Hong Kong's Layout and Rise in Web3 with Bitget

Hong Kong, once a key player in the cryptocurrency and Web3 industry, attracted major stablecoin issuers Tether, Bitfinex, and Crypto.com. However, due to the uncertain regulatory policies, some cryptocurrency and Web3 companies have moved away from Hong Kong. As a result, Hong Kong has begun to fall behind in the rapid development of Web3.

After experiencing the turbulence of the world economy and the transfer of international capital flows, Hong Kong realized that the moment has come to embrace virtual assets and Web3. On April 11, 2023, several financial technology companies, industry leaders, and legislative council members in the innovation and technology sector in Hong Kong established the "Hong Kong Web3.0 Association". Hong Kong Chief Executive Li Ka-chung stated at the opening ceremony that Web3 plays a crucial role in the development of financial technology, and he looks forward to the association working together with the government to seize the enormous opportunities brought by the development of Web3 and the virtual asset industry.

For encrypted Web3 enterprises, the most important thing is the new licensing system that Hong Kong will establish specifically for virtual asset service providers in June. This means the legalization of encrypted Web3 enterprises in Hong Kong.

The world's leading cryptocurrency derivatives and copy-trading platform Bitget has launched a $100 million Web3 Fund to support the next generation of cryptocurrency projects in Asia.

Deeply Cultivating Web3, $100 Million is Just the Beginning

Hong Kong has hesitated and wavered in the field of encryption and Web3. Cryptocurrencies are highly volatile and there are many scams and fraudulent activities involved. How to regulate them is a difficult problem faced by regulators around the world. Therefore, without finding a balance between innovation and risk, Hong Kong has chosen to discourage many high-quality encryption companies. With the development of the industry, regulators have also realized that avoiding the issue will not benefit Hong Kong, and actively embracing it is obviously more beneficial than harmful.

According to Gracy Chen, the CEO of Bitget, the company hired lawyers and compliance professionals from Hong Kong at the end of 2022 to further understand all relevant Hong Kong policies. Bitget is also preparing to apply for a virtual asset trading platform license in Hong Kong to provide high-standard security and compliance services for Hong Kong users.

Bitget has been actively responding to regulatory requirements since its inception. In March 2020, Bitget obtained an MSB license under the guidance of the US regulatory agency FinCEN. The following month, Bitget also obtained a digital currency trading service provider license in Australia. Currently, Bitget holds MSB licenses in the United States, Canada, and Australia, and has completed cryptocurrency business registrations in Italy, Poland, and Lithuania. At the same time, Bitget is also actively pursuing license applications and cryptocurrency business registrations in countries such as the Czech Republic, Turkey, and Dubai.

After Hong Kong announced its strong support for Web3, Bitget actively responded and received strong support from peers in the industry. After Bitget announced the launch of the $100 million Bitget Web3 Fund, it received inquiries from venture capital firms including Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital about potential collaborations.

Gracy Chen told BlockBeats that Bitget Web3 Fund will be a Fund of Funds (FoF). This means that the fund can be used to invest in other funds and become their limited partners (LPs). For Bitget, the Bitget Web3 Fund will bring more business opportunities and diversified sources of income, which will help enhance its brand reputation and influence in the industry. At the same time, it bridges Hong Kong and Web3, making their relationship closer. For the cryptocurrency industry, the establishment of Bitget Web3 Fund will provide more funds and opportunities to promote the development of innovative projects.

Hong Kong's strong support for Web3 is not only an opportunity for the project, but also for Hong Kong. To return to its position as a global financial center, Hong Kong needs a large influx of funds and talent, while Web3 enterprises require a favorable operating environment. As Gracy Chen has pointed out, the "two-way rush" between Hong Kong and Web3 will generate a "synergistic effect", and the cluster effect will promote the establishment and implementation of the overall Web3 industry ecosystem in Hong Kong. And this is just the beginning.

Think what users think, magnify the wealth effect

Bitget is able to quickly respond to policies and embrace regulation, which stems from Bitget's corporate genes and culture.

Among Bitget's three corporate values, the first is "customer first", which means that its business decisions are based on customer needs rather than the actions of friendly competitors. Bitget puts the interests of its users at the center and is committed to providing the most comprehensive services to its users, including offering the most popular tokens in the market. Previously, the L2 ecosystem project represented by Arbitrum was on fire, and Bitget was the first to launch the full range of Arbitrum ecosystem, including GMX, MAGIC, DPX and other projects. This provided users with more choices, and a large number of CEX users benefited greatly as a result. In recent hot areas such as AI and Meme, Bitget has also followed suit, saving users the tedious steps of finding on-chain addresses and contract interactions.

