Crypto trading platform Bitget unveiled an ambitious plan to open a new chapter in the Middle Eastern market. The company is setting foot in downtown Dubai, powering its expansion efforts and planting the seeds for future growth in Bahrain and the United Arab Emirates (UAE). The ultimate vision: a regional headquarters to consolidate its presence.
The gears of this grand scheme are already in motion. Bitget is on a hiring spree to build a robust team from the ground up. The company anticipates bringing onboard 30 to 60 new staff members over the next two years to fuel the business growth, according to Gracy Chen, the managing director. Several new hires have already been made for middle- and back-office positions and the talent search is still going strong.
This ambitious move is not without challenges. A key hurdle is securing the necessary licenses to operate in the Middle Eastern markets. Bitget is in the process of exploring license applications, adopting a compliant approach that aligns with the local regulatory framework.
This is not Bitget’s debut in exploring new territories. The Middle Eastern expansion is complemented by Bitget’s successful launch in Turkey earlier this year, indicating Bitget’s drive to make a mark on the global stage. Moreover, in May, Bitget made strategic moves to strengthen its position as a trusted trading platform by joining forces with crypto custody firm Copper’s ClearLoop network.
This collaboration allows clients from both companies to hold digital assets within Copper’s infrastructure, at the same time delegating those assets to trade on Bitget’s exchange. Therefore, this partnership serves to amplify the trading capacities of the clients and offers greater security for the digital assets entrusted.
So, as Bitget ambitiously embarks on this Middle Eastern expansion, it’s clear that these growth efforts are coupled with a spirit of compliance and security. However, whether this expansion will generate the desired return and fulfil Bitget’s vision of becoming a leader in the new markets, only time will tell.
With the dynamism of the crypto market landscape, Bitget’s expansion into new territories certainly brings a different perspective to the broader market narrative. Nevertheless, it’s also a narrative that unfolds in a region where, despite the potential for growth, digital currencies navigate under a cloud of regulatory complexities. Insert clickable: Bitget, Dubai, Bahrain, UAE.
Source: Coindesk
