Exclusive interview with Bitget CEO Gracy: There will be fake Niu, but it will be different from the past

Original source: Plain Language Blockchain

In recent years, the crypto industry has made gratifying progress. While constantly breaking through technical bottlenecks and implementing applications, the approval of Bitcoin spot ETFs and other indicators indicate that the crypto industry is maturing and facing the global mainstream. In fact, there is another sign of whether the technology sub-industry is mature, that is, the proportion of female participants and female leaders. This year, the leading companies in the crypto industry have welcomed another beautiful leader, Bitget CEO Gracy Chen.

Gracy Chen, known as the "Web3 Inspirational Goddess" and "Crypto Wonder Woman", has a rich resume in the crypto industry, and Bitget, which is now at the helm, is a "dark horse" of crypto CEX and Web3 platforms that has quickly landed in the world's TOP5 in recent years.

Plain Language Blockchain conducted an exclusive interview with Gracy Chen, taking this opportunity to get to know this new female CEO of the leading crypto ecological platform, and listen to her share her personal growth, Bitget's progress and unique insights into the crypto industry.

When it comes to Bitget, people familiar with it know that it is a breath of fresh air in the industry. In just a few years, the user and team size and business scope have been expanding rapidly. Many companies choose to shut down in the bear market, because this period often "gets twice the result with half the effort", but Bitget chose to calm down and "build" against the current during the bear market. The values behind the team are precious. Bitget has not only withstood the test of business operation growth, but also maintained a record of zero safety accidents for 6 years. It has been meticulous in the face of major challenges in the industry, reflecting the platform's top risk control and attention to the safety of user assets.

Such a platform with strong comprehensive competitiveness is inseparable from the efforts of the team, the management and decision-making of the helmsman. Of course, a lot of work must have been done behind this and many challenges were faced. How did they accomplish it? In the interview, Bitget's new CEO Gracy Chen explained Bitget's business operations, team building, and corporate culture, conveyed Bitget's emphasis on Chinese-speaking users, and revealed Bitget's future layout and plans.

Taking this opportunity to interview, we also asked Gracy Chen, a leader at the top of the crypto industry ecosystem, about industry opportunities, bull market conditions, and the impact of Bitcoin and Ethereum ETFs on the industry, and other issues that the community is concerned about, bringing everyone a deep insight from a top perspective.

See the full interview record below:

1. You joined Bitget in 2022 and were recently appointed as CEO. It has been almost two years now. Gracy, can you share how you got here? Have you encountered any challenging and impressive problems?

Gracy: I joined the company in April 2022, and made an official announcement in June. Soon after, I encountered a series of events such as the collapse of Luna/Terra, the collapse of Celsius, and Three Arrows Capital. It can be said that my timing of entering the market was very unsatisfactory. Therefore, the most impressive thing is that during the bear market, the market generally fell, and many well-known cryptocurrency institutions, such as some of the ones mentioned above, experienced financial crises, large-scale layoffs, and even bankruptcy, which to some extent challenged my beliefs.

But experiencing these challenges with the Bitget team in the bear market has also tested and trained us. Looking back on the past two years, this experience has greatly enhanced the cohesion of our team.

In the past two years, we have achieved good results, which are obvious to the market. We have attracted a large number of talents, and the team size has expanded from less than 500 when I first joined to 1,500 now. At the same time, we acquired some high-quality assets at relatively low prices in the bear market, and expanded the company's business from CEX, decentralized wallets, and investment media to incubators and other upstream and downstream related industries of the industrial chain, achieving a great expansion.

As for the most difficult problem, it is the company's global development. We have expanded from a small team that started in East Asia to a multinational company that now serves more than 100 countries and regions and 25 million users. The needs of these users in various regions vary significantly, not only involving the problem of multilingual communication, but also the different needs for product functions and token selection under different cultural backgrounds in each region. One very obvious feeling is that a few days ago I held a meeting with the heads of various regions. During the two-hour meeting, more than a dozen regional managers reported. Everyone had a different English accent, including accents from the Middle East, Southeast Asia and Europe, which I found very interesting. Looking back to when I first joined two years ago, the participants were almost all Chinese who spoke Chinese. Now when we have a meeting, English accents from all over the world gather together, which also reflects the company's globalization process and achievements from the side.

2. In recent years, the scale of Bitget users has increased by 4 times, ranking among the top five in the world. The expansion of the team should bring relatively large management challenges. How do you manage and motivate the team? Can you share some of your management philosophy?

Gracy: In terms of team management and motivation, we are efficient and result-oriented.