At the same time, Bitget is constantly empowering its platform token BGB, first by updating the whitepaper and developing more innovative features. Following this, BGB will launch a buyback and burn mechanism to reduce the circulating supply of tokens. At the same time, BGB has also been listed on Bitfinex, a friendly competitor, further increasing liquidity.

The forward flywheel starts to rotate, and the market value of BGB has exceeded 560 million US dollars, surpassing HT, becoming the sixth largest mainstream trading platform token. According to the 2023Q1 report recently released by TokenInsight, BGB is the best performing CEX platform token in the quarter, with a quarterly increase of over 120%.

After gaining user recognition, Bitget was also supported by users, amplifying the wealth effect of Bitget's IE0 project. Since 2023, Bitget has launched three Launchpad projects, namely Panda Farm ($BBO), Haloworld ($HALO), and GoSleep ($ZZZ). The highest yield rates for participating in the IEO of these three projects are 19900%, 14842%, and 7892%, respectively.

From the recent IE0 projects of Bitget, it is evident from the user participation and market feedback that the influence and reputation of Bitget among its user base is continuously expanding. A Twitter user who had previously questioned Bitget in February of this year recently stated that the trading platform asset information on CMC shows that Bitget's ETH and USDT assets have increased by 39% and 27% respectively in the past three months, reflecting a continuous inflow of users and assets.

Over the past two years, Bitget has emerged from a group of "small exchanges" and begun to challenge the top players in the industry. According to the latest report "ABC of Crypto 2023" released by Cointelegraph, based on the ranking of CEX trading volume in the first four months of this year, Bitget has become the fifth largest spot trading platform and the fourth largest contract trading platform in the world.

Industry Layout and Breaking Boundaries

To bring wealth effect to platform users and to prioritize user benefits is the starting point of Bitget's development. When asked how Bitget became a top global platform, Gracy Chen believes that in the future, competition among trading platforms will not be limited to the platforms themselves, but will extend to the competition among the entire crypto ecosystem.

On March 22nd, Bitget acquired a controlling stake in the cryptocurrency wallet BitKeep for $30 million, with a valuation of $300 million, and renamed it Bitget Wallet. With this acquisition, Bitget has completed its infrastructure layout in the Web3 industry. Founded in 2018, Bitget has paved the way for users to enter the Web3 world, from daily information reading and mobile apps to project incubation and investment.

Currently, Bitget has participated in and achieved success in several projects, including Foresight News, Foresight X, Foresight Ventures, and Bitget Wallet. Foresight News is a Chinese content platform that focuses on cutting-edge fields such as Crypto and Web3. New users who want to join Web3 can quickly learn through Foresight News. Foresight X and Foresight Ventures are responsible for project incubation and investment, with a combined fund management scale of over $400 million. Bitget Wallet provides users with options other than CEX and allows them to quickly adapt to the latest decentralized changes.

While conducting the basic ecological layout, Bitget is also constantly engaging in breaking circle activities to expand the influence of Web3 worldwide.

In 2021, Bitget successfully signed a sponsorship agreement with Juventus, becoming the sleeve sponsor, and renewed the contract in 2022. Bitget also partnered with Juventus football players Moise Bioty Kean and Wojciech Szczsny to hold a charity project to raise funds for the non-profit organization DIY Girls, to enhance girls' interest in science, technology, engineering, and mathematics (STEM) education.

Bitget's most groundbreaking move was its exclusive partnership with Messi in October 2022. Subsequently, Messi led Argentina to win the 2022 Qatar World Cup, and he himself won the World Cup Golden Ball. Insiders revealed that Bitget's two-year partnership with Messi exceeded 100 million yuan, demonstrating Bitget's commitment and investment in breaking barriers in Web3 and Crypto.

Established in 2018, Bitget and FTX, which were also established in the same year, have taken completely different development paths. An industry veteran commented that FTX is like a sprinter in a 100-meter race, with a rapid outbreak and stunning brilliance, but the road to enterprise development is more than 100 meters. Similarly starting with derivatives, Bitget is more like a marathon runner. At first glance, it is not dazzling, but calmness, patience, and persistence will hone its value over time. This "long-termism" may be the common trait shared by the most successful platforms and projects in the industry.

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