Bitget, the Seychelles-based cryptocurrency derivatives exchange, is setting its sights on the Middle East and North Africa (MENA) as the region emerges as a fast-growing crypto hub.
Citing the region’s impressive crypto adoption rate, which accounted for 9.2% of global transactions between 2021 and 2022, Bitget is capitalizing on the growing interest in digital assets. The UAE alone experienced a remarkable 400% increase in registered crypto businesses over two years, driving a surge in global digital asset trading by 10%. Moreover, blockchain-related educational programs have tripled in the region, which contributes to 8% of the overall mining hash rate. All of these are creating a favorable environment for Bitget’s expansion.
Dubai office
To support its entry into the Middle East, Bitget has opened an office in the heart of Dubai and has already hired 60 new employees for various mid and back-office positions. The company aims to scale its Middle East team further, with plans to hire 30 to 60 more professionals over the next two years.
Global expansion strategy
Bitget’s expansion into the Middle East is part of its broader global scaling strategy. The company has already registered as a Virtual Asset Service Provider (VASP) in Poland and Lithuania, and it launched a localized Turkish website earlier this year.
Founded in 2018, Bitget boasts a user base of over 8 million users across more than 100 countries, offering copy trading services. The company’s move to the Middle East showcases its determination to tap into new markets and solidify its position as a global player in the cryptocurrency exchange landscape.