We have learned from the experience of some large companies, such as Huawei and ByteDance's OKR system, to strengthen management and promote it globally. The system we use also supports cross-time zone communication. In addition, we do not advocate upward management and formalism. For example, there is no need to make complex PPTs when reporting. One page of paper is enough.

In terms of performance, we are result-oriented and will give high-level incentives to team members based on their performance. In addition, we have full trust. Our current achievements are largely due to our high trust in the regional teams. Although these colleagues have different accents, they go deep into the market, understand market needs, and have established good relationships with local opinion leaders and project parties. Therefore, we delegate power to local teams to make decisions on many regional decisions, including various marketing plans. At the same time, these decisions require them to bear corresponding responsibilities. For example, they can decide whether a project is worth sponsoring, but they also need to consider the return on investment.

It can be said that on the one hand, we capture actual results through data and the OKR system, and on the other hand, we delegate power and trust our team. This culture helps us attract and retain talents that match them, thereby achieving more efficient decision-making and management.

3. Many trading platforms in the bear market began to lay off employees, but Bitget was expanding instead (the number of Bitget employees increased from 1,000 to 1,500 last year). Can you talk in detail about the decision-making process of this strategy?

Gracy: Regarding expansion, our philosophy is different from other companies. While other companies are reducing their staff, we are recruiting and acquiring assets. This is because we believe that this is a marathon, not a sprint. In this marathon, it is very important to maintain a good rhythm, not just focusing on the short-term benefits in front of us.

People who choose to stay in this industry in the bear market show that they are believers and true industry builders, which is also in line with our culture. Moreover, during the bear market, the market was sluggish, and we were able to obtain top talents, high-quality assets and advanced technologies at a lower cost, thereby widening the gap with our competitors.

Now that the bull market has arrived, we are seeing the corresponding results and feel very gratified. This also proves that our philosophy is correct, and the bear market is a golden period for growth and construction.

4. Since its establishment, Bitget has been practicing Messi-style growth and wolf culture. As a leader, what values do you focus on when shaping Bitget's corporate culture?

Gracy: Our core values include user first, integrity and honesty, frank communication, and getting results. When recruiting employees, we pay special attention to the match with these values.

For example, we value results-oriented, and the base salary of sales positions is relatively low, but the commission is very high, and some employees can earn hundreds of thousands of dollars. If the candidate for this position pays too much attention to the base salary and ignores the results-oriented, such a person may not meet our values. However, for technical and management positions, we have another set of complete OKR and salary evaluation standards.

In the rapidly developing encryption industry, we also advocate lifelong learning, believing that people cannot stop at past achievements, but should focus on the present and the future. We do not have strict regulations on employees' working hours, but we have clear training requirements. For example, employees must participate in a certain number of trainings every quarter, such as learning multiple languages, learning communication or other skills. The team also has a research institute to organize the latest industry information for everyone to learn and share together. Such a learning atmosphere allows everyone to maintain a vigorous spirit every day.

Recently, we have also reached a partnership with Turkish national athletes. Including women's volleyball world champion İlkin Aydın, women's wrestling world champion Buse Tosun Çavuşoğlu and European boxing champion Samet Gümüş, these three athletes will represent Turkey in the 2024 Paris Olympics. Although we have previously invited Messi to be our brand ambassador, this expansion of cooperation with outstanding athletes is also to continue to explore the infinite possibilities of sports competition and Web3, and promote the connection between the encryption industry and the traditional world. These partners also demonstrate our corporate values. As a marathon runner in the crypto exchange, Bitget always believes that the only shortcut to success is to grasp every tiny improvement, which coincides with the competitive spirit of athletes. Every step taken is the realization of the great goal.

These are the core values and culture of our team. I am also a practitioner of lifelong learning. After becoming the CEO, I wrote an article mentioning that I went to MIT to study for an MBA after working for nearly 10 years. I can't do this without my daily high-focus learning.

5. From a host to entering a crypto company and becoming the CEO of Bitget, and also a mother, the role change is quite big. Can you talk about what characteristics of your personality support your transformation along the way? And, can you talk about the key decision-making process in the middle?

Gracy: Although my career span is quite wide, these are all extensions of my mathematical background. My major is mathematics, and my later career and entrepreneurial experience are all in the field of emerging technologies. While studying at MIT, I also studied 3D printing, AI, VR and other technologies, and then entered the crypto industry for investment. Whether it is entrepreneurship, investment or hosting a financial program, strong logic and financial knowledge are required, and these are inseparable from mathematical foundations.

