In an unique interview with cryptonews.com, Gracy Chen, Managing Director of Bitget, talks about AI-based buying and selling instruments, derivatives buying and selling, and This autumn market outlook.
About Gracy Chen
Gracy Chen is the Managing Director of the highest crypto derivatives and duplicate buying and selling platform Bitget, the place she oversees market enlargement, enterprise technique, and company improvement. Below her management, Bitget’s person base has quadrupled, propelling the alternate to the highest 5 positions amongst crypto exchanges when it comes to crypto derivatives buying and selling volumes.
Earlier than becoming a member of Bitget, she held government positions on the fintech unicorn firm Accumulus and Foxconn-backed VR startup XRSPACE. Gracy was additionally an early investor in BitKeep, Asia’s main decentralized pockets.
In 2015, Gracy was honored as a International Shaper by the World Financial Discussion board. She graduated from the Nationwide College of Singapore and is presently pursuing an MBA diploma on the Massachusetts Institute of Know-how.
Gracy Chen gave a wide-ranging unique interview, which you’ll be able to see beneath, and we’re blissful so that you can use it for publication, offered there’s a credit score to www.cryptonews.com.
Highlights Of The Interview
- AI Instruments and Methods: Bitget has grow to be a number one supplier in not simply digital asset copy buying and selling but in addition AI-powered crypto buying and selling
- Partnership with HELLO Labs: Focus on Bitget’s partnership with HELLO Labs for the web3 leisure present “Killer Whales,” showcasing the alternate’s dedication to selling web3 adoption
- Bitget’s Market Place: Spotlight Bitget’s robust market place as a number one crypto derivatives and duplicate buying and selling platform, with spectacular buying and selling volumes and person progress
- Nansen H1 CEX Panorama report
- Derivatives buying and selling 101
Full Transcript Of The Interview
Matt Zahab
Women and gents, welcome again to the Cryptonews Podcast. We’re buzzing as all the time and I am tremendous pumped to have the one and solely Gracy Chen coming again on the present for spherical two, the Managing Director of one of many prime crypto derivatives and duplicate buying and selling platforms. That’s the one and solely Bitget. Gracy oversees market enlargement, enterprise technique and company improvement. Below her management, Bitget person base has quadrupled, not an enormous deal, propelling the alternate to the highest 5 positions amongst all different crypto exchanges when it comes to crypto derivatives buying and selling volumes. Earlier than that, she held government positions on the Fintech Unicorn Firm Accumulus and Foxconn backed VR startup XRSPACE. Gracy was additionally an early investor in BitKeep Asia’s main decentralized pockets. She’s additionally been honored by the World Financial Discussion board, graduated from the Nationwide College of Singapore and is presently within the one and solely Dean City, Boston, Massachusetts, the place she is pursuing an MDA diploma on the one and solely MIT. What a bio, Gracy, tremendous pumped to have you ever on. Welcome again on the present.
Gracy Chen
Thanks, Matt. All the time blissful to be on this present.
Matt Zahab
Nice to have you ever again on. You might be in Boston proper now. Such a superb metropolis. I imply, I’ve a love hate with Boston. I like Boston as a result of the vibes are nice. I believe the persons are very animated, very humorous. All of them, , the place their coronary heart on their sleeves and I like that grit that is in Boston. It is also very stunning metropolis. You could have all of the unbelievable universities just like the Harvard’s and the MIT’s. However then you’ve the sports activities groups, Gracy. And it looks as if Boston kicks the shit out of Toronto sports activities groups yearly. And that’s one thing that breaks my coronary heart time after time. Boston wins every thing, whether or not it is the Bruins or the Celtics or Ton Brady profitable, , 5 chips in New England. What’s life like in Boston proper now? Give me some good tales at MIT. How a lot are you having fun with the one and solely Beantown?
Gracy Chen
Okay. Sadly, I do not watch sports activities that a lot aside from soccer. I imply soccer, as a result of I like Leo Messi. He is our ambassador, the one and solely ambassador that we actually love. So aside from, I assume, soccer staff or soccer staff that I can discuss my previous work cup expertise, I am unable to actually chat that a lot about, , Boston sports activities groups. However for the life in Boston, it is getting chilly. It is raining proper now and it is similar to a terrific season. I imply, I like truly autumn and fall and spring, not that chilly. You reside in Toronto, so what I imply with this winter. So it is a terrific metropolis and it’s extremely mental, particularly in MIT. I’ve just a few associates who’re very like postdocs and docs in varied fields. AI is a really hype phrase proper now. And I am additionally finding out one thing about AI Web3 generally. So one nice expertise I simply had final week was after I was visiting a buddy at MIT and we have been enjoying along with his canine, which is a robotic canine. We’re chatting about AI and robotics, and that is a fairly fascinating expertise.
