Building a Top 5 Global Crypto Exchange with 120M Users, with Bitget CEO Gracy Chen

In this episode, Lex speaks with Gracy Chen - Bitget’s CEO, who transitioned from a fintech entrepreneur to leading one of the top five global crypto exchanges. Bitget processes $10–20 billion in daily trading volume and serves 120 million users across centralized and decentralized platforms. Its geographic base is mostly in Asia, but it’s expanding into Europe through regulatory compliance and new products like tokenized US stocks, which have already surpassed $20 billion in trading volume.

Bitget differentiates through security features, including a $600 million protection fund, and user acquisition via both brand campaigns (e.g. Messi sponsorship) and local affiliate (KOL) marketing. Looking ahead, Bitget aims to move beyond crypto-native assets toward mass adoption, focusing on product-market fit and offering tokenized real-world assets and enterprise services.

NOTABLE DISCUSSION POINTS:

1. Bitget Is Transitioning Toward Regulatory Compliance and Tokenized Assets
   Bitget, historically an offshore crypto exchange, is shifting to a compliance-first strategy in key markets like Europe (e.g., under MiCA). It’s also diversifying its product offering beyond altcoins, including tokenized US stocks and forex, which have already generated $20B in trading volume. This reflects a broader industry trend where crypto platforms aim to integrate with traditional finance and support real-world assets (RWAs).
2. Bitget’s User Acquisition Combines Web2 Financial Discipline with Web3 Community Tactics
   Bitget uses a hybrid marketing approach: brand partnerships like the Leo Messi campaign and grassroots affiliate marketing via KOLs (Key Opinion Leaders) who earn volume-based rebates. Additionally, local teams are given budget control and tailor acquisition strategies per market. This decentralized yet data-informed model mimics Web2 CAC (Customer Acquisition Cost) analysis while leveraging crypto-native community dynamics.
3. Exchanges Are Struggling with Unsustainable Token Launch Models
   Gracy Chen criticizes the crypto industry’s overreliance on speculative “narrative-driven” token launches, noting that even well-funded tokens often fail without real product-market fit. Bitget is responding by requiring more tangible utility and sustainability from listed projects and aims to balance value across users, exchanges, and project teams through mechanisms like airdrop campaigns and launch pools with <1% token supply allocated.

TOPICS

Bitget, Bitget Wallet, Bitkeep, Coinbase, Binance, FTX, MetaMask, MicroStrategy, BlackRock, crypto, crypto exchange, token, altcoins, digital assets, tokenized assets, tokenization

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TIMESTAMPS

1’03: A $300 Revelation: The Unlikely Path to Running a Global Crypto Exchange

4’00: From Offshore to Onshore: Scaling a Global Exchange for 120 Million Users

10’09: Chasing Real Value: How Product Market Fit Outlasts Hype

15’39: Market Structure in Flux: How Speculators Gave Way to Institutions

19’14: Inside the Exchange: How Marketing and Trust Drive User Growth

26’20: Balancing the Books: Navigating User Acquisition in Web3 vs Web2

30’38: Speculation and Signal: How Culture and KOLs Dri