Crypto Futures have risen in popularity over the years, being considered as one of the most sought out cryptocurrency derivatives offering. In the past weeks, on news that Ethereum Spot approvals from the U.S. Securities and Exchange Commission, might be approved, ETH Futures traded funds hit an all time high, The Ethereum futures ETFs generated $47.75 million in trading volume on May 21st 2024, 40% more than the prior $34.18 million peak set on March 5th 2024. Then the Ethereum ETFs were approved.

According to Bitget MENA, a Web3 cryptocurrency exchange, crypto traders in the region have become savvier, Bitget has witnessed a 52% increase in crypto futures trading from January 2024 until April 2024. Usually crypto trader beginners start with what is called spot trading, it is easier, and quicker. Yet to see that Bitget has witnessed this increase in crypto futures means that MENA crypto traders are gaining expertise.

This comes at the heels of Bitget’s Q1 2024 report where it highlighted more than 100% growth in crypto futures trading volume. Crypto futures trading volume was approximately US$ 1.4 trillion, representing a 146% increase, while Bitget Spot trading volume increased by 113% to over US$ 160 billion.

Bitget Global also witnessed substantial growth in the volume of Bitcoin Future trades on its platform from May 2023 compared to April 2024. In April 2024 the volume of Bitcoin Futures on Bitget crypto exchange reached $437.38 billion out of a total market of $1.9 trillion. In May 2023 this figure stood at $124.54 billion out of a market of $923.29 billion. (Source The Block)

The crypto exchange saw the highest increase in derivatives market share, with a growth of 2.4% in March 2024.

The enthusiasm for crypto futures comes at just the right time, with Bitget, a Web3 and crypto currency exchange, announcing that its 5th edition of the King’s Cup Global Invitational (KCGI) annual trading competition will include a crypto futures competition.

Sam Spiers, Regional Director at Bitget MENA explains, “Bitget MENA and our global operations have continuously offered our clients diverse choices for trading and benefiting from the crypto market. This is reflected in the growth of crypto futures trading in the MENA region and globally. It also showcases the maturity that most crypto traders have gained both in MENA and internationally, given that crypto futures trading is more complex than just spot trading.”

He adds, “We are happy to encourage crypto futures trading further with the launch of Futures trading team competition part of our yearly KCGI competition. The total prize pool of KCGI will reach 5,000,000 USDT.”

Gracy Chen, CEO of Bitget added, “As we embark on the fifth edition of KCGI, we are excited to provide traders with an unparalleled opportunity to test their skills, challenge themselves, and compete for incredible prizes. KCGI represents more than just a trading tournament, it is a celebration of the passion, dedication, and talent of our global trading community.”

Earlier this year, Bitget, announced a record all-time high in trading volumes in the MENA region while witnessing a growth of 500% in trading volumes since it started serving the MENA region in November 2023. Bitget now boasts of 2.5 million users from the MENA region, making up 10% of its total global user base which is 25 million.

In 2023 Bitget announced its expansion into the Middle East region with plans to establish its regional hub in the UAE and hire 60 employees as part of its global scaling strategy. Bitget has already begun exploring license applications to operate in target Middle East markets

Bitget, cryptocurrency exchange and Web3 company, has announced that it has recorded an all-time high in trading volumes in the MENA region while witnessing a growth of 500% in trading volumes since it started serving the MENA region in November 2023.

Bitget now boasts of 2.5 million users from the MENA region, making up 10% of its total global user base which is 25 million.

Last year, Bitget announced its expansion into the Middle East region with plans to establish its regional hub in the UAE and hire 60 employees as part of its global scaling strategy. The growth in MENA users and trading volumes is a reflection of Bitget’s aim to bring in more localized solutions to its users.

Sam A Spiers, Regional Director for Bitget MENA, states: “Bitget will strengthen its operations in the MENA region, leveraging the region’s high adoption rates and crypto-friendly landscape. We are exploring blockchain and crypto projects to support home-ground projects for listing and provide more exposure to middle-eastern founders and products.”

As part of its focus on the MENA region, Bitget has Arabic lingual support for its website and mobile application. Bitget users in the Middle East also benefit from zero fees for buying and selling cryptocurrencies through Bitget P2P, ensuring a seamless and user-friendly experience for traders.

Bitget has also partnered up with OnRamp, the leading crypto payment solution provider allowing its users to buy and sell crypto using various local currencies, including AED and other fiat currencies.

Gracy Chen, Managing Director of Bitget added, “With the MENA region representing a significant share of the global crypto transaction volume in 2023, it is poised to grow exponentially in the years to come. Bitget has already begun exploring license applications to operate in target Middle East markets. It’s our priority to obtain operating licenses and support our users with a secure WEB3 platform.”

Bitget has been expanding its operational reach globally in recent months, including registering as a VASP (Virtual Asset Service Provider) in Poland and obtaining similar crypto registration in Lithuania. The new expansion plan in the Middle East complements its launch in Turkey, which now features full localization, including its Turkish website Bitgettr.com featuring tailored services for users in Turkey.

Bitget’s growth plans go hand-in-hand with creating a seamless ecosystem of crypto products for users locally. By personalizing the platform offerings, Bitget recently launched a Ramadan campaign to celebrate the holy month with its users.