As for important decisions, in my personal life, the most important decisions I have made in the past few years are marriage and divorce, especially divorce. I think marriage should be a relationship of mutual support and energy, but when the relationship becomes mutual harm and no longer can we draw nutrients from each other, if I don’t want to hurt anyone, then I will choose to end this relationship. This is my understanding of individuals and relationships. Of course, this is a redefinition of our relationship, because we have a child and still need some cooperation.

From a work perspective, I have experienced a failed startup. At that time, the company had already raised funds, but due to market value and later profitability issues, I decided to close the company. That was a very difficult decision. At that stage, I felt very lost because I felt that I had failed many people, especially the trust of investors and the team. But now I think that every company has a life cycle. If it can continue, it will continue. If it can't continue, we will try our best to give employees and investors a reasonable explanation, but it was really difficult to make a choice at that time.

These two are the major decisions in my life so far, one is about personal feelings, and the other is about career.

I think a large part of the factors that support me in making these decisions are related to my personality and pursuit. I have never been bound by conventions since I was a child, and I like to explore and take risks. Moreover, my adventurous spirit is not only reflected in work, but also in life. For example, I am an advanced open water diver and like to play parachuting and polo. These sports are full of adventure.

In general, although it has not been easy along the way, it can become my nutrition, making me stronger and more energetic.

6. What kind of person are you in life? What do you like to do?

Gracy: Maybe my brain is too much on work. Actually, I am a bit rough in life. Most of my free time is spent with my son. However, because of my carelessness, my son often suffers with me. For example, I recently took my child out for a picnic and bought a not very hygienic cake at a gas station. After eating it, we both had diarrhea for several days.

I also like to hang out with friends. I am quite personable and like to interact with people. I also have many friends who work in other fields. Communicating with them can also help me expand my horizons and worldview. But when I am with friends, they often say that I am a "funny girl". A few days ago, when I was with friends, they urged me to fall in love again and asked me what requirements I had. I said that my requirements are not high. Just look handsome, have some money, and treat me well. Then they asked me if I had met someone who meets the requirements recently? I joked that there are quite a few, and they all became gay friends in the end.

Everyone knows that the work intensity in the encryption industry is high, but I think the more so, the more we should live seriously, draw more energy from life, and feed back to work.

7. We have seen relevant information. You have more than 10 years of management, marketing and investment experience, and your resume is also very exciting along the way. I would like to ask what goals you have in your work and personal life in the past three to five years?

Gracy: My goal is very simple. In my career, I hope to make Bitget one of the top three trading platforms in the world. Although Bitget is already quite large, I hope it can further expand its development scale and even become a super unicorn.

In my personal life, I focus on the harmony of various relationships, such as the relationship between me and my parents, son, friends and lovers. Although I am currently single, I still pursue intimacy. Even as a CEO, I don’t think that work should take up all my time and prevent me from taking care of my personal life or love. I still hope to gain nourishment from these relationships and give value and support.

These are my two simple goals. A few days ago, I bought an iPad and an Apple Pencil with "Gracy" engraved on them. There is a heart on the left and a unicorn on the right, which just represents my pursuit in work and personal life: gain nourishment in relationships and continue to develop in career.

8. What do you think of the very low proportion of female leaders in Web3 companies in the crypto industry?

Gracy: I have seen relevant data and found that whether it is the founding team of Web3 or ordinary Web3 companies, the proportion of women in the executive team is very low. This is even more true in the venture capital industry. I recently saw a comment saying that I am the only female CEO in the top ten trading platforms in the world. This made me realize that female leaders are very rare in almost all industries.

In fact, I am very concerned about women's career development, especially the disadvantaged position of women in male-dominated industries. I think we need more female leaders. In many cases, society has prejudices against women. For example, female leaders are often asked how to balance career and family, which in itself implies that they should devote more to their families. This prejudice not only comes from society, but may also be internalized as a constraint on women. Especially in the field of financial technology, there are not only few women, but also often lack confidence. Therefore, we first need to break these barriers from the inside and enhance our confidence. As the saying goes: eggs broken from the outside are food, but eggs broken from the inside are life. I hope I can help and advocate so that women can break some shackles themselves and be more confident. The premise is that we must believe that we can do it.

Therefore, I have been committed to promoting these changes, such as improving these phenomena through projects such as the establishment of non-profit organizations. The charity project "Blockchain for Her" launched by our Bitget is to support the development of women in the cryptocurrency industry. We have set up a small fund to support female founders and teams, and selected top female leaders from around the world as mentors to provide collaborative support. In addition, in 2020, I also created an organization called "SheShifts" under the World Economic Forum. This is a non-profit organization that is still in operation. It mainly provides career consulting services, community support and mentor planning for women.

