In a one-on-one interview with Cryptopolitan, Gracy Chen, the newly appointed CEO of cryptocurrency exchange Bitget, shared insights into her new role, the secrets behind Bitget’s success, and her goals for the year that she intends to achieve in the new role.
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Gracy Chen is the CEO of the cryptocurrency exchange Bitget. She joined the company in 2022 and has since quadrupled its user base. Gracy is also a delegate to the United Nations Conference on the Status of Women and an advocate for industry inclusivity.
Gracy Chen – Work challenges and motivation
You have been the managing director at Bitget for two years. Looking back, what major challenges have you encountered as the managing director at Bitget?
I joined Bitget in April 2022, and soon after, we publicly announced my role in June. My early days at Bitget were quite turbulent, as I witnessed the Luna/Terra crash, Celsius’s collapse, and even Three Arrows Capital’s downfall. Our company suffered losses of around 8 million USD during this period, but thanks to a well-balanced operational strategy, we managed to reduce the negative impact on the exchange.
The experience strengthened our team’s cohesion. Over the past two years, we’ve made significant strides, growing from a team of fewer than 1000 people to 1500. We’ve expanded our business from a centralized exchange to encompass decentralized wallets, investment media enterprises, and incubators. One of the most challenging aspects was our globalization effort. From being an East Asia-focused team, we’ve grown to serve nearly 30 million users in over 100 countries, navigating diverse regional needs and preferences.
What motivates you to keep building in the cryptocurrency space? Is there a particular event that inspired you to join crypto?
Everything began with the 2017 bull run. The surge in interest in cryptocurrency and discussions about the future of decentralized finance highlighted crypto’s revolutionary potential. That really compelled me to dive deeper into the industry and become a part of it.
Today, my motivation to keep building in cryptocurrency stems from a deep belief in the transformative power of blockchain technology. The potential to democratize finance, make financial services accessible to the unbanked, and create a more inclusive economic system is incredibly inspiring. There’s nothing more motivating than the excitement of a user buying their first Bitcoin or sending a payment to a friend miles away. It’s also incredibly inspiring to work with pioneers to create a better future and to help young people be part of that future.
Improving user experience
As the newly appointed CEO of Bitget, what is your focus going forward? What do you intend to change?
As the newly appointed CEO of Bitget, my primary focus will be enhancing the company’s efficiency and results. Adopting systems like Huawei and ByteDance’s OKR frameworks has helped us manage and promote globally. We emphasize actual outcomes and user experience, rewarding team members proportionately to their contributions. We avoid bureaucracy and unnecessary internal competition, focusing on clear and simple communication.
We are also proud to be the first exchange to address the growing threat of AI and deep fake attacks on crypto users worldwide and enforce the appropriate safety measures and enhancements to protect our users from this growing threat. This year, I aim to set a new safety standard against deepfake and AI attacks for crypto exchanges. We are lucky to have such an accomplished and reliable KYC security partner in the face of Sumsub. In 2024, we will focus on developing new standards of safety together with our partners.
As CEO, I also plan to develop educational initiatives globally, as the average understanding of decentralized technology is still low. People need not only to have access to innovations but also to understand how to use them to improve their lives. We need to provide practical knowledge of working with DeFi and crypto. Otherwise, giving these instruments to the unprepared may present some risks.
As a team with an extensive technical background, how do you put yourselves in the shoes of people/users with no technical background?
Every employee at our exchange is also its user. We all spend a significant amount of time using and testing our products and features, always keeping the needs of various user groups in mind. Putting developers in the shoes of people with no technical background can be extremely difficult, so we try to engage our employees at every level — whether they are marketing specialists, customer service representatives, or operational managers.
At the same time, engaging in active user research is essential since the most important feedback usually comes from the end users. Conducting interviews, surveys, and usability testing with diverse groups of users and actually listening to their pain points are the most reliable strategies for staying in touch with our existing users. We also pay a lot of attention to communicating with users, and gathering their feedback through forums and social media is crucial.
How does your team reach a consensus on what is “user-friendly”? Is there a process?
It’s not solely up to our team to determine what is user-friendly; it largely depends on feedback from our user research. We have a structured process to uncover what truly meets user needs; the final decision always comes from our users.
First, we gather insights from our target users and create detailed personas from various backgrounds to guide the design and development process. Our team then conducts usability testing and iterates on the design based on the feedback. This cycle continues for multiple rounds until the user feedback is unanimously positive.