Matt Zahab
That is wild. What are the individuals like at MIT? I’ve heard all these tales like on the web and from the tales I heard and my apologies if I am offending anybody right here, however I’ve simply heard it is a bunch of nerds and it is not a foul factor. It is simply once more, you bought to be a really sensible cookie like your self to get into MIT. In fact, it is the one and solely MIT the place good individuals go to highschool for post-secondary. What’s it like? Is that what the individuals’s like? Just like the individuals social gathering in any respect? Like what is the lowdown on MIT?
Gracy Chen
We’re social gathering like hell. So I work laborious, research laborious, and play laborious is the important thing. So sure, there’s numerous stereotypes or saying MIT college students are nerdy, which my expertise isn’t actually true. Like I stated, we’re partying lots. And likewise for gender ratio, I used to be shocked after I got here and I spotted that there are such a lot of clever girls and the scholars profile within the faculty when it comes to gender and when it comes to diversification like the place we’re from, worldwide college students, racialized, and so on. All the things is so diversified. For instance, at our MBA cohort, feminine to male ratio is like 45 to 55. So it is fairly impartial. Mainly, I met numerous fascinating clever individuals right here and likewise we’re partying like hell.
Matt Zahab
I like that. I completely love that. I will pop down and are available come social gathering for per week with you and the squad there. A pair extra questions on the journey matters after which we’ll get into the crypto stuff. I thoughts you, that is crypto as nicely, however you simply went on a loopy journey, clearly Boston, then over to Singapore for TOKEN2049, you then hopped on a jet went to Hong Kong after which flew again to Boston. That is fairly the rip. How was token? What was good in Hong Kong? What was the sentiment like within the greatest, I assume it’s most likely the most important crypto convention in Asia. How was that?
Gracy Chen
Sure, so TOKEN2049, I had a keynote and a speech. We additionally organized a complete day occasion, which I name Bitget EmpowerX Summit. And we launched a fund referred to as Bitget EmpowerX Fund that we are able to discuss later. So the occasion, our day, our summit, that is truly the primary time that Bitget is internet hosting a summit. We’ll sponsor some and we participated in lots, however it’s the primary time that we hosted an occasion. And the explanation of us internet hosting this occasion is primary, we’re celebrating our fifth yr anniversary. After which quantity two, we felt we’re a frontrunner within the area already. And we wanna present the stage for our ecosystem to flourish. And likewise for us to hook up with extra individuals and extra leaders within the area. And I had nice conversations over there. As for TOKEN2049, that is my returning speech and panel already. I actually loved it. I had a panel with all main exchanges. There’s KuCoin, Bybit, OKX and us. So for large crypto exchanges and leaders from these exchanges, we had a terrific dialogue round probably the most matters that folks know or individuals occupied with understanding how we do token itemizing, how are we guaranteeing extra transparency and safety for our customers. And we all the time thought of beginning up an alternate alliance. That is, by the best way, nonetheless cooking. I’ll allow you to guys know if it is confirmed. However there’s been some very fascinating dialog. TOKEN2049 generally, I believe we’ve fewer individuals this yr, fewer contributors or fewer audiences this yr. As a result of I assume, bear market, final yr TOKEN2049, that is proper earlier than FTX. And there have been nonetheless numerous hypes, numerous individuals from conventional finance business or conventional tech business, or simply individuals occupied with understanding the area. However proper now, I felt there are much less hypes or much less window consumers, however there are extra builders and extra Westerners touring to Asia for TOKEN2049, I assume, on account of regulatory causes. In order that’s my normal expertise in token. After which I went to Hong Kong for a closed-door occasion. It is organized by Dragonfly Capital. They really are buyers and we’re their buyers as nicely. In order that’s a really fascinating occasion. It is like a 60 individuals closed-door. The founding father of Dragonfly Capital actually hand-picked up everybody. I am the one consultant of Bitget. And I get to fulfill all of the leaders, they usually invited some very fascinating audio system, and their portfolio firm founders. And we had some additional introduction and additional dialog flowing. And I am nonetheless assembly a few of them on-line and offline proper now to debate additional cooperation.
