Bitget Launches its Russian Version: Another Leap Towards Globalization
August 04 2021 - 3:19AM
NEWSBTC
The derivatives exchange Bitget announced a new Russian version to
provide both trade services and customer support in the Russian
language — another crucial globalization initiative following its
entry into Japan, South Korea, and the Southeast Asia market last
year. “Going global is our major strategy in the second half of
2021,” said its CEO Sandra in an interview with Cointelegraph last
month. About this new move, she explained, “There are a large
amount of active Russian users on Bitget, with many more coming in,
as shown in our data. That’s why we think getting the Russian
version online has become a top priority.” Home to many top crypto
projects and enterprises such as Ethereum, Waves and BitFury,
Russia is a prominent market that cannot be ignored in the
industry. According to RACIB, among every 70 Russians, there is one
crypto investor. That’s a total of 2,000,000 people. The mature
market structure and large user base have made Russia a key station
for exchanges seeking to expand their global footprint. Bitget is
one of the most popular derivatives exchanges in the last two
years. Since its launch in 2018, it has been leading the market
with multiple product innovations. Up to now, the exchange
has more than 1.5 million registered users in 46 countries and
regions, including Japan, South Korea, Malaysia, and Turkey,
ranking Top6 worldwide by average daily trading volume according to
CoinMarketCap. Last July, Bitget completed a $10 million funding
round backed by SNK, reaching a valuation of $1 billion. As a
result of its globalization strategy set out in 2020, it now has
operations in South Korea, Vietnam, India, Malaysia, etc.
Meanwhile, the platform has obtained compliance licenses in
Singapore, the USA, Canada, and Australia. The newly launched
Russian version to refine its services may signal that Bitget is
ready to step into the Russian Market. It never seemed too
difficult for Bitget to enter a new market from scratch. In fact,
it has gained huge success in South Korea during its early
development, cooperating with over 200 local KOLs in just three
months, with trading volumes hitting historical records from time
to time. According to Inn, Bitget’s CEO of South Korea, in an
interview with a local media Blockchianus, “40% of our incremental
transactions comes from this region.” As such, it is highly
possible for Bitget to replicate the same success story in Russia.
Keep innovating is the key for Bitget to outperform others in the
derivatives area as a latecomer. For example, the One-Click Copy
Trade first launched by the platform last May solved the high
threshold problem of contract trading. It has now attracted
approximately 10,000 elite traders, according to its official data.
In just a year since its establishment, Bitget has already become
the largest crypto copy trading platform by volume. “Want to earn
at ease? Try copy trading at Bitget” is now the most eye-catching
slogan in the community. In April this year, Bitget again surprised
the industry with its new product Quanto Swap Contract. By
supporting cross-currency trading, it allows users to open
positions on six mainstream trading pairs – BTC/USD, ETH /USD,
XRP/USD, using BTC, ETH and USDC as the collateral for margin
trading. It enables users to use BTC and ETH as the margin in bull
markets to secure dual returns from the value increase of the
margin and the profits of open positions. While in bear markets,
they can use USDC as the margin to prevent potential risks caused
by the value shrinkage. Above all, excellent services are the key
for Bitget to conquer users’ hearts in such a short time. According
to an insider, apart from enhancing language services, Bitget plans
to provide a fiat on-ramp for Russian users to purchase crypto
assets with Rouble. “Russia is a very important market for us. We
believe there will be more people embracing cryptocurrencies as
blockchain technology evolves. Bitget will seek to provide the best
products and services to users in this region.” says Sandra.
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