However, as I mentioned, product development always continues. Listening to your users extends far beyond the testing groups and continues throughout the product’s life.
In your opinion, what is the one thing that crypto exchanges can do to fasten the mainstream adoption of cryptocurrencies?
It’s difficult to achieve high popularity without making your product simple. The less complex your product is, the lower the entry barrier for newcomers.
However, creating a “perfect product” isn’t enough. You must closely study users from all backgrounds, understand their regions, and localize your development teams to create the “perfect product fit” for key markets.
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Additionally, providing users with accessible and comprehensive resources about cryptocurrencies, the underlying technology, and the potential benefits and risks can demystify the industry. Exchanges should invest in educational initiatives, protection measures, and community engagement to build trust and knowledge among potential users.
It is well known that digital transformations (a much-needed process in our industry) are impossible for an organization without closing the gap between the leadership and the technologists (tech people). What is the communication style between these two critical parties at Bitget?
Our core values are result-oriented, embodying a “wolf-like tenacity” and prioritizing user needs. We look for value alignment in our recruits, emphasizing results over formalities. At Bitget, we foster a culture of open communication and collaboration between leadership and our technical teams.
Regular meetings, collaborative feedback channels, and an inclusive company culture ensure that both sides are aligned on goals and expectations. We emphasize transparency and encourage feedback to bridge gaps and ensure our technological advancements align with our strategic objectives.
Keeping up with evolving crypto trends
Does your team ever have a different view on the future evolution of crypto?
Yes, absolutely. We always welcome this dynamic in a team. Differences in views are only a sign of a healthy environment.
Some team members anticipate the widespread adoption, where cryptocurrencies become a standard part of daily financial transactions and are used for everything from purchasing goods and services to paying bills and managing investments. Another team camp sees crypto as a driving force for financial inclusion, providing unbanked and underbanked populations access to essential financial services.
Still, both agree that crypto is the catalyst for innovation beyond finance, potentially sparking new and better applications in areas like supply chain management, digital identity, and the Internet of Things.
We encourage open discussions and debates to explore various scenarios and possibilities. This diversity of thought helps us prepare for various potential futures and ensures that our strategies are well-rounded and resilient.
In the eyes of the community, crypto has always been about empowering individuals through decentralized finance. But, at the same time, there’s another camp of crypto believers that see institutional involvement and mass adoption as key to achieving the maximum potential of crypto. Where does your opinion on this stand?
I believe both perspectives are crucial for the future of crypto. Empowering individuals through decentralized finance is fundamental to the ethos of the cryptocurrency movement. However, institutional involvement and mass adoption are also essential for achieving scale, stability, and wider acceptance.
Empowering individuals through decentralized finance and achieving mass adoption via institutional involvement are not mutually exclusive goals but rather complementary paths to crypto’s maximum potential.
At Bitget, we strive to balance these two aspects by promoting decentralization while engaging with institutions and regulators to foster a more inclusive and robust ecosystem.
Multiple jurisdictions have remained reluctant to embrace cryptocurrencies. What measures or efforts are you using at Bitget to address regulatory concerns and enhance the security and reliability of your platform?
Compliance is crucial for us. Over the past two years, we’ve obtained security certifications and licenses in parts of Europe and are actively pursuing regulatory approvals in Asia and Europe.
We enforce strict KYC policies and use tools like Chainalysis and Sumsub for on-chain monitoring to detect and prevent suspicious activities and deepfake AI fraud. Compliance will continue to be a core focus in 2024.
Especially in the age of rising deepfake scams, as AI tech becomes increasingly sophisticated, we have recently upgraded our partnership with Sumsub, a full-cycle KYC verification provider.
Additionally, we see educating our users about best practices and potential risks as an equal measure to Bitget’s cybersecurity. Having launched multiple education programs on using crypto for various demographics, we also plan on providing resources and support to understand regulatory requirements and comply with the relevant laws.
What future plans should Bitget users be excited about?
Our priorities for 2024 include Web3’s strategic layout, emerging market development, and compliance considerations.
Each department focuses on its specific priorities, but the key is coordination and collaboration across teams to achieve our targets. Eventually, my goal is to elevate Bitget to become a global top-three exchange.
Cryptopolitan reporting by Brian Koome.