Matt Zahab
I imply, I completely love that. You gotta, Gracy, come on, break some information on the Cryptonews Pod. Not less than give us slightly snippet. What is going on on with this alternate coalition or this alternate group that you simply mentioned? Give us a pair particulars. Do not let the cat out of the bag, however give us slightly snippet right here, Gracy. Come on.
Gracy Chen
Properly that is laborious as a result of I actually, I believe my PR individuals will scream at me as a result of this once more very un-started. However I am blissful to share a little bit of a minimum of what I have been pondering. Truthfully, there are many points that centralized exchanges are going through collectively, like primary, hacking and safety issues that we have to take care of. And quantity two, to construct stronger requirements amongst adjustments, resembling when and why will we record a token and take care of the token and likewise amongst auditing, amongst proof-reserve, amongst safety funds that we’ve however another exchanges could not. All this stuff that our customers within the business care about. So this once more very preliminary dialogue that I had with a few of the alternate leaders that we thought it is a good time to construct an alliance in order that we are able to battle a few of these issues collectively. And the explanation that it took such a very long time and it is nonetheless, after two weeks, it is nonetheless a preliminary dialogue is that I do need this alliance to be significant and to be selective and to make actual affect moderately than simply organising an alliance and announce that and that is it. I do not need it to be only a PR factor and I really need it to be significant. In order that’s why we wish to take it slowly and discuss particulars and the best way to make it sustainable and the best way to make an actual affect, issues like that. However once more, you’re the first individual that I talked to outdoors of Bitget and out of doors of different exchanges.
Matt Zahab
In fact. So of us, you heard it right here. Nothing, that is clearly strictly preliminary and Gracy and the leaders of the exchanges may whip one thing collectively and create a possible crypto alternate alliance. However do not look an excessive amount of into it and doubtlessly get your popcorn prepared for the longer term, as this may very well be one thing very particular. So we’ll depart it at that, c’est la vie. One subject I am unable to wait to get into is every thing AI associated. A few minutes in the past, you mentioned how AI is the large buzz phrase at MIT proper now. Looks like it is the large buzz phrase in every single place nonetheless. The pattern nonetheless undoubtedly has legs. You guys and the staff at Bitget are performing some unbelievable issues in that regards the innovation zones enlargement. You could have the bogus intelligence based mostly martingale, CTA and grid buying and selling methods. You guys have been launched some unbelievable merchandise to permit your customers to grow to be higher merchants by piggybacking off of AI. I would love you can contact slightly bit extra on this topic and simply form of segue into the way you see AI shaping the way forward for crypto.
Gracy Chen
Positive. So to begin with, like we mentioned, AI is a buzzword. And it is not only a buzzword, it is also a basic and crucial expertise that’s altering and shaping how we stay, how we work, how we work together with each other. Really, we additionally invested in a digital boyfriend, SocialFi firm or GameFi firm a month in the past. And aside from digital boyfriend, they’re additionally growing digital girlfriend and digital pets. So it is all about feelings and caring for the person however via AI. So it is actually completely different about, , it is, and by the best way, that firm known as HIM. So when you’ve got watched the film, Her, it is principally the alternative. And it is the identical concept. It is simply reverse gender that they’re serving. However this apart, I felt when it comes to buying and selling, proper? As a result of Bitget a crypto alternate and we glance into the best way to use AI in crypto buying and selling extra. There are many optimistic points, clearly, like pace and effectivity might be elevated. There may be like highly effective information evaluation functionality that we are able to discuss. For instance, AI algorithms can, , analyze varied information and an enormous set of knowledge sources, together with advertising and marketing tendencies, new sentiment and social media actions and historic value after which give you sure sample correlation buying and selling alternatives, and so on. After which there, we are able to additionally use AI in danger administration as a result of particularly one thing like some unusual conduct of like anti cash laundering and buying and selling like some, if we outline the AI software on some predefined danger parameters, then we are able to use AI to ascertain some cease loss order to find out like take revenue ranges and execute trades accordingly. So these are some nice points that I type of see when it comes to making use of AI to buying and selling. However there are additionally numerous drawbacks. Primary, I’ll spotlight is over reliance on historic information as a result of AI narrates numerous by information, proper, by historical past. And that is fairly harmful. After which one other factor is information safety. What I imply is like information breach and cyber assault threats. So these are harmful. And by the best way, I experimented with ChatGPT the opposite day and I requested it to choose up 10 cryptocurrency that I ought to look into if I am a danger averse investor. And in that 10 cryptocurrencies record, there may be Terra Luna and that simply occurred just a few months in the past. So that is what I imply by like historic information or information safety considerations. And that is simply, , dangerous. And in case you are relying your funding technique issues like ChatGPT, it may be very harmful.
