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Crypto Exchange Bitget Plans to Double Workforce as Peers Cut Back in Bear Market
In contrast with exchanges Coinbase and Gemini, the derivatives platform plans to increase its staff.
Updated May 11, 2023, 5:38 p.m. Published Jun 23, 2022, 8:02 a.m.
Bitget, a Singapore-based crypto derivatives exchange, plans to double its workforce over the next six months, just as other crypto firms are cutting back.
- The exchange plans to reach 1,000 employees by the end of the year, it said in a press release on Thursday. It had 150 employees at the start of 2021 and had grown threefold by mid-2022, according to the press release.
- Such exchanges as Coinbase, Gemini and Crypto.com, in the meantime, are reducing staff amid a market rout that's seen the price of bitcoin, the largest cryptocurrency by market cap, slump more than 50% since the start of the year.
- Bitget has experienced "tremendous growth" and is "generating strong and recurring cash flow despite uncertain market conditions," the company said. Trading volume at the derivatives exchange grew tenfold in the past 12 months, reaching an all-time high of $8.69 billion in March, said Managing Director Gracy Chen.
- Bitget ranks No. 5 in Coingecko's list of derivatives exchanges, with a trading volume of $7.4 billion in the past 24 hours as of threefold
- In March, Bitget announced it had registered with U.S. authorities, signaling that it plans to expand from Asia to North America.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
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