Bitget Launches MegaSwap, Connects DeFi Experience with CeFi

Bitget, a major cryptocurrency exchange, has presented a new DeFi feature called MegaSwap, allowing investors to swap or trade digital assets for more than 10,000 crypto assets in the decentralized finance space.

Bitget Introduces MegaSwap to Enable DeFi

According to the press release published on Monday, the new tool aims to connect the functionalities of DeFi with the broad product range of centralized finance (CeFi) and its security. Via MegaSwap, traders gain access to 10 major decentralized exchanges (DEXs), including Pancake, Uniswap and Curve, and popular blockchains, including Ethereum, Polygon and BSC, without leaving Bitget's environment.

"MegaSwap is an important step taken by Bitget in building a safe, dynamic and robust one-stop trading experience to reach the critical mass. Facing fluctuation and uncertainty in recent trading markets, we observe that users and investors long for the protection of assets without sacrificing convenience and performance. And MegaSwap provides the right solution to connect the dots, which enables users to enjoy the upsides of DEX and the heightened protection covered by Bitget's platform," Gracy Chen, the Managing Director of Bitget, said.

The relatively high knowledge barrier to entry into the DeFi space means that not every cryptocurrency user can take advantage of its capabilities. MegaSwap is expected to solve this problem and provide access from a centralized exchange to the wide range of assets offered by DeFi.

Visible Growth in H2 2022 for Bitget

Bitget operations are decentralized, but due to the dynamic growth, the crypto exchange is opening new branches in strategic jurisdictions to cover as many markets as possible. In November, the platform informed that it had registered a new office in Seychelles, aiming to boost its global expansion. Within the first three months of 2023, Bitget wants to increase its current staff numbers to 1,200 (by 50%).

In response to the crisis triggered by the collapse of the FTX stock market, Bitget has decided to raise the value of its Protection Fund to $300 million. The Fund was introduced in July 2022 and initially had a value of $200 million. Additionally, in December, the exchange released Proof of Reserves (PoR), launching the Merkle Validator. With the new tool, each user can individually audit their account and check the safety of their funds.

Earlier in 2022, the major crypto platform launched Bitget Insights, a tool incorporating social media platforms with trading insights from experienced investors. The social trading feature is combined with Bitget's One-Click Copy Trade launched in 2020.