Matt Zahab
Such a superb level. I imply, I have not, to be trustworthy, Greece, I have not actually thought concerning the lack of qualitative, the shortage of emotion and empathy that AI has, ? Like in buying and selling, you clearly, there’s numerous qual that goes into it as nicely. And when these AI algos are merely taking a look at, , earlier historic information, like similar to you stated, they’re gonna spit out stuff like Terra Luna, which is wild to consider. It is very fascinating. One other subject that we gotta get into earlier than we get into some extra Bitget stuff. Clearly I lurk all of my friends Twitter earlier than each single present. And a few days in the past, it was truly yesterday, you had a terrific little tweet on some finish of 2023, crypto tendencies, insomation, or some crypto predictions, moderately, insomation, you set three factors and these are nice. We’re gonna connect this within the present notes. Primary is that top rates of interest won’t make crypto go to the moon straight away. And I am unable to wait to get into that one as a result of that’s undoubtedly a little bit of a sizzling take. Bitcoin ETFs may very well be like a superheroes arrival. I undoubtedly agree with that one. And quantity three, extra regulation may imply extra individuals discovering crypto’s magic. Additionally agree with that one. The one one which I do not totally agree with is excessive rates of interest won’t make crypto go to the moon straight away. What’s your tackle that? Why do you not suppose that’ll make crypto rip if the gov continues to rise rates of interest?
Gracy Chen
Okay, this requires slightly bit clarification of how finance world works. I personally love to do that analogy of conventional monetary world resembling fairness and certain market and financial market. They’re like an enormous pool, so swimming pool, like massive pool, and crypto the place like a small pool. And when cash flows out from massive pool, it flows to small pool. And vice versa, when the large pool is like pumping the so referred to as influx of money or of funding fund, it is also taking numerous impact on the small pool. Then why this pertains to rates of interest? So when rate of interest is excessive, individuals will wish to put more cash within the bond market. In order that’s precisely what we noticed in NASDAQ, in NYSE, within the fairness market. It is also happening generally when it comes to these market index. However that additionally has robust impact from crypto as a result of when rate of interest is excessive, individuals will probably be much less prepared to put money into various asset courses resembling cryptocurrency. So what I meant is as a result of FED and FOMC, the final assembly that that they had, they type of indicated that there will probably be one other rate of interest rise finish of this yr. So due to this, crypto can very laborious enter a bull market straight away. That is what I meant. I imply, very laborious to do it straight away. And by straight away, I imply this yr or earlier final yr, on account of this excessive rate of interest and this robust correlation of Bitcoin and cryptocurrency costs versus the rate of interest.
Matt Zahab
Properly stated. And are you within the camp {that a} Bitcoin ETF remains to be the best possible factor that would occur to the market proper now?
Gracy Chen
Sure, I’m. And I additionally suppose it is not about whether or not or not, it is extra about when. So I am a powerful believer that Bitcoin spot ETF will probably be improved, seemingly earlier subsequent yr.
Matt Zahab
The one problem I’ve subsequent yr is the election. And it looks as if in election years, numerous massive monetary occasions typically get pushed after the election simply to see which social gathering will get in. So, I imply, I am hoping that does not trigger any points, however we’ll undoubtedly need to see. Final query earlier than we get again into the Bitget stuff. What are the areas of crypto are actually tickling your fancy for the time being? Clearly you’re a chief of probably the greatest exchanges on this planet. I am positive you get requested this on a regular basis, however what areas of crypto excite you, get you going, have you ever and the staff, , placing eggs in that basket?
Gracy Chen
Proper now I am finding out and searching into some tasks within the so referred to as new public chains, particularly the Layer-2s. After which one other factor that I am finding out lately lots is TG bots. We see numerous progress on TG bots and the customers. And also you most likely have heard that TG Telegram person has been reaching an all time excessive lately. And there are many TG bots engaged on Telegram. And likewise Telegram they issued a token speak to you. Though it is like slightly ambiguous, they do not actually say it is their token, however everybody thinks it is their token.
Matt Zahab
Which token is that this?
Gracy Chen
TON.
Matt Zahab
Oh, yeah. I simply seemed it up. Telegram is the fourth hottest messaging app globally. After WhatsApp, we chat in Fb Messenger with an estimated 1.068 billion complete customers and 700 million month-to-month energetic customers. That’s insane, Gracy. In North America, you are in North America now, extra particularly in Toronto. Except you are in crypto, you do not use Telegram. Like I do not converse to 1 buddy on Telegram who isn’t in crypto. And so it is loopy to suppose that there is that many energetic customers, 700 million energetic customers on Telegram in 2023.
