index could upset these expectations. Fed Governor Lisa Cook has mentioned the possibility of a soft landing for the economy, with inflation falling without a significant increase in unemployment, which could lead the Fed to consider rate cuts. This outlook is particularly favorable for stock markets and cryptocurrencies, including Bitcoin, which could benefit from a more accommodative monetary policy.
According to experts at 10x Research, especially their CEO Markus Thielen, Bitcoin could see a significant increase if the CPI data confirms a decline in inflation. Thielen indicated that Bitcoin could reach almost $60,000, a prediction that has already been reflected with a rise to $59,350 before the data was released.
Therefore, Thursday’s CPI data could determine the future direction of financial and cryptocurrency markets. High inflation could strengthen the US Dollarwhile a drop in inflation could pave the way for rate cuts by the Fed, thus giving a boost to Bitcoin and other digital assets.
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Luke Jose A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I am committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, convey the latest technological innovations and put into perspective the economic and social issues of this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.
Bitcoin is seeing a rebound after its recent price crash to $53,000. Other altcoins are subsequently recovering, with many cryptocurrency investors increasingly making new entries. However, Santiment warned against this hopium, suggesting that Bitcoin could extend its price losses.
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RCO Finance challenges the market crisis
RCO Finance (RCOF) is approaching $1 million in funding raised, amid growing interest from institutional traders seeking stability from Bitcoin’s wild price swings. While much of the broader market has seen significant price losses, RCO Finance has remained resilient, experiencing a surge in its pre-sale orders.
As a result, the project seems oblivious to the current market conditions, leading top market experts to take a deep dive into its ecosystem. They identified why RCO Finance was able to withstand the bearish pressure and its potential to hold up even stronger during the impending broader market crash.
The main reason was related to the innovative use of RCO Finance AI Trading Tools as a Robo Advisor. This tool has been integrated into RCO Finance’s cryptocurrency trading platform, offering full automation and highly accurate market forecasts to help investors make informed decisions.
Read on to learn more about this tool and other exciting features of RCO Finance!
Bitcoin Bounces Amid Impending Crash
Bitcoin is bouncing back, rallying 8% after plunging to its lowest point since February on July 5. While this rebound has triggered a bullish wave in the broader market, many cryptocurrency analysts predict it could be short-lived as Bitcoin is poised for an imminent crash toward the $50,000 zone.
On a Post X (formerly Twitter)Santiment revealed that while the crowd is anticipating a Bitcoin rally, this potential crash could trigger FUD and panic, causing average traders to wither and give up on Bitcoin. The platform noted that Bitcoin rally has historically occurred after these weak hands sold their holdings.
In particular, these cryptocurrency analysts speculate that the previous and upcoming Bitcoin crash is largely the result of bearish market psychology, as opposed to large BTC sell-offs by the German government and Mt. Gox. In particular, Ki Young Ju, founder and CEO of CryptoQuant, noticed that “the sales were rather negligible, given the overall liquidity of Bitcoin.”
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Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the reliability, quality and accuracy of any material in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your own research and invest at your own risk.
Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.
In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.
The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.
This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.
According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.
Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.
The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming more and more intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.
Sports Sponsorships and New Products
Gracy Chen, Source: LinkedIn
Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”
In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.
The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.
The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.
In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).
Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.
In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.
The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.
This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.
According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.
Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.
The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming increasingly intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.
Sports Sponsorships and New Products
Gracy Chen, Source: LinkedIn
Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”
In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.
The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.
The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.
In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).
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Bitcoin and Technology Correlation Collapses Due to Excess Supply
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