"More adventures lie ahead, let's continue to BUIDL with all our efforts!"
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 my lengthy self-introduction).
I grew up in a single-parent family, and my mother's expectations for me have always been simple: to grow up happily. Like many Asian parents, she hoped I wouldn't be too assertive and 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 out every opportunity to lead. This was not just because I wanted to manage or command others, but because in my eyes, a leader should create more value, take on more responsibility, and bring about greater change. (I'm not sure if 8-year-old Gracy would agree with this viewpoint)
At the age of 18, I received a full scholarship to pursue a bachelor's degree in applied mathematics in Singapore. After graduating, I became the host of a financial technology program. In 2015, some friends and interviewees from my program told me, "Gracy, you should look into cryptocurrencies…" At that time, the value of one bitcoin was about $300 (yes, it recently surpassed $71,000)!
Gracy interviewing Yang Ziqiong (2016)
I began reading the Bitcoin whitepaper and was immediately drawn to it. As a lover of mathematics, I appreciated its mathematical beauty and was thrilled by the idea of this decentralized system. Most importantly, I was attracted to the idea of creating a decentralized ledger that complements traditional finance.
While I don't consider myself a "rebellious" person, I have never been interested in following the rules. Instead of obeying rules, I prefer to set my own! I found that the crypto industry allowed me to be at the forefront of innovation, so I purchased some mainstream cryptocurrencies—Bitcoin, Ethereum, and Ripple (regretting not buying more…)—and subsequently invested in some crypto startups, such as BitKeep, which is now called Bitget Wallet.
During 2015 to 2016, I also met many early investors and builders in the crypto industry, such as Tim Draper, the founder of DFJ Fund, and He Yi, the co-founder of Binance (I was honored to have invited her to be my bridesmaid). From them, I saw many shining points of industry practitioners—sharp, visionary, and down-to-earth, and they have now become the backbone of driving the industry forward.
Gracy's wedding, with He Yi and other bridesmaids (2016)
Shortly after, I quit my job at the TV station and founded two startups in the financial technology and virtual reality (VR) industries, as a serial entrepreneur (how to describe those entrepreneurs who have been failing all the time? Let's call them "serial entrepreneurs," shall we? Haha, that was me…). 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 at that time, but joining an exchange was still a cautious decision. After communicating with each member of the Bitget management team, I found that they were all very professional in their respective fields, with strong execution and ethical standards. I believed that this platform had even greater potential to unleash. At that time, there were already many mature exchanges in the industry, and this was not a battle that was certain to be won. However, seeing such a sincere and reliable team, I decided to take on the challenge with everyone.
Gracy on the MIT campus (2022)
Fortunately, with the joint efforts of myself (my contribution was actually the smallest), the management team, and 1500 Bitget employees, we achieved more than fourfold growth in just two years, with the number of users surpassing 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 hardworking and united, striving towards bigger and stronger goals.
From Managing Director to Chief Executive Officer, I have witnessed Bitget's growth. Although everyone may have their own views on "what kind of company Bitget is," I would like to describe what I have seen at Bitget with two words. (Okay, enough with the jokes, let's get serious…)
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, for example, when they lost user funds due to a mistake, we unhesitatingly stepped forward and donated SLERF's trading fees, allowing all users who participated in the SLERF presale to recover their assets.
Diversity. Bitget is a collective of 1500 people from different genders, nationalities, and beliefs. Here, we work diligently to create change, communicate honestly and transparently. When we find inequalities, we also strive to bridge them. 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 purpose of my initiative, #Blockchain4Her, hoping to build a more female-friendly crypto industry.
Gracy with her son (2020)
In early 2024, I mentioned in an open letter the three major focuses for Bitget throughout the year: 1) Compliance, 2) Emerging Markets, 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 newly released product blueprint, Bitget Wallet will be positioned as Bitget's Onchain layer and will integrate a range of modular DApps through industry partnerships. 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 mainstreaming the crypto industry. Therefore, over a longer time frame, we will focus on:
1. Strengthening Bitget's Ecosystem Development: In addition to centralized exchanges, Bitget is enriching its ecosystem through investments. After launching the 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 Crypto Industry: With the approval of spot crypto 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 barriers to entry into the crypto world.
3. Bringing Cryptocurrencies into Daily Life: We launched the Bitget Card at the end of 2023, a cryptocurrency credit card that can be used wherever Visa is accepted. This innovation helps integrate cryptocurrencies into daily life, not just as investment assets. We will develop more services to support this integration.
Gracy at the Bitget EmpowerX Summit in Singapore (2023)
In the long run, the crypto industry is destined to continue thriving. Whether it's the performance of Bitcoin prices, the influx of more talent, the establishment of more innovative projects, or the increasing integration of traditional financial industries and public 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 not only due to our team. 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, adhered to long-termism, and believed that continuous effort will lead to improvement. Bitget's growth aligns with our global brand ambassador, Messi, and it is a similar spirit that has allowed Messi to grow from a young player with less than optimal physical conditions to one of the greatest players in football history.
Gracy with Messi (2023)
I am very grateful to be on this journey with each and every one of you. Let's roll up our sleeves together, open our minds, and create more possibilities!
There are more adventures ahead, let's continue to work hard and BUIDL!
Best regards,
Gracy Chen, Bitget CEO
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