DROPS E46: @Bitget CEO - Bank Custody Meets Crypto Trading: Who Needs the Old Exchange Model?
@GracyBitget is the CEO of Bitget. Today, we talk about why she thinks the exchange model has hit its limit, and what should replace it. It’s her first public conversation on the Bitget Open Custody Network.
We talk about:
- Exchanges as one giant monster
- Bitget’s Open Custody Network
- Why risk compounds when one platform does everything
- Assets in bank, trading on Bitget
- The recent security events
- Why retail may not be the audience yet
- Why pushing AUM away is the right call
- Crypto growing up from kid to adult
- What success looks like in three years
And much more...
Timestamps:
00:00 Intro
01:19 The Recent Security Events
05:38 How Ready Were You For The Recent Security Events?
09:27 Why she woke up before anyone called
11:15 The Old Security Model Is Dead
15:50 Why Third Parties Now Mean More Security
18:28 Same UX With Much Better Security?
23:51 How To Pick The Right Custodian
25:39 Custody Explained For Beginners
27:31 Why Call It A Bank?
28:15 Bitget’s “open custody network” explained
31:10 Why Is It Called “Open” Custody?
32:51 Inspire Other Exchanges Or Sell To Them?
34:49 The Future Of Crypto Security?
36:11 Be Your Own Bank vs. What Crypto Became
41:29 What Success Looks Like In 3 Years
42:36 The Impact On The Whole Industry
45:09 What To Remember From Today
45:51 Thank You, Gracy
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-Bitget Protection Fund back to >$300M as we promised. https://t.co/GeX9tc0ASQ
-PoR is 131% per yesterday's update https://t.co/2xs4e09Ro6
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Our latest Proof of Reserves (PoR) is out 🔒
Bitget recorded an overall reserve ratio of 131%, with reserves remaining above the 1:1 benchmark for covered user assets.
The latest snapshot covers 19 assets, all with reserve ratios above the 100% reserve benchmarkOur latest Proof of Reserves (PoR) is out 🔒
Bitget recorded an overall reserve ratio of 131%, with reserves remaining above the 1:1 benchmark for covered user assets.
The latest snapshot covers 19 assets, all with reserve ratios above the 100% reserve benchmark.
We have never touched customer funds — which is why, even after this incident, our reserve ratio remains above 131%. That's not a coincidence. It's many years of discipline.
Thank you for your trust. We're coming back stronger.