$10 Million Investment in Bitget Puts Spotlight on Second-Tier Derivatives Exchanges

In April 2023, crypto derivatives exchange Bitget received a $10 million strategic investment from Dragonfly, a venture capital firm. Haseeb Qureshi, Managing Partner at Dragonfly, stated that Bitget is making crypto assets more accessible to the public through innovative derivatives products and user-centric strategies.

At the time of the investment, Bitget had over 8 million users across more than 100 countries. The exchange is registered in Seychelles and has its main markets in Asia, Latin America, and Europe. According to CoinGecko data, it ranks fifth globally in both open interest and trading volume among derivatives exchanges.

Bitget's differentiated product is copy trading, which allows users to follow the trades of other successful traders. As of February 2023, over 80,000 traders were publicly sharing strategies on the platform, with more than 380,000 users following their trades.