Last updated: December 25, 2023 00:01 EST
. 3 min read
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As we bid adieu to 2023, the crypto industry stands at a pivotal juncture, having witnessed a myriad of events that have reshaped the landscape. In an exclusive conversation with Gracy Chen, the Managing Director of Bitget, we explore the highs and lows of the crypto industry in the past year, discuss the regulatory developments, and get a glimpse into the company’s strategies for the future.
Milestones and Trends in the Crypto Industry.
Gracy Chen began by highlighting five pivotal events that defined the crypto industry in 2023. The bankruptcy of traditional banks such as Silicon Valley Bank and Signature Bank in March exposed the need for a more decentralized financial system.
The second milestone for the industry came when Ethereum’s consensus mechanism moved to Proof of Stake (PoS), driving the LSDFi TVL from $6B to $22B. The fourth major event was the BTC spot ETF applications in the United States from major asset managers like BlackRock and Grayscale, which could eventually bring in massive amounts of funds into Bitcoin, driving the industry forward, Chen noted.
The settlements of major lawsuits, including Binance paying a massive fine of $4.3 billion, SBF being found guilty of fraud and several other charges, Ripple winning an important battle against the SEC after it was sued for offering unregistered security in the form of XRP were among turning points for the industry, Chen noted. These settlements will help the industry move forward in terms of regulations and compliance, she added.
The last major event Chen talked about the surge in the Bitcoin ecosystem this year which will have long term opportunities for the industry.
These events, as Chen pointed out, underscore the growing demand for decentralized financial systems and mark critical points in the industry’s evolution.
Bitget itself has not been a bystander in this journey. Chen shared,
“Our P2P trading volume reached an all-time high, reflecting the increasing demand from non-participant users. We’ve listed about 700 coins, and our ecosystem continues to grow with more users joining the platform. Currently, we are a very global exchange where we serve over 20 million users from more than 100 countries.”
Bitget recently revealed its Protection Fund valuation at an all-time high of $410 million.
Regulatory Developments in 2023.
When discussing regulatory developments, Chen observed a notable shift. She said:
“Asia and the Middle East have advanced more than, for example, certain developed countries such as the US or North America in general. For this year alone, there are very clear regulations in Hong Kong, and we are quite aggressive in that market in terms of getting the regulatory license. We also hope to serve more users in different Asian markets in the future.”
The regulatory landscape, according to Chen, is continually evolving, with regions like India and discussions at...
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