Bitget Opens in Seychelles, Wants to Double Staff Globally

Bitget, a major cryptocurrency trading platform, announced on Tuesday that it registered a new office in Seychelles to accelerate its global expansion. The digital assets exchange also wants to increase its current workforce by 50%, reaching 1,200 employees by the first three months of next year.

According to the press release, Bitget operations are 'decentralized' without specific headquarters. Instead, the platform is opening branches in strategic locations to cover as many markets as possible.

The Bitget branch in Seychelles was registered under the 2016 International Business Companies Act. In the past few weeks, the cryptocurrency exchange established new branches in LATAM and Asia markets, continuing the expansion set in the corporate strategy.

"We see Seychelles as a friendly region for the crypto community. We have been working for several months on this registration and are happy to announce the development now. The registration in Seychelles offers a constructive environment for Bitget, enabling us to unlock collaborations with partners and strengthen banking relationships, along with our expansion with different partnerships," Gracy Chen, the Managing Director of Bitget, said.

"It is crucial for us to recruit high-calibre candidates globally and set up regional hubs to aid local communication and coordination in strategic markets simultaneously."

To better address current user demand and support the future growth of its core business, Bitget wants to employ more market professionals worldwide, setting a new target of a headcount of 1,200 by the end of next quarter. In June 2022, Bitget employed 450 people and in only four months, the number jumped by 78% to over 800.

Bitget Increased Protection Fund after FTX Turmoil

The cryptocurrency platform has confirmed over the past month that it is betting on more aggressive expansion. In October, Bitget signed a partnership agreement with Lionel (Leo) Messi and announced the newest addition to its trading offering dubbed 'Bitget Insights'.

Reacting to the market turmoil caused by the collapse of the FTX cryptocurrency exchange, the platform has decided to increase the value of its Protection Fund to $300 million. The Protection Fund was originally introduced a few months ago with a fund worth $200 million.