Bitget, a leading crypto derivatives and copy trading platform, has announced plans to expand its operations in the Middle East, as reported on July 20, 2023. The Seychelles-based exchange is set to hire 60 new staff members as part of its global scale strategy, aimed at increasing crypto adoption in new audiences.

The Middle East region, known for its booming crypto activity, is a prime target for Bitget’s expansion. The exchange is considering launching initiatives in countries like Bahrain and the United Arab Emirates (UAE), including the crypto emirates of Dubai, Abu Dhabi, and Ras Al Khaimah. The expansion plan includes the creation of a regional headquarters and the hiring of new team members for various middle office and administrative roles.

Recent data on cryptocurrency adoption in the Middle East and North Africa (MENA) region reveals a rapidly growing industry. The region accounted for 9.2% of global crypto transactions between 2021 and 2022. The UAE alone saw a 400% growth in registered crypto deals between 2020 and 2022, contributing to an increase in global trade in digital assets, which accounted for 10% of global volume. The region also saw a 300% increase in blockchain-related educational programs and contributed to 8% of all mining hash rates.

Gracy Chen, Bitget’s CEO, said the company expects to expand its Middle East team quickly to support business growth. The plan includes hiring 30 to 60 new team members over the next two years or more throughout the Middle East region. Bitget is also eyeing Dubai as a potential operating hub for the Middle East market.

Bitget has already started exploring license applications to operate in the target markets of the Middle East. Obtaining the proper licenses and regulatory approval is a top priority for the company to support its expansion and open regional offices.

The Middle East expansion plan follows Bitget’s recent global scaling efforts, including its registration as a Virtual Asset Service Provider (VASP) in Poland and a similar crypto registration in Lithuania. Earlier this year, Bitget also launched in Turkey, and now has a fully localized Turkish website, Bitget TR, to serve users in the country.

Founded in 2018, Bitget serves more than 8 million users in more than 100 countries and regions, offering secure and unique trading solutions. The exchange is known for its collaborations with notable partners, including Argentine soccer player Lionel Messi and official esports event organizer PGL.

Image Source: Shutterstock