Bitget’s MegaSwap goes live, connecting CeFi and DeFi

Bitget, a major cryptocurrency exchange, saw great potential in the DeFi sector, as well as a growing interest in DeFi features among its following. This is why the platform decided to introduce a new DeFi feature known as MegaSwap. The feature will allow investors to trade and swap digital assets for over 10,000 digital currencies in the DeFi space.

The exchange published a press release yesterday, December 26th, stating that its new tool is live and that it aims to connect the functionalities of decentralized finance with the much broader product range that CeFi (Centralized Finance) can offer.

In fact, the new tool even provides access to CeFi security. With MegaSwap, users can access up to 10 major decentralized exchanges (DEXes), including the leading ones on some of the biggest blockchains, such as Uniswap, Pancake, and Curve. The blockchains in question include Ethereum, Binance Smart Chain, and Polygon. The best part is that users can now access all of these platforms without using Bitget’s own environment.

Bitget continues to grow

Bitget’s Managing Director, Gracy Chen, stated that MegaSwap is a very important step for the exchange when it comes to building a safe, robust, dynamic one-stop trading experience. She added that the trading markets have been facing a lot of fluctuation and uncertainty recently, and the exchange observed that investors and other users require greater protection of assets. However, they also need access to them without having to sacrifice performance and convenience.

With that said, MegaSwap provides the solution that will connect all the dots, giving users what they need without taking anything away. That way, they can enjoy all the upsides of DEXes, while also enjoying the increased protection that Bitget can offer.

It is also worth noting that there is a high knowledge barrier that prevents many from getting into DeFi and using its products. A lot of people willing to use cryptocurrencies are not tech-savvy enough to understand all the nuances of more complex parts of this technology, such as DeFi itself. MegaSwap aims to solve this as well by simplifying it and providing access to DeFi from a user-friendly centralized exchange.

Bitget does have decentralized operations, but the dynamic growth has made the exchange open new branches in certain strategic jurisdictions in order to make its services available to as many markets as possible. One example is its new branch that launched in Seychelles only a month ago, in November 2022. It registered a new office, aiming to take the next step of its global expansion.

It also intends to boost its staff number in 2023. According to its current plans, the company will double its staff count, bringing the total number of employees to 1,200. Lastly, it also boosted the value of its Protection Fund to $300 million following the collapse of FTX in November. The exchange saw the devastating effect that the exchange’s collapse had on the industry and its users, and it wants its own community of traders and investors protected from that.