Earlier this month Bitget announced its partnership with Onramp, allowing users to buy crypto using AED, UAE’s national currency.

Bitget, crypto exchange and Web3 company, has partnered with OnRamp, the leading crypto payment solution provider to allow users the ability to buy crypto using UAE Dirham through bank transfers. With the integration, Bitget users can now buy and sell digital assets using various local currencies. This collaboration brings significant improvements for users interacting with digital assets, enabling seamless conversion between fiat and crypto instantaneously.

Users can buy crypto with NGN, AED, and MXN through bank transfers, and with VND via VietQR. This range of options ensures that users have easy-to-use and reliable methods to convert cryptocurrencies to fiat and vice versa. Bitget caters to users with a diverse set of preferences and finance management requirements, fulfilling their needs with emerging WEB3 products.

Bitget is introducing a zero-fee offer with this integration for all cryptocurrencies. This compliments Bitget’s current in-house zero-fee offer for Bitcoin (BTC) and Ethereum (ETH). The move allows users to buy cryptocurrencies via traditional banking channels through OnRamp without incurring any fees.

“At Bitget we’re constantly improvising our platform’s abilities, including its fiat-to-crypto conversion capabilities. The integration is a step closer to our mission to drive mass adoption of crypto, making it easy for people around the world to trade crypto. By smoothing out the conversion process between crypto and fiat we’re accelerating an inclusive and global financial revolution,” says Gracy Chen, Managing Director at Bitget.

In the UAE CoinMENA also announced its partnership with Network International for crypto onramping.

Bitget crypto exchange released some statistics on how MENA investors anticipate Bitcoin halving on its price as well as information from Bitget’s managing Director on crypto mining in the region as it courts MENA crypto traders, investors, and regulators.

As per the Bitget study 80% of MENA investors believe that bitcoin halving will lead to price fluctuations between $30,000 and $60,000 at the time of halving.

In addition, 82% of crypto investors residing in MENA who were surveyed intend to augment their investments in 2024 with merely 4% planning to reduce their crypto holdings.

Bitget Managing Director Gracy Chen has revealed that the MENA region bitcoin mining hashrate now exceeds 8 percent and is expected to grow as miners migrate from countries with regulatory instability towards low-cost reliable surplus of energy.

She notes that in Oman for example $1.1 billion of investment has gone into crypto mining, she expects as such the share of bitcoin mining in MENA to go over 15%.

Crypto exchange Bitget, with roots in India has been courting the MENA region for some time. While the crypto exchange has yet to receive a license from any GCC or MENA regulator, it has launched a Ramadan campaign to celebrate the holy month with its Arabic speaking audience. The campaign includes daily token giveaways along with the chance to win airpods, headsets, laptop, smartwatch and more.

As per the release, to make this program inclusive, Bitget will be donating $1 towards charity for each winner during the campaign timeline. Users who follow Bitget MENA on Twitter can utilize #BitgetRamadanChallenge to get noticed and win exciting rewards. Giveaways will be settled every Saturday and requires users to complete a set of challenges to be eligible for the event.

“Middle east and North African regions have increased its crypto adoption drastically in recent times. At Bitget we plan to leverage our resources to strengthen this growth. With regional specific campaigns, language support, crypto conversion and trading choices, we’ve tailored our app for our MENA users. The region is bound to grow and increase its adoption, and we’re here to fuel it,” says Vugar Usi Zade, COO at Bitget.

Back in November 2023, Bitget, even expanded its support for fiat gateways in the Middle East region. The crypto exchange announced that users can now utilize the platform’s peer-to-peer trading for seven currencies: DZD (Algerian Dinars), BHD (Bahraini Dinars), TND (Tunisian Dinars), JOD (Jordanian Dinars), QAR (Qatari Rials), MRU (Mauritanian Ouguiyas), and OMR (Omani Rials).

With the newly added fiat support, Bitget users can start buying and selling crypto with zero fees on Bitget P2P. Users can purchase USDT with integrated local currencies using local payment methods from anywhere globally via Bitget P2P. The exchange also launched Arabic lingual support for its website and mobile application.

At the time Chen noted, “Our products are aligned with Bitget’s expansion plans in the Middle East. We want to enable our traders to trade in their preferred fiat currencies. With Bitget P2P we’re enabling a seamless and convenient trading experience for our valued users in the region. We’re focused on driving financial sovereignty as we make crypto accessible and user-friendly throughout the globe.”

Bitget confirmed that it had begun exploring license applications in order to operate in target Middle East markets. In the same press release it stated, gaining proper licenses and regulatory approval is a top priority to support expansion and allow the company to open regional offices. Bitget has been scaling its operational reach globally in recent months, including the registration as VASP (Virtual Asset Service Provider) in Poland and similar crypto registration in Lithuania. The new expansion plan in the Middle East region aligns with Bitget’s vision of spreading crypto’s mass adoption.

In 2023 Bitget announced opening of operations in Dubai UAE, and recruiting over 60 new staff members to fill back-office positions.

Bitget even has its own X channel for the MENA region where it is posting competitions and challenges.

Bitget is now rated as the number 12th crypto exchange in world, with more than $2 billion worth of trading as per CoinMarketCap.