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Bitget, a leading crypto derivatives platform, has unveiled its plans to expand into the Middle East region. This step comes as part of the company’s move to gain a larger market share and expand globally.
Bitget To Consider Dubai As Operational Hub In The Middle East
In a press release dated July 20, 2023, Bitget expressed its desire to expand its operations to the Middle East region. This development will involve the broadening of the company’s workforce with the addition of up to 60 new staff members.
“We hope to scale our Middle East team rapidly to support business growth, with between 30 to 60 hires over the next 2 years or more across the Middle East region. New team members will include various mid-office and back-office functions,” Bitget’s Managing Director, Gracy Chen, commented.
According to the media release, some of the countries in the region under consideration are Bahrain and the UAE, including Abu Dhabi, and Ras Al Khaimah. The exchange also said it foresees setting up a regional headquarter, as well as the employment of new members.
Furthermore, the Managing Director mentioned that Bitget may consider choosing Dubai as its operational hub in the Middle East region. “This move is not just about business, it is about our core values, which rest on advancing blockchain and crypto adoption worldwide,” she noted.
Unsurprisingly, Bitget claims that its desire to move into the Middle East was propelled by the “region’s attractiveness as a prime hotbed of crypto activity.”
Statistical data from Chainalysis reveals that MENA (Middle East and North Africa) countries have one of the fastest-growing cryptocurrency industries in the world, accounting for 9.2% of global transactions between 2021 and 2022.
A separate report found that the United Arab Emirates alone witnessed a 400% rise in the number of registered crypto enterprises between 2020 and 2022. This reflects the growing rate of crypto adoption and development in the Middle East.
To achieve this, Bitget claims that it has commenced the process of license applications to operate in target Middle East markets.
Bitget Continues To Push For Global Dominance
Bitget’s latest move appears to be a few pixels in its bigger picture of global expansion. According to the company, its global scaling strategy involves advancing crypto penetration and adoption across new audiences. And this seems to be going as planned, having made some progress in the past few months.
In April, Bitget successfully registered as a Virtual Asset Service Provider (VASP) in Lithuania. About a month later, the crypto platform completed its VASP registration in Poland.
In late June, Bitget launched a localized website in Turkey, which reportedly features a Fiat Gateway for users to trade with the Turkish currency.
As of this writing, Bitget operates in over 100 countries across the world, offering crypto services to over 8 million users.
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