Gracy Chen
Yeah, precisely. So you may be shocked. I agree. I additionally use Telegram primarily for crypto neighborhood and speaking to a few of our companions. Perhaps WhatsApp is extra used for associates after which searching for social community profession smart. However you may be shocked to see how many individuals are becoming a member of Telegram. Like numerous crypto associates that I noticed as a result of I had their numbers saved earlier. So once they joined Telegram on trip and I noticed numerous these lately.
Matt Zahab
So, sorry, why are you guys going so laborious on the bots then? You simply due to the inflow of telegram customers, you guys wanna be extra environment friendly and extra correct with the bots? Is that the entire ordeal there?
Gracy Chen
Probably not. We’re nonetheless working primarily on our alternate and our app. The explanation that I introduced up Telegram bots isn’t due to Bitget. It is simply because I noticed numerous tendencies and all these tokens like TON, Unibot, Banana Gone, that is one other crypto TG bot mission. And we simply listed their token, by the best way. So all these firms or these tasks, these tokens have been fairly robust lately. And that is why I am finding out. So I did not do it simply because we at Bitget, we’re doing one thing round. Probably not lots. And you may be supporting like TON. I believe TON is like quantity 12 token proper now. I’d say the valuation is basically excessive. Market cap is 7 billion for that token.
Matt Zahab
That is loopy. Sure, 7.3.
Gracy Chen
Yeah, you do not know TON in any respect, like a pair.
Matt Zahab
Fascinating, loopy quantity on it too. I assume it is listed on Bitget.
Gracy Chen
Uh, yeah.
Matt Zahab
Yeah, in fact, I like that. Grace, you have to take a fast break, give an enormous shout out to our sponsor of the present, PrimeXBT, and once we get again, we’re going to dive in to a few tremendous enjoyable issues. Bitget’s EmpowerX Fund, some neighborhood engagement, and the large rebranding, which even the staff, completely crushed. And earlier than that although, bought to present an enormous shout out to PrimeXBT, longtime sponsor of the present, longtime associates of cryptonews.com. PrimeXBT affords a sturdy buying and selling system for each rookies {and professional} merchants. It does not matter in the event you’re a rookie or a vet, you possibly can simply design and customise your layouts and widgets to greatest suit your buying and selling type. PrimeXBT can also be working an unique promo for listeners of the Cryptonews Podcast. After making your first deposit, you get 50% of that first deposit, that’s 50% of that first deposit, credited to your buying and selling account that can be utilized as extra collateral to positions. The promo code is CRYPTONEWS50, that is CRYPTONEWS50, all one phrase, to obtain 50% of your deposit, credited to your buying and selling accounts, and now again to the present with Gracy. Let’s get proper into the rebrand. I am a marketer, I like rebrands. I believe until you’ve a model that’s so cliche, like McDonald’s or a BMW or a Mercedes Benz, the place everybody is aware of your emblem and you’ve got been established for dozens of years, I like a superb rebrand. It will get the individuals going. It is good to deliver some new blood on the entrance finish. Why did you guys rebrand? Was it simply, oh, we’re getting sick of it? Was it we did some, , neighborhood research? What was the aim behind it? I like it, however I am all the time curious to know why you selected to do it.
Gracy Chen
Yeah, so the rebrand, we began that earlier this yr. The primary motive was primary, it has been some time that we used our emblem and our UI, UX, all these colour issues that we felt some person is perhaps slightly bit bored with it. It was primarily blue, black, and white that we have been utilizing. And proper now, in the event you see our model picture, it is far more colourful, with metal blue being the skinny colour, however there’s numerous purple, inexperienced, even pink, purple, and so on. to complement blue. And we wish to point out that we’re a cautious, colourful model, and with some new filling and new photos. And likewise for the slogan, we used to name it, our emblem was once “Higher Buying and selling Higher Life”. It was nonetheless like, what do you imply by Higher Buying and selling Higher Life? Why Higher Life? Yeah, so we wish to be very simple, to be sensible, and we wish to outline what is sensible and have Bitget as a sensible platform for our customers, as a result of it is all about making smart and sensible selections. And once more, one other factor is 5 years. So Bitget was established in 2018. Many individuals weren’t conscious of that. So we wish to use this rebrand as a possibility to emphasise that Bitget is a wooden alternate additionally. Not a no person who simply got here up on the road one or two years in the past. Though we did grow to be far more well-known since one or two years in the past, as a result of the staff, actually, earlier than, I would not say it is my credit score, however actually, my staff, earlier than I joined, it is a bunch of individuals from product, expertise, and operation. And they’re so right down to floor and get palms soiled type of individual. They usually do not actually do a lot advertising and marketing earlier than I got here in. So whereas we signed up, Leo Messi final yr, and we did this rebranding, we had numerous issues flowing. Our staff additionally grew tremendously throughout the one and a half yr, for the previous one and a half yr, from 200 to proper now, 1,500. So there’s been numerous progress within the firm, and we simply wish to use rebranding as a possibility to showcase that we have been right here for some time and let individuals know what we’re specializing in. And we wish to proceed being this nice platform with instruments and data to assist our customers confidently navigate the world of crypto.
