Bitget Wallet, a non-custodial Web3 platform offered by the Bitget crypto exchange, has experienced explosive growth in recent months, doubling its user base to 40 million since March and emerging as a contender to major cryptocurrency players.
Bitget Wallet Surges to 40 Million Users, 100% Up in Six Months
The wallet provider reported nearly 6 million app downloads in September alone, making it the second most downloaded crypto app globally behind only Binance. This surge in adoption has positioned Bitget Wallet as the fastest-growing decentralized wallet of 2024, signaling a shift in how users are accessing the crypto ecosystem.
"Surpassing 40 million users is a testament to our vision of making crypto accessible to everyone, everywhere,” Alvin Kan, COO of Bitget Wallet, commented on the milestone. “The fact that we're closing in on top exchanges signals that decentralized wallets are catching up with centralized platforms."
The company attributes its rapid expansion to several factors, including an intuitive user interface and comprehensive features that make decentralized finance more accessible to newcomers. It also seems significant that Bitget added Apple Pay and Google Pay as payment options in August.
Kan also mentioned the growing on-chain trading and the popularity of meme coins among users. To support interest in these assets, Bitget Wallet introduced MemeX, simplifying the search for tokens with high potential.
“Overall, 2024 has been a year of dynamic growth and innovation for Bitget Wallet, a burgeoning interest in the TON ecosystem with a clear shift of its user preference towards on-chain trading, particularly in the meme coin space,” Kan commented for Finance Magnates.
He also highlighted the importance of launching the Bitget Wallet ecosystem token, BWB, which was released in March. Since then, the app's user base has doubled, reaching 40 million users.
Telegram Integration
A key driver has been Bitget Wallet's integration with the TON ecosystem and Telegram, which allows users to access wallet services directly within the popular messaging app.
“Bitget Wallet has been at the forefront of integrating with the TON ecosystem, beginning with support for TON mainnet and TON-based tokens,” Kan shared. “Bitget Wallet was the first wallet to fully support the TON mainnet and launched the industry's first TON mainnet MPC wallet solution with comprehensive trading support.”
This Web2 integration strategy appears to be paying off, with the wallet seeing a 4,886% growth in TON onchain addresses in Q3 alone. The platform has also gained significant traction in emerging markets, particularly in Africa, where user growth surged by 413% in the third quarter.
Web3 Trends and Challenges
Bitget Wallet's rise reflects a broader industry trend, with decentralized wallets increasingly competing with centralized exchanges in terms of user base and functionality. The platform now supports over 100 blockchains, 20,000+ decentralized applications (DApps), and millions of tokens, positioning it as a comprehensive Web3 hub.
Despite the impressive growth, challenges remain for the Web3 landscape, particularly in user retention. Kan acknowledged this, stating, "The future of Web3 depends on how effectively we bridge the gap between Web2 and Web3. By integrating with platforms like Telegram, we're simplifying crypto adoption for mainstream users."
Bitget also recently appointed a new Legal Chief, Hon Ng, who joined from Binance. In a recent interview with Finance Magnates he commented that “Strong compliance doesn't have to stifle innovation - in fact, it can enable it.”
