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Bitget Sees Largest Market Share Growth after FTX Bankruptcy

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Bitget, leading crypto derivatives exchange, has become one of the world’s top 3 crypto exchanges in the derivatives sector paired with enormous achievements, such as a 2.6x market share increase and 8 million registered users in 100+ countries globally, despite the poor market sentiment after FTX’s bankruptcy in 2022.

2022 was one of the roughest years in the crypto industry, which saw the collapse of Terra LUNA, Celsius, and FTX, consequently wiping out over US$2 trillion from the crypto market. Despite the hardships in the market, Bitget grew in all aspects; the company made great strides in building our team, brand, and business over the last 12 months during the crypto winter.

Some key development areas of the company included:

1.       Climbing the chart ranked as the Top 3 exchange according to the Boston Consulting Group report, in terms of crypto derivative trading volume.

2.       According to the latest TokenInsight report, Bitget’s market share in the derivative market increased from 3% to 11% after the collapse of FTX.

3.       Over 300% increase in total transaction volume, with the popularity of copy trading products

4.       The workforce grew from barely 200 people at the beginning of 2022 to over 1100 employees in Jan 2023

5.       Became the exclusive crypto exchange partner with Lionel Messi

Bitget saw an over 300% increase in total transaction volume, with the popularity of copy trading and crypto futures products.  The platform’s flagship offering, One-Click Copy Trade, as of Dec 2022, has attracted over 80,000 traders and over 338,000 followers with more than 42 million profitable trades, leading the industry in the copy trading market.

According to the latest data shared by the TokenInsight report, Bitget’s market share increased dramatically from 3% to 11% after the collapse of the former second-largest exchange, FTX, which marked the single largest market share growth in the crypto derivatives sector. At the end of 2022, the top 10 exchanges’ total daily open interest had dropped by 27.1% from January and 41% from its peak in April of the same year. Among the exchanges, only Bitget achieved a significant increase in open interest, from $841 million to $3.74 billion, representing a 344% total increase.

These figures of growth are attributed to our endeavors on not only service improvement, but also the global expansion and adoption of top-notch security and protection measures.  Previously, the company focused on serving customers from a few Asian countries alone. However, by the end of 2022, the exchange had acquired over 8 million users in more than 100 countries, with footprints in Turkey, Southeast Asia, Latin America, and Europe. Bitget is safeguarding users’ funds on the platform with a series of security policies, including a $300 million Protection Fund, a Fund Custody service, pledged to be fully reserved back by the Merkle Tree Proof of Reserves model.

Gracy Chen, Managing Director of Bitget ,remarks “2022 marked one of the most important years in the history of Bitget. Our achievements for the year are remarkable, making us a dark horse in the face of those black swan events.

“Although a few negative incidents happened in the industry, Bitget remained steady in our growth and took this as an opportunity to further strengthen our capability.

“Working with Leo Messi also reminded all of us that winning and building an everlasting business requires passion, perseverance, and teamwork. Our significant growth is a testament to all of the hard work and immense efforts our team has dedicated to the company.”

“As macro liquidity continues to affect the crypto market, the interest rate spike is expected to slow down in 2023 gradually. The impact of the Fed on macro liquidity will also continue to affect investors’ expectations for the crypto market.

“In addition, the TVL(Total Value Locked) amount in DeFi is expected to increase slowly in 2023. Regardless of the decline in the value of popular blockchain tokens, the number of active users and new wallet addresses on chains like Polygon, Ethereum, and BSC has remained on the rise.”

“We believe 2023 will be a year full of opportunities and challenges, and our goal will remain focused on providing the best social trading and derivatives trading experience for our users.

“We will also continue to expand our spot markets and improve our overall capabilities to optimize the trading experience on Bitget.

“As the industry continues to consolidate and deleverage, and the macroeconomic conditions improve, we will emerge from this crypto winter, thrive in the year ahead, burgeon into a leading player and propel the industry forward.”


