Bitget, a prominent crypto derivatives and copy trading platform, has revealed plans to expand into the Middle East, as published on July 20, 2023. The Seychelles-based exchange plans to hire 60 more employees as part of its worldwide scaling strategy to increase crypto adoption among new audiences.
The Middle East area, recognised for its booming crypto activity, is a good target for Bitget’s expansion. The exchange is considering establishing efforts in Bahrain and the United Arab Emirates (UAE), including the crypto-friendly emirates of Dubai, Abu Dhabi, and Ras Al Khaimah. The expansion strategy includes establishing a regional headquarters and recruiting new team members for various mid-office and back-office responsibilities.
Recent research on crypto usage in the Middle East and North Africa (MENA) area suggests a fast rising business. From 2021 to 2022, the region accounted for 9.2% of global cryptocurrency transactions. Between 2020 and 2022, the UAE alone saw a 400% increase in registered crypto firms, leading to a boom in worldwide digital asset trading, which accounted for 10% of global volume. The region also saw a 300% growth in blockchain-related educational programmes and contributed 8% of total mining hash rates.
Gracy Chen, Managing Director of Bitget, claimed that the company expects to swiftly scale its Middle East staff to assist commercial growth. The objective is to hire 30 to 60 more team members in the Middle East over the next two years or more. Bitget is also exploring Dubai as a potential operating base for the Middle East region.
Bitget has already begun investigating licence applications to operate in target Middle Eastern markets. Gaining relevant licences and regulatory permission is a primary goal for the company in order to support its expansion and build regional offices.
The Middle East development plan follows Bitget’s previous worldwide scaling efforts, which included registration as a Virtual Asset Service Provider (VASP) in Poland and similar crypto registration in Lithuania. Bitget also opened in Turkey earlier this year, with a completely localised Turkish website, Bitget TR, to serve users in the country.
Bitget, which was founded in 2018, services over 8 million customers in over 100 countries and regions, providing secure, one-stop trading solutions. The exchange is well-known for its cooperation with renowned partners, such as Argentine player Lionel Messi and official eSports event organiser PG.