Matt Zahab
Properly stated. One other factor we’ve to get into is the Bitget EmpowerX Fund. You guys did a pleasant, fats, $100 million fund, not a small quantity. 100 massive tickets, 100 mil, devoted to fostering the platform’s ecosystem improvement, and the fund seeks funding alternatives in regional exchanges, information analytics corporations, media orgs, different entities. Is that this simply we’re taking a few of the revenue slash rev that we’ve and investing it in our entire ecosystem to develop all legs, all verticals of Bitget? Is that the form of the TLDR, the summation of it?
Gracy Chen
Sure, right. And the explanation that we’re most occupied with these sectors, resembling regional exchanges, information analytics corporations, and media organizations, are twofold. Primary, they’re truly two units of firms. Like regional exchanges, it is similar to our smaller opponents that in some areas, they’re stronger. However we’ve a worldwide and well-known model that with that acquirements or funding, we are able to every leverage on the small exchanges can leverage on our platform, and we are able to leverage on their native expertise and localization and their person and possibly license as nicely. After which media analytics corporations and information analytics corporations and media organizations, this I name it a complete group, like think about it being collectively as a result of these are for mass adoption and or drive mass adoption and for us to develop with ecosystem synergies. And there will probably be a really massive announcement arising quickly, possibly just a few, inside just a few months and even quicker, just a few weeks that we get to accumulate a significant media agency, a prime one. Yeah. So principally,
Matt Zahab
Like crypto media?
Gracy Chen
Do not chunk me into this. You need extra it is as a result of they’re simply so many names on the market, proper? There is not many massive crypto media.
Matt Zahab
Yeah. Properly, I imply, you are speaking to the most important proper now. You are speaking to the one solely cryptonews.com. So, , I am joking, however what I imply? Properly, hey, we’re prime eight. You realize, we’re normally, we vary between 5 and 12, relying on the month. So, however that is superior. I imply, that is simply gonna, , that is simply gonna improve the scope. And you have seen this occur time after time, all the large enterprise leaders and firms all the time find yourself shopping for media firms as a result of it simply expands your attain. Such as you noticed Jeff Bezos by the Washington Put up, proper? For Amazon, not for Amazon, however I imply, when you’ve got the cash, why would not you? Particularly in immediately’s day and age, the place each firm must be a media firm, proper? Such as you both pay for media otherwise you create media. It is fairly binary. And in the event you can have an entity, it does each. I imply, that basically does transfer the needle.
Gracy Chen
And likewise we felt proper now it is a bear market. The valuation is comparatively low. I preserve saying that bear market or crypto winter is the golden window for progress, whereas additionally individuals do not actually consider so. Nonetheless, I am a powerful believer that when valuation is low, it’s best to make investments and be grasping when others are fearful and be fearful when others are grasping. And I believe proper now it is usually persons are extra fearful and we’re being fairly aggressive and grasping on this local weather. So numerous funding, numerous acquirement. We simply did our announcement of buying BitKeep. That is one of many corporations that I invested in early days as nicely. And that is how I get to know the Bitgetting. So BitKeep was rebranded to Bitget Pockets and we acquired BitKeep truly final yr, however we simply did announcement this yr through the Paris Blockchain Week. So all these are actions that we’ve been doing and we’re frequently doing so as to strengthen our aggressive edge on this centralized alternate area as a result of the competitions between exchanges for us isn’t just about DAU buying and selling volumes. Because the final cycle, proper now it is lots about ecosystem and the way we are able to have synergies among the many entire provide chain and the way we type of assist one another develop stronger.
