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Crypto derivatives exchange Bitget has published its first-quarter financial report in 2023. Its native token $BGB has outperformed other crypto exchange tokens, gaining an impressive 120%.
The report mainly highlights the growth of financial metrics, including an increase of spot trading volumes by 8% to $59 billion, futures trading volumes by 27% to $658 billion, Proof-of-reserves by 23%, and User Protection Fund by 26% to $338 million.
Bitget got to the top 4 CEXs according to TokenInsight, and became the fifth-largest crypto derivatives exchange in terms of crypto derivatives trading volumes. The company also increased its staff by 30%, while a number of other exchanges have cut the headcount during the bear market.
"At Bitget, we believe transparency builds trust. By releasing our quarterly report, we aim to increase visibility into our progress, share our milestones and strengthen accountability to our community. Despite market volatility, Q1 2023 was a productive quarter filled with new feature releases, partnerships, and other key achievements with our focus on BUIDL," as commented by Gracy Chen, Managing Director of Bitget.
The exchange's native token $BGB has reached its ATHs several times last quarter, with a peak value of $0.46 achieved on February 17. The surge could also be attributed to a 146% increase in $BGB holders and a total user traffic increase by 35%.
Bitget has been among top crypto exchanges staying afloat this year. The exchange has recently prolonged its partnership with football star Leo Messi and registered as VASP in Lithuania and Poland.
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