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 Cryptox 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.