Matt Zahab
Yeah, nicely stated. Gracy, this has been a deal with. We’re getting tight for time. Final subject that I actually wish to get into is Bitcoin. You all the time have a bunch of actually good takes on Bitcoin as a frontrunner of an alternate. What is going on on with Bitcoin proper now? What key resistance stage do we have to hit or surpass? What sentiment like is it completely different in Asia than it’s throughout the pond in North America? Give me the short form of 360 diploma birds-eye view on current day Bitcoin.
Gracy Chen
That is laborious. And that is impromptu. You must give me extra time to organize. In order that I can provide it a extra concise presentation on Bitcoin, hopefully a 360 diploma, possibly a 180 diploma.
Matt Zahab
Yeah, give me 180 or simply the 90 or 90 diploma works to only a good little good little Bitcoin snippet.
Gracy Chen
Okay yeah, so Bitcoin clearly there are some things taking place or going to occur that folks care. Primary, halving. Halving is sort of, is a sure factor, proper? And it’ll occur subsequent yr, very seemingly March, April 2024. Why this isn’t an correct day? As a result of , Bitcoin, so it is all about when this blocks is constructed and the three.5 to 4 yr Bitcoin cycle or crypto cycle, bull market and bear market cycle is there primarily due to halving. However actually, I actually do not actually suppose halving is that necessary. As a result of, nicely, proper now the change, the marginal change is simply not that a lot.
Matt Zahab
Yeah, it is not as massive because it was earlier than. Yearly it will get much less and fewer. Properly, not yearly. Each halving it will get much less and fewer. Yeah, good level.
Gracy Chen
Though subsequent yr may nonetheless be the yr once we kick off the following bull market, however it is probably not due to halving. It is only a coincidence that every one this stuff occurred in 2024.
Matt Zahab
Identical time.
Gracy Chen
Yeah, however it does not actually assure that halving will drive the identical sample that it noticed earlier than. Nevertheless, aside from halving, spot ETF, BTC spot ETF is one thing that I believe extra significant. So for a few of our audiences who won’t be like have a full image, you most likely have heard that BTC spot ETF, this was firstly initiated by BlackRock after which adopted by WisdomTree, by Constancy and another establishments. So there’s like seven establishments earlier, which is perceived by the market that, a minimum of by me, that the approval probability is fairly excessive. Yeah, so I believe I additionally learn, I listened to this interview of CNBC versus the previous SEC Chairperson Jay Clayton, that is like the primary of September or one thing like simply 20 days in the past, that he stated that an approval is inevitable as a result of that would inform me between a futures product and money product can’t go on endlessly. Yeah, so I imply, take heed to him in the event you do not consider in me, agree, I personally agree with him that BTC spot ETF goes to be accredited. And as soon as it is accredited, the core beneficiary would clearly be the worth of BTC, however you’ll drive a few of the sectors resembling real-world asset, RWA and all of the Altcoin, Ethereum cash collectively as a result of BTC is just like the index of our business. So these are the 2 issues that I believe goes to occur round BTC.
Matt Zahab
I’d love for all these issues to occur. Won’t be as massive as everybody thinks.
Gracy Chen
Halving won’t be dangerous.
Matt Zahab
Yeah, as impactful as everybody thinks. That is actually a extremely good take. I like that one. Final thing we did not contact, two large issues. The bread and butter of Bitget is clearly the derivatives platform and the copy buying and selling. Once I had you on final yr on the pod, I believe you have been one of many first friends who talked about copy buying and selling and I completely not fell in love. It is undoubtedly a little bit of a lift, however I simply went down a little bit of a rabbit gap and noticed how environment friendly and candy that’s. I would love for our final form of section of the present, simply give me the short TLDR on what Bitget does with regard to derivatives buying and selling and duplicate buying and selling and the way simple it’s for merchants or non-traders like myself who simply wish to come on, get began on the platform and use Bitget’s unbelievable options like derivatives and duplicate buying and selling.