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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George Agu to Lead Discussions at Afritech 5.0

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The organisers of the Africa Tech Alliance Forum (AfriTECH 5.0) are delighted to announce George Agu, a distinguished technology entrepreneur and executive, as one of the keynote speakers at this year’s edition themed “AI & Sovereign Tech: Building Africa’s Digital Independence.”

Agu, the MD/CEO of ActivEdge Technologies Limited, is an astute founder and technology leader whose illustrious career spans over twenty-five years across core banking systems, enterprise applications, fintech, cybersecurity, and AI-powered e-government services. His experience blends strong technical expertise with strategic business leadership, having successfully built and scaled enterprise and public-sector technology platforms across West, East, and Southern Africa.

A Certified Information Systems Auditor (CISA) and Certified Information Security Manager (CISM), Agu is also an alumnus of The Wharton School and the London School of Economics (LSE) through executive education, with specialisations in Entrepreneurship Acceleration, FinTech Revolution, Strategic Innovation, and Public Policy Analysis.

He began his professional journey as a software developer at CSA Nigeria in 2000, later joining Neptune Software, where he rose from Systems Implementation Manager to Managing Director/CEO for West Africa. At Neptune, he played a pivotal role in the success of the Equinox and Orbit core-banking platforms, with Orbit earning the No. 1 global ranking in microfinance core banking by CGAP (Washington DC).

As a serial founder, Agu established ActivEdge Technologies, a pan-African systems integrator delivering solutions in cybersecurity, GRC, enterprise automation, cloud, and core infrastructure, executing projects in more than six African countries.

He went on to found PayEdge, a fintech company addressing MSME liquidity and supply-chain finance challenges, and Introspec, a settlement and reconciliation platform used by banks in over fifteen African countries.

His latest innovation, HarmonyEdge, is an AI-powered e-government platform that digitises workflows, enables analytics and decisioning, supports citizen engagement, and powers payment and e-reconciliation systems — currently being piloted in a leading African nation.

Beyond entrepreneurship, George Agu contributes actively at board and civic levels. He serves on the Abia State Global Economic Advisory Council, chairing a sector committee, and on the board of TN Cybertech Bank, where he leads the Technology and Strategy Committee.

He also chairs the Business Roundtable of the African Bar Association and serves as Deputy President of the South East–South South Professionals.

Speaking ahead of AfriTECH 5.0, Mr. Chike Onwuegbuchi, co-convener, described Agu as a “seasoned technology visionary whose work embodies the spirit of African innovation and digital self-reliance.”

“His keynote will provide practical insights on how AI and sovereign technologies can redefine digital transformation across Africa’s public and private sectors”, Onwuegbuchi said.

AfriTECH 5.0 will convene industry leaders, policymakers, investors, and innovators to explore the role of AI and indigenous technologies in driving Africa’s digital independence.

The event is supported by NCC with Digital Encode Limited as the Platinum Sponsor. Other Gold sponsors are Galaxy Backbone, itel, Digital Realty, ActivEdge Technologies, Tecom, Tizel Cybersecurity, AfriGoPay Financial Services Limited, SKOT Communications and other ecosystem partners.


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Transforming Africa: NITDA DG Makes Urgent Call for Digital Investment

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Kashifu Inuwa, director general of the National Information Technology Development Agency (NITDA), has called for urgent and strategic investment in Africa’s digital public infrastructure, describing it as the foundation for sustainable economic transformation, job creation, and intra-African trade.

Speaking at the 2nd annual Sustainability Week Africa held at The Westin, Cape Town, South Africa, Inuwa emphasized that Africa’s economic destiny hinges on its own “compute capacity,” which he described as a primary factor of production in the 21st century.

“In the 21st century, compute power is a primary factor of production, and we cannot rely on exporting our raw data to other regions to process it and build products for us,” Inuwa said during a panel session on Digital Infrastructure for Jobs and Trade in Africa.

He urged African governments to emulate Europe’s collaborative approach to building high-performance supercomputers and AI factories by creating policy incentives that attract private sector investment in digital infrastructure.

Digital public infrastructure (DPI), he explained, operates at two levels: the shared physical and technical infrastructure such as connectivity and cloud capacity; and the functional layer, which includes digital identity, payment systems, and data exchange platforms that enable seamless access to services.

