Written by Hazel J. Greene, Senior Analyst

Bitget, the renowned crypto derivatives platform, has recently announced its strategic expansion plan into the Middle East region. This move aims to enhance the company’s market share and presence on a global scale. With a strong focus on advancing blockchain and cryptocurrency adoption worldwide, Bitget is considering establishing an operational hub in Dubai, along with exploring other potential countries in the region.

Bitget’s Managing Director, Gracy Chen, expressed the company’s commitment to scaling its Middle East team quickly and supporting business growth by hiring between 30 to 60 new staff members over the next two years. The company plans to fill various mid-office and back-office positions to cater to the expanding market demands.

Bitget’s decision to venture into the Middle East is fueled by the region’s reputation as a thriving hub of crypto activity. Data from Chainalysis indicates that Middle East and North Africa (MENA) countries accounted for 9.2% of global cryptocurrency transactions between 2021 and 2022, making it one of the fastest-growing crypto industries in the world. The United Arab Emirates alone experienced a substantial 400% increase in the number of registered crypto enterprises between 2020 and 2022, highlighting the region’s rapid adoption of cryptocurrencies.

To pave the way for its Middle East expansion, Bitget has already initiated the process of applying for licenses to operate in target markets. While considering various countries in the region, the company mentioned Dubai as a potential operational hub. The choice of Dubai aligns with Bitget’s core values of advancing blockchain and crypto adoption globally.

Bitget’s plans for expansion in the Middle East are part of its broader strategy to achieve global dominance in the crypto market. The company has made significant progress in recent months, including obtaining Virtual Asset Service Provider (VASP) registration in Lithuania and Poland. Moreover, Bitget launched a localized website in Turkey with a Fiat Gateway, enabling users to trade with the Turkish currency.

With operations already spanning over 100 countries and serving more than 8 million users, Bitget’s foray into the Middle East reflects its dedication to capturing the growing crypto market in the region. By strategically expanding its team, exploring potential operational hubs, and obtaining necessary licenses, Bitget aims to solidify its position as a leading player in the global crypto industry while promoting the widespread adoption of blockchain and cryptocurrencies.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.