Telecom
Bitget Sees Largest Market Share Growth after FTX Bankruptcy
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
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.”
Telecom
Airtel Nigeria Leads Telecom Market Surge
In a recent revelation from the Nigerian Communications Commission (NCC), Airtel Nigeria has emerged as a standout performer in the country’s telecommunications sector, marking significant gains in market share over the past year.
According to the NCC data, by the end of March 2024, Airtel Nigeria has grown its market share over the last year into a remarkable 29%, solidifying its position as a leading telecom provider in the region.
In stark contrast, other mobile network operators such as MTN and 9mobile have faced considerable setbacks, with MTN witnessing a notable 3.19% decline in market share and 9mobile experiencing a 0.5% decrease.
Even Glo, a prominent player in the market, saw a decline, albeit less pronounced, with a 0.58% drop in its share of internet subscribers.
Airtel Nigeria’s success story goes beyond market share gains. The company has also witnessed a substantial surge in its share of internet subscribers, boasting an impressive 165% basis points increase.
This surge correlates with the launch of Airtel 5G, which the company began rolling out in June 2023 and underscores the telco’s continued push to grow its customer base nationwide.
Airtel Nigeria’s ascendancy in the telecom market comes at a pivotal moment when mobile network operators face challenges of rising operations cost and exchange rates volatility. The company’s recent results solidify its position as a frontrunner in Nigeria’s telecom landscape.
Telecom
Airtel Boosts NIPR Public Relations Week with Onsite Unlimited Data Connection
Telecommunications service provider, Airtel Nigeria has collaborated with the Nigeria Institute of Public Relations (NIPR) to provide with unlimited internet access at the institute’s inaugural edition of the Nigeria Public Relations Week.
The trailblazing event themed ‘Leveraging Public Relations as a Critical Asset for Nigeria’s Economic and Reputation Renaissance’ is set to run from Monday, April 22nd to Friday, April 26th, 2024, and will welcome thousands of delegates across Nigeria to the prestigious June 12 Cultural Centre, nestled in the heart of Abeokuta, the Ogun State capital.
Speaking on the strategic collaboration, Femi Adeniran, Director, Corporate Communications and CSR, Airtel Nigeria, expressed enthusiasm about the partnership, stating, “Airtel is proud to support the Nigeria Institute of Public Relations in its endeavor to advance the field of public relations.
“The relevance of public relations practice in Nigeria cannot be overstated, as it plays a vital role in shaping perceptions, managing reputations, and influencing public opinion. Hence, our support is a demonstration of our commitment to empowering individuals and organizations with innovative solutions that drive progress and create an enabling society.”
According to NIPR, through the PRWeek Organizing \Committee Chairman, Mr Yomi Badejo Okusanya, the NPRW will gather over 2,000 experts in the fields of economics, PR, and nation-building to discuss strategies for effectively communicating government policies and initiatives to the public.
Other activities at the NPRW will include conferences, the annual general meeting, workshops, induction of new members, breakout sessions with students as well as traditional rulers and a tour of some legacy projects in Ogun state.
With Airtel’s provision of onsite unlimited data connection, attendees and participants can enjoy unparalleled access to online resources, real-time updates, and interactive engagements throughout the duration of the event. This will significantly support the exchange of ideas, foster networking opportunities, and elevate the overall experience for all stakeholders involved.
Airtel Nigeria remains committed to offering unwavering support for initiatives aimed at driving innovation, collaboration, and nation-building.
Telecom
World Earth Day: Kuda Partners with Wecyclers to Clean up Communities in Lagos
In a landmark partnership aimed at promoting sustainable waste management practices, Kuda Microfinance Bank and Wecyclers collaborated to commemorate World Earth Day on April 22, 2024. The collaboration featured a series of impactful activities designed to raise awareness and foster environmental stewardship.
The activities on the day included a webinar session facilitated by renowned expert in environmental management and head of ESG at Wecyclers, Omobolanle Olowu, during which she shared startling data on plastic pollution in Nigeria. She also discussed the importance of proper waste management and its significance in preserving the planet for future generations, providing valuable insights and practical tips on reducing, reusing, and recycling waste.
In a published study on plastic pollution in Nigeria, the country ranked ninth globally for plastic pollution with an estimated 2.5 million tons of plastic waste generated annually and less than 12% of those waste materials recycled.
Also on the day, Kuda staff volunteered for an environmental cleanup exercise, during which they took to parts of Apapa Road, Ebute Metta to empty gutters and collect plastics and other recyclable materials for recycling.
In addition, volunteers from Kuda gained firsthand knowledge of innovative waste management solutions during a guided tour of Wecyclers’ facility in Ebute Metta. The tour showcased Wecyclers’ pioneering efforts in recycling and waste upcycling, demonstrating how technology can be leveraged to address environmental challenges effectively.
Speaking about the collaboration, Emmanuel Femi-Adejobi, Senior Brand Manager at Kuda, expressed enthusiasm for the partnership’s potential to drive positive change. “We [Kuda] are committed to promoting sustainability and environmental consciousness. We also believe that our responsibility is not only to our customers and other stakeholders but also the environment that we all share. Partnering with Wecyclers allows us to inspire communities to adopt eco-friendly practices,” he said.
“Our initiatives towards achieving a sustainable environment and achieving a green earth goes beyond just recycling. We aim to inspire a broader commitment to waste minimization, reusing materials and proper sustainable waste management. As we commemorate World Earth Day, we encourage our staff, customers and general public as a whole to embrace actions that promote a green, safe earth for all,” he added.
Likewise, Esther Chibueyin Fagbo, Head, Human Resources and Partnerships at Wecyclers, emphasised the importance of collective action in addressing environmental issues. “It is very important for organisations to collaborate on initiatives that help save the environment. We are excited about this partnership because such partnerships are crucial to creating awareness and educating people about the impact of plastic waste on the planet and how they can contribute to a change that we all deserve.”
Kuda’s collaboration with Wecyclers emphasises its commitment to sustainability and championing proactive efforts through education, engagement and action to create an environmentally conscious population and a sustainable tomorrow.
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