Citing Nigeria’s progress, the NITDA DG disclosed that over 130 million Nigerians have been enrolled under the national digital identity system.

He also revealed ongoing efforts to establish a national data exchange platform and a DPI Centre of Excellence to promote interoperability and best practices across all tiers of government.

“The Minister of Communications, Innovation, and Digital Economy in Nigeria, Dr Bosun Tijani, is leading and pushing for establishing a DPI centre of excellence, where we can have people building the actual DPI data exchange well, building APIs, and also coming up with best practices,” Inuwa stated.

On digital literacy, Inuwa reiterated Nigeria’s commitment to achieving 95% digital literacy by 2030 and 70% by 2027 under the National Digital Literacy Framework.

He noted that digital skills have become mandatory for students and civil servants, with partnerships involving Cisco and the National Youth Service Corps (NYSC) to train youth, women, and market traders in digital tools and AI-powered applications.

He called for clear policy frameworks to guide AI adoption and technology development across Africa, stressing that digital transformation is not a sector but an enabler for every sector of the economy.

“In Africa, we need to have our digital circuits by building our own capacity for digital self-determination. We should not rely on other countries to be sending hardware and software to us because our goal is to build a better life for our citizens, and technology will help us achieve that,” he said.

Inuwa concluded by advocating stronger coordination between governments, the private sector, and development partners to harmonise digital standards and scale innovation across the continent.

“Africa’s advantage lies in our ability to leap, to build collaboratively, and to design technology for inclusion. If we build the digital rails together, our youth will drive Africa straight into the heart of the global digital economy,” he said.

Sustainability Week Africa is a continental platform that showcases practical ways for governments, businesses, and communities to embrace green growth. The 2025 edition focused on Africa’s role in driving energy transition, climate resilience, and sustainable development.


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Meta, NDPC to Finalize $32.8m Data Privacy Settlement Terms November 3

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Nigeria Data Protection Commission (NDPC) and Meta Platforms Inc. are set to formally adopt the final terms of a $32.8 million data privacy settlement before the Federal High Court in Abuja on Nov. 3, following months of negotiations over alleged breaches of Nigeria’s data protection laws.

The NDPC had in February 2025 imposed a $32.8 million sanction on Meta, alongside eight corrective orders, for allegedly violating the Nigeria Data Protection Act 2023.

The commission accused the global tech giant of engaging in behavioural advertising without obtaining proper user consent and transferring Nigerian user data abroad without legal authorization.

According to the NDPC, Meta’s practices contravened core principles of transparency and accountability in data processing, prompting the regulator to take enforcement action under the newly enacted data protection law.

Meta subsequently approached the court seeking a review of the commission’s decision and a stay of enforcement. However, the court declined the request, paving the way for both parties to enter into negotiations aimed at resolving the dispute amicably.

At the latest hearing, Meta’s counsel, Mr. Fred Onuobia (SAN), informed the court that both parties had reached a settlement agreement. Justice James Omotosho, presiding over the matter, welcomed the development but emphasized the need for judicial scrutiny of the settlement terms.

“There have been instances where issues not part of the original suit are smuggled into settlement terms. The court must therefore examine the document carefully before approval,” Justice Omotosho stated, before fixing Nov. 3 for formal adoption of the agreement.

The settlement, once adopted, is expected to conclude one of Nigeria’s most significant data protection enforcement cases and could set a major precedent for how global technology firms operate within the country’s regulatory framework.

Legal analysts say the case underscores the growing assertiveness of Nigeria’s data protection regime and signals a shift toward stricter compliance expectations for multinational digital platforms operating in the country.

The Nigeria Data Protection Act 2023, signed into law to strengthen privacy rights and data governance, empowers the NDPC to investigate violations, impose sanctions, and enforce corrective measures to safeguard citizens’ personal data.

Meta, which owns Facebook, Instagram, and WhatsApp, has faced increasing scrutiny globally over its data handling practices. The outcome of the Nigerian case is expected to influence future engagements between regulators and tech firms across Africa.


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