I had the opportunity to interview Vugar, COO of Bitget—one of the leading platforms in the cryptocurrency industry. We talked about key topics regarding the future of the cryptocurrency market, technological innovations, and the exchange’s plans for the coming years. We invite you to read on to learn more about what the future of digital finance may look like and what trends to watch.
Interview with Vugar from Bitget
Bitcon.pl: What technological innovations could impact the cryptocurrency market in the coming years? Which industry sector do you find particularly interesting?
Vugar: First and foremost, artificial intelligence (AI) continues to revolutionize the way investors and traders interact with the cryptocurrency market. With the availability of AI-powered trading bots, oracles, assistants, and mentors, users have advanced tools at their disposal to maximize their profits. The rapid growth in the AI sector is resulting in a constant influx of new solutions, with numerous startups focusing on developing AI and machine learning technologies. While AI has the potential to enhance security, it also introduces new vulnerabilities. AI is a powerful tool that can make our lives easier and harder, and this is where the industry is grappling with. As the cryptocurrency market matures, the security landscape must constantly adapt to emerging threats.
Bitcoin.pl: Bitget continues to introduce new cryptocurrencies to its platform. Which ones particularly interest you and why? Maybe you see a groundbreaking project that could change the rules of the game, like Bitcoin or Ethereum did?
Vugar: At Bitget, our mission goes beyond providing a solid trading platform; we are committed to delivering exceptional value to our users by introducing high-potential projects and opportunities at an early stage. Through initiatives like our pre-market offerings, Launchpool and PoolX, we provide access to Bitget’s 35 million user base, helping upcoming projects gain traction and build momentum. Our Launchpad, recognized as one of the best in the industry, allows users to achieve impressive returns, often ranging from 30x to 200x.
While established assets like Bitcoin and Ethereum may struggle to deliver such exponential growth in the short term, investing in early stage projects offers the potential for these transformative gains. Our focus on supporting emerging ventures is demonstrated by our strategic investments, including $20 million in the TON Foundation to power projects built on the TON blockchain. Additionally, we have made multi-million dollar investments in Morph Layer 2 and other fast-growing ventures, believing that these projects will lead the way to mass adoption.
However, Bitget maintains a meticulous listing process, holding projects to the highest industry standards through a rigorous due diligence framework. Unlike competitors who list thousands of assets, we have selected only around 750 projects, ensuring quality over quantity. This disciplined approach is key to maintaining our commitment to offering users only the most promising opportunities in the crypto space.
Bitcoin.pl: NFTs have been a hot topic in recent years, but there are also questions about their long-term value. What is your view on the future of the NFT market and what innovations might emerge in this space?
Vugar: Currently, the most popular types of NFTs include artwork, digital trading cards, memes and GIFs, virtual fashion, sports history, and content from the gaming industry and metaverse. Speaking of DeFi, NFTs can be helpful in projects involving royalties or revenue sharing and resolving ownership disputes.
NFTs provide exclusive ownership rights, and their scope of application will continue to expand. Some areas have not yet been fully explored as a possible part of the NFT ecosystem and remain undervalued. Because NFTs can address the privacy of users’ personal data, they could be used in medical settings, for example, to store patient data or create ballots for elections. The idea of facilitating real estate transactions using NFTs is another possible avenue of expansion. The technology could also find broader application among music and video creators.
We believe the technology has huge potential for applications from ticketing to proof of intellectual property. Also, as the gaming industry grows, we believe the NFT hype could return.
Bitcoin.pl: Are there any new trends in user behavior visible on Bitget that might suggest a change in cryptocurrency market dynamics in the long term?
Vugar: Bitget’s research department conducted analyses and published a report on the structure and current landscape of the cryptocurrency markets in Europe. According to our research, cryptocurrency users in the region tend to have a high level of education, act cautiously, and prioritize long-term investments. Additionally, a significant portion of them actively engage in online and offline forums, including community Ask Me Anything (AMA) sessions, where they share market insights and discuss industry trends. They also value legality and show a strong interest in complying with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
In terms of strategy, choice of trading instruments and platforms, Western European traders are conservative – they carefully analyze market options and, having chosen a satisfactory platform, they tend to be loyal users.
Based on this study we can conclude that:
- The interest of Western European users in on-chain solutions, especially in the categories of NFTs, DEXes and blockchain games, will continue to grow.
- One or two blockchain projects led by Western European teams will gain a leading position in their sectors.