Of course, these ideas are also related to my personal experience. In the early days of my entrepreneurship, I met a male investor who clearly stated that he was unwilling to invest in female entrepreneurs, especially married women without children. I was married without children at the time. This experience made me deeply realize the prejudice of society against female executives and founders.

Therefore, now I have the ability to really take some actions and bring some positive impact to society. I feel very happy. At the same time, I also look forward to more outstanding female talents in our industry joining in and making their own contributions to the sustainable development of this industry.

9. Based on your work experience and investment perspective, can you talk to us about how you view the overall market of this round of bull market? Many people say that there will be no copycat bull market this time. What do you think?

Gracy: This possibility does exist because the market is full of uncertainty. Whether the copycat bull market will break out again is difficult to predict. I have discussed the question of whether there will be a copycat bull market with many investment institutions before. My personal opinion is this:

First of all, we believe that the current bull market is different from the previous ones in that it is more dominated by Bitcoin and Ethereum. Bitcoin is regarded as digital gold, and Ethereum is regarded as digital oil. Their value positioning is becoming increasingly solid. In addition, both have benefited from the passage of ETFs and the entry of traditional financial forces, which have intensified their status as a store of value.

Secondly, related to what was mentioned before, the increase in institutional investment is also a change. Institutional investors, especially in the European, American and Asian markets, including various institutions including pension funds, have become very important. With the passage of ETFs, this type of investor will increase. They are more inclined to invest in Bitcoin and Ethereum rather than high-risk altcoins, or they will tend to invest in some altcoin funds rather than the altcoins themselves.

The change in the regulatory environment is also an influencing factor. The regulation of cryptocurrencies is being strengthened worldwide, especially the crackdown on ICOs and altcoins. This makes investors more inclined to choose safer and more well-known cryptocurrency projects.

We know that in the past, Bitcoin and Ethereum usually rose first in each round of bull market, and funds first poured into these mainstream currencies; then in the middle and late stages, these funds began to overflow and flow into altcoins, and altcoins began to rise. But as investors develop, they still need to pay attention to the actual application and potential of the project, not just speculation and hype. This is the current change in the industry.

Therefore, I personally tend to think that the altcoin bull market will come, but it will not be as fierce as before, such as the sudden outbreak of DeFi Summer or GameFi Summer in the previous year, or the surge and plunge of Memecoin not long ago.

10. The approval of Bitcoin and Ethereum spot ETFs has opened another "door" for the crypto market. What impact do you think this will have on the centralized trading platform landscape? Compared with ETFs, where is the competitiveness of trading platforms reflected?

Gracy: The launch of ETFs has not taken away our market share. On the contrary, it is a good thing for us. It has increased market prosperity and user activity, allowing trading platforms and ETFs to form a complementary situation.

When traditional financial institutions enter the market, they may first buy ETFs. But when they want to invest more, they will find that the types of ETFs are very limited and cannot meet their needs, while CEX can provide more trading varieties and underlying assets, which is the first competitive advantage.

The second competitive advantage is trading hours. The trading hours of spot ETFs of Bitcoin and Ethereum are limited, at least they cannot be traded on weekends. CEX is 24/7 and more flexible.

The third competitive advantage is that the trading platform is friendly to retail investors. ETFs are suitable for professional traders and institutions, with high thresholds and not easy to operate.

The fourth competitive advantage is the diversity of products and financial services. If you just buy and sell BTC and ETH, the product is relatively single. ETFs can only do this one thing, but centralized trading platforms provide more diversified products and services, such as wealth management, dual-currency investment, leveraged trading, etc.

Therefore, we have a more complementary relationship with ETFs, providing different services to the market. This includes different groups of people in the same market, for example, institutional investors may buy BTC and ETH in ETFs, but hedge and diversify their investments in CEX.

11. In addition, do you have anything else to add?

Gracy: The only thing I want to add is that I need to emphasize Bitget's attention to Chinese-speaking users. On the global crypto stage, Chinese people are a force that cannot be ignored. And we will look for more in-depth integration with head projects, and better provide their business lines to users of our centralized trading platform. We hope to provide competitive products for this group.

After I take office, we will carry out some internal reforms, including a more friendly way of cooperation with market makers and a deeper binding with head project parties. The results of these reforms will gradually emerge in the next few months, and even the entire bull market. Please stay tuned.

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