Bitget, a leading crypto derivatives and copy trading platform, has announced plans to expand its operations into the Middle East, as reported on July 20, 2023. The Seychelles-based exchange is set to hire 60 new staff members as part of its global scaling strategy, aimed at increasing crypto adoption across new audiences.
The Middle East region, known for its burgeoning crypto activity, is a prime target for Bitget’s expansion. The exchange is considering launching initiatives in countries such as Bahrain and the United Arab Emirates (UAE), including the crypto-friendly emirates of Dubai, Abu Dhabi, and Ras Al Khaimah. The expansion plan includes setting up a regional headquarter and recruiting new team members for various mid-office and back-office roles.
Recent data on the Middle East and North Africa (MENA) region’s crypto adoption reveals a rapidly growing industry. The region accounted for 9.2% of global crypto transactions from 2021 to 2022. The UAE alone saw a 400% growth in registered crypto businesses between 2020 and 2022, contributing to a surge in global digital asset trading, which accounted for 10% of the global volume. The region also experienced a 300% increase in blockchain-related educational programs and contributed to 8% of all mining hash rates.
Gracy Chen, Managing Director of Bitget, stated that the company hopes to scale its Middle East team rapidly to support business growth. The plan includes hiring 30 to 60 new team members over the next two years or more across the Middle East region. Bitget is also considering Dubai as a potential operational hub for the Middle East market.
Bitget has already started exploring license applications to operate in target Middle East markets. Gaining proper licenses and regulatory approval is a top priority for the company to support its expansion and open regional offices.
The Middle East expansion plan follows Bitget’s recent global scaling efforts, including its registration as a Virtual Asset Service Provider (VASP) in Poland and similar crypto registration in Lithuania. Earlier this year, Bitget also launched in Turkey, now boasting a fully localized Turkish website, Bitget TR, to cater to users in the country.
Founded in 2018, Bitget serves over 8 million users in more than 100 countries and regions, offering secure, one-stop trading solutions. The exchange is known for its collaborations with notable partners, including Argentinian footballer Lionel Messi and official eSports events organizer PGL.
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