I am delighted to embark on a new journey as the CEO of Bitget. I would like to share some of Bitget’s current focus and future plans (seems like every new CEO does this, right?), but first, let me introduce myself properly (maybe not every new CEO does this, but please bear with me for my lengthy self-introduction).
I grew up in a single-parent household, and my mother had a simple expectation for me: to grow up happy. Like many Asian parents, she hoped that I wouldn’t be too assertive, and she believed that my most important task as an adult was to find a suitable partner. However, from a young age, I wanted to be a “leader.” Starting from elementary school, I actively sought every opportunity to be a leader. It wasn’t just because I wanted to manage or command others, but because in my eyes, a leader should create more value, take on more responsibilities, and bring about significant change. (I’m not sure if 8-year-old Gracy agreed with this viewpoint)
At the age of 18, I received a full scholarship to pursue my undergraduate degree in Singapore, where I chose to study applied mathematics. After graduation, I became a host of a financial technology program. In 2015, some friends and interviewees from my program told me, “Gracy, you should look into cryptocurrency…” At that time, the value of one Bitcoin was around $300 (yes, it has recently surpassed $71,000)!
I started reading the Bitcoin whitepaper and was immediately drawn to it. As a math enthusiast, I loved the beauty of the mathematics involved and was excited about the idea of a decentralized system. Most importantly, I was attracted to the idea of a decentralized ledger that complemented traditional finance.
Although I don’t consider myself a “rebel,” I have never been interested in following the rules. Instead of obeying rules, I prefer to create my own! I found that the cryptocurrency industry allowed me to be at the forefront of innovation. So, I bought some mainstream cryptocurrencies – Bitcoin, Ethereum, and Ripple (regret not buying more…) – and subsequently invested in some cryptocurrency startups, such as BitKeep, which is now called Bitget Wallet.
During the period from 2015 to 2016, I also met many early investors and builders in the cryptocurrency industry, such as Tim Draper, the founder of DFJ Venture Capital, and He Yi, the co-founder of Binance (I was honored to have invited her to be my bridesmaid). I saw many shining points in these industry practitioners – they were sharp, visionary, and down-to-earth. They have now become the backbone of driving the industry forward.
Shortly after, I quit my job at the TV station and founded two startups as a serial entrepreneur, focusing on financial technology and virtual reality (VR) industries (how do you describe those entrepreneurs who have been continuously failing? Let’s call them “serial entrepreneurs,” right? Haha, that was me back then…). At the same time, I have always believed in the importance of lifelong learning, so I decided to pursue a Master of Business Administration (MBA) degree at the Massachusetts Institute of Technology (MIT).
In the spring of 2022, a friend told me that Bitget was recruiting a Managing Director (MD). Due to my investment in BitKeep, I was already acquainted with the Bitget team, but joining an exchange was still a cautious decision. Through communication with each member of the Bitget management team, I found that they were all professionals in their respective fields and had strong execution capabilities and ethical standards. I believe that this platform has greater potential and room for development. At that time, there were already many mature exchanges in the industry, and this was not a battle that was guaranteed to be won. But seeing such a sincere and reliable team, I decided to take on the challenge with everyone.
Fortunately, with the joint efforts of me (my contribution was actually the smallest), the management team, and the 1,500 Bitget employees, we achieved more than fourfold growth in just two years, and the number of users exceeded 25 million. Bitget has become one of the top 5 contract trading platforms and top 10 spot trading platforms globally. I feel fortunate to work with the best people in the industry! And everyone is united and working hard towards bigger and stronger goals.
From Managing Director to CEO, I have witnessed Bitget’s growth. Although everyone may have their own opinions on “what kind of company Bitget is,” I want to use two words to describe what I have seen at Bitget (okay, jokes aside, let’s get serious now…).
User-centric. I firmly believe that users are the starting point and endpoint of all our actions, which is why I firmly believe in putting users at the center. Take the SLERF incident that happened in March this year, when they lost user funds due to a mistake. We didn’t hesitate to step up and donate the trading fees from SLERF to allow all users who participated in the SLERF presale to retrieve their assets.
Diversity. Bitget is a collective of 1,500 people from different genders, nationalities, and beliefs. We create change here with down-to-earth dedication and honest communication. When we encounter inequality, we strive to bridge the gap. As a single mother (I got divorced in 2022), I deeply understand the importance of equal industry opportunities and gender diversity. This is also the initial goal of my initiative, #Blockchain4Her, hoping to build a more female-friendly cryptocurrency industry.
In early 2024, I mentioned in an open letter the three key focuses for Bitget throughout the year: 1) Compliance, 2) Emerging markets, and 3) Web 3.
Six months have passed, and we have made good progress in these three areas. Taking Web 3 as an example, our non-custodial Web 3 wallet, Bitget Wallet, has just completed the BWB token airdrop. According to its new product roadmap, Bitget Wallet will position itself as Bitget’s Onchain layer and integrate a range of modular DApps through industry collaborations. More exciting developments about BWB will be announced in the coming week.
In addition to these three strategic focuses, in the future, we have bigger dreams and expectations for Bitget’s role in becoming mainstream in the cryptocurrency industry. Therefore, in a longer time dimension, we will focus on:
1. Strengthening the Bitget ecosystem: In addition to centralized exchanges, Bitget is enriching its ecosystem through investments. After launching Bitget Web3 Fund and EmpowerX Fund last year, enriching the ecosystem through investments will be our long-term strategy.
2. Connecting traditional finance and the cryptocurrency industry: With the approval of spot cryptocurrency ETFs in major markets such as the United States and Hong Kong, it is expected that more institutions and retail users will include cryptocurrencies in their investment portfolios. We are committed to collaborating with industry partners to drive this trend and lower the entry barrier into the crypto world.
3. Bringing cryptocurrency assets into daily life: In late 2023, we launched Bitget Card, a cryptocurrency asset credit card that can be used anywhere that accepts Visa. This innovation helps integrate cryptocurrency assets into everyday life, rather than just being investment products. We will develop more services to support this integration.
Looking ahead, the cryptocurrency industry is destined to continue to thrive. Whether it’s the performance of Bitcoin prices, the influx of more talents, the establishment of more innovative projects, or the integration of more traditional financial industries and mass participation, this industry will only become stronger!
We are fortunate to have the best team in the industry, but I believe that Bitget’s success is also inseparable from our beliefs. We want to be excellent marathon runners, not sprinters. Six years ago, Bitget was founded in the crypto winter, and we have faced many challenges, but we have never pursued overnight success. Instead, we have worked hard to lay a solid foundation, adhere to long-termism, and believe that with daily improvements, we will achieve progress. Bitget’s growth aligns with our global brand ambassador, Messi, who, with a similar spirit, has grown from a young player with less-than-optimal physical conditions to one of the greatest footballers in history.
I am very grateful to be on this journey with each and every one of you. Let’s roll up our sleeves, open our imaginations, and create more possibilities!
There are more adventures ahead, let’s continue to BUIDL!
Best regards,
Gracy Chen, Bitget CEO