Gracy Chen
Yeah, so Bitget is primary in spinoff buying and selling, I imply, amongst all of the crypto exchanges. Bitget is robust in spinoff buying and selling as a result of we began off in 2018 and 2019 with spinoff market, particularly in East Asia. After which for copy buying and selling, that is one thing we began in Might of 2020. And there have been numerous customers. I believe there are 110,000 elite merchants that we’ve. Elite merchants are the merchants who’ve methods and have opened up their portfolio for sharing, for subscribing. After which the follower or different merchants, they’ll simply copy commerce and subscribe to that buying and selling technique after which copy commerce. So regardless of the elite dealer is doing, the followers will probably be copying that commerce or technique, will probably be making the identical crusing or principally lengthy and brief positions. And likewise for copy buying and selling, we used to have solely spinoff supplied on this, however we even have spot copy buying and selling earlier this yr. And that is fairly an innovation that we had as a result of we’re most likely one of many very first exchanges to supply spot copy buying and selling. We’ve got this as a result of we notice a few of the customers won’t be very comfy with spinoff buying and selling as a result of it is leveraged. Many customers simply favor to purchase and maintain and promote when the worth goes up. They usually simply don’t love leverage. So we provide copy buying and selling for a spot market as nicely. And likewise this yr, we truly put numerous effort and useful resource into rising the spot market. As a result of like I stated, we’re stronger in spinoff. For those who take a look at information like CoinGecko or CoinMarketCap, we’re prime 5 in spinoff market amongst all centralized exchanges, possibly prime 10 across the spot market. So we’re stronger in spinoff market, however we wish to use this crypto enterprise as a, once more, golden window for progress to develop our spot market as nicely. A few of the methods round that’s to supply uniquely a beneficial asset. And once more, one other factor is I’ve our analysis staff monitoring the unchain information. And we wish to provide some cryptocurrencies sooner than our opponents accomplish that. So for instance, we listed PEPE three weeks earlier than Binance did that. And we additionally listed Bitron, ecosystem tokens, even earlier than ARB was there. As a result of we realized that this lack of unchain information, like GMX has numerous quantity, driving about 80% of the Arbitrum progress. And we talked to all these, like there have been 10 plus crypto tokens that have been prepared earlier than ARB launched, or Arbitrum had their airdrop, etcetera, March this yr. So these are a few of the actions that we’re taking so as to develop our spot market, as a result of at the moment, customers can solely purchase Arbitrum, ecosystem tokens, or solely be capable to purchase PEPE at Bitget earlier than our opponents accomplish that. So our itemizing technique evolves, and we wish to guarantee that we’re working with probably the most legit, most wished crypto tasks as nicely.
Matt Zahab
Wonderful. Gracy, all the time a pleasure. Love having you on. Hopefully we are able to meet in individual someday and might’t watch for spherical three. We’ll need to do some sooner this time. The entire yr, hiatus is slightly an excessive amount of. So hopefully we are able to make that occur over the following couple of months. All the time a pleasure. Thanks a lot. And earlier than you go, please let our listeners know the place they’ll discover you and Bitget on-line and on social.
Gracy Chen
So I am very energetic on Twitter, now X, I nonetheless cannot get used to that identify.
Matt Zahab
I name it Twitter. It is nonetheless Twitter.
Gracy Chen
So @GracyBitget be happy so as to add me. I write day by day monetary and private progress recommendation, and I am very updated about every thing crypto, and naturally, every thing Bitget. So even in case you are not a person, be happy to only to twin and know the area slightly bit extra. I do share numerous insights and analysis. No monetary recommendation, however I hope you are able to do your individual analysis. That is crucial on this area, however I do wish to share our in-depth evaluation on many issues. So I am very energetic on, once more, Twitter, X @GracyBitget, and you may also discover me on Instagram. I am not likely energetic, however I do have an Instagram account, additionally @ceogracybitget. I even have LinkedIn account, Gracy Chen. Perhaps Gracy Chen Bitget, it’s best to be capable to discover me. Yeah, however Twitter is my main battlefield that I share my opinions.
Matt Zahab
And folk, Gracy’s Twitter is fireplace. So do go test it out. Like she stated, numerous actually good snippets of information. And all the time all the time do your individual analysis. DYOR and Gracy isn’t a monetary advisor. So like all the time, take it at face worth. She’s going to present you some good alpha, however it’s your name on the finish of the day. Gracy, thanks a lot. All the time a pleasure. Cannot watch for spherical three.
Gracy Chen
Thanks Matt and be part of me at Boston for events.
Matt Zahab
100% you’ve my phrase. I will probably be there. Of us what an episode with Gracy Chen coming in sizzling from Bitget the managing director of Bitget one of many largest and greatest exchanges on this planet. Large shout out to Gracy’s staff and my staff for making this occur. Love everybody on my staff. Thanks a lot for every thing guys, particularly my man Justas my wonderful sound editor You’re the GOAT and it the listeners. Thanks as all the time in the event you guys loved this one I hope you probably did please do subscribe. It might imply the world to my staff and I and guys as all the time, thanks for every thing carry on rising these baggage and carry on staying wholesome rich and blissful. Bye for now and we’ll speak quickly.