- Decentralized exchanges will meet the growing demand for on-chain transactions, while new centralized exchanges offering better customer service and platform features may gain new adoption among local users.
- Increased engagement with Solana ecosystem projects will benefit cryptocurrency wallets that offer integration across various blockchain ecosystems.
Bitcoin.pl: What are the most common mistakes you see among new users of exchanges? What advice would you give to people who are just starting out in cryptocurrency?
Vugar: Many people are afraid to take their first step into the web3 sphere due to misconceptions related to: low security, complexity, the belief that only experts can trade cryptocurrencies, or that the cryptocurrency market is too volatile and does not represent real value. As humans, we naturally fear what we do not know or understand, so the simplest advice is to start with educational resources. Start educating yourself before entering the market. Stay informed, stay vigilant, and choose your partners wisely in the cryptocurrency space.
The priority for us at Bitget, for our users, and I believe it should be the priority for any newcomer to the industry, is to choose a transparent platform that is constantly working on top-notch security policies to ensure the safety of user assets. That’s why we’ve established a Protection Fund that will remain above $300 million, and Nansen has identified Bitget as one of only two centralized exchanges to disclose the wallet addresses for its Protection Fund, as well as Bitget’s CEO Proof of Reserves, another layer of security to further strengthen the company’s commitment to asset security by maintaining a reserve ratio of at least 1:1 for user assets.
Bitcoin.pl: What are your thoughts on the development of cryptocurrencies in the context of the global economy and the impact they may have on traditional financial markets? Do you see the possibility of integrating these two worlds?
Vugar: Cryptocurrencies are attracting the attention of both investors and financial market regulators. Their connection to the traditional financial market is getting stronger every year. Like stock markets, cryptocurrencies respond to macroeconomic events. When systemic risks increase and investors seek refuge in safe assets such as gold, the cryptocurrency market often experiences capital outflows. Moreover, studies show that cryptocurrencies can be an alternative to investing in stocks. During periods when the stock market is dominated by “bearish” sentiment, cryptocurrency prices often rise, making them an interesting option for investors looking for profits.
The ongoing adaptation of cryptocurrencies to traditional financial markets is reflected in the approval of the first Bitcoin ETFs in January 2024, which opened the door to the inflow of institutional capital into the cryptocurrency market.
Cryptocurrencies have pioneered the rise of decentralized finance (DeFi), which offers peer-to-peer blockchain-based financial services such as intermediary-free lending. Blockchain technology is also finding applications far beyond the financial sector. It is increasingly being used in areas such as energy, advertising, government, and healthcare, opening up new possibilities and revolutionizing traditional operating models. The extent to which their potential can be realized will depend largely on the regulations that are introduced.
Bitcoin.pl: What innovative projects or initiatives does Bitget plan to engage in in the coming years to stand out from the competition and attract new users? Can you tell us a bit about it?
Vugar: We believe that security and compliant development have always been key pillars for the healthy growth of the industry and the company. Therefore, we focus on high security standards such as Proof of Reserves and Protection Fund to ensure the safety of user assets. We also recently hired a new General Counsel, Hon Nga, who will oversee the group’s compliance with regulatory requirements worldwide. This includes constructive and active dialogues with regulators, obtaining licenses in expansion markets, and product innovation for stronger compliance.
To stand out in the market, you also need to offer something new and original. In 2020, Bitget pioneered copy trading in the cryptocurrency industry. Since then, we have been constantly surprising our users with regular feature updates, new products, and innovations. As our user base grew by 2.9 million in Q2 2024 alone, we have intensified our efforts to introduce new features.
In June of this year, we launched PoolX, a stake-to-mine platform where users can stake coins to earn popular tokens. Today, thousands of traders use PoolX every day, finding this interactive trading experience both rewarding and exciting. Alongside PoolX, we launched the Pre-market, introducing over 100 new coins to the market and expanding the selection of trading instruments across categories.
We also focused heavily on multi-faceted initiatives aimed at increasing global financial and technical literacy. Our flagship educational projects such as Blockchain4Youth and Blockchain4Her, as well as partnerships with celebrities such as Leo Messi, reached a wide audience worldwide. Many participants became new Bitget users, attracted by our values and experiences.
We will soon celebrate our 6th anniversary and at this point I can assure you that we do not stop, we stick to our values and we will continue to positively surprise our users, keeping them satisfied and safe.
