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One in
three retail investors is more likely to trust a financial influencer (or
finfluencer) than someone from their immediate circle. It’s no wonder that the
internet is full of experts offering their help in making money. Trading
platforms and cryptocurrency exchanges are well aware of this, as affiliate
marketing has long been an important way to acquire new customers.
Now, one of
them has decided to take it a step further by introducing a new model of
influencer engagement. Moreover, in the first year, they want to give
influencers the opportunity to earn up to $5 million.
Crypto Exchange Introduces
Task-to-Earn Program for Finfluencers
As many as
33% of traders agree that they are more likely to trade when an influencer they
follow highlights a market opportunity, revealed a CMC Markets report in the
first half of this year. Investors are much more likely to trust a finfluencer
than other traders, or even their family or friends.
It’s no
surprise, then, that the role of internet personalities in cryptocurrency
marketing is becoming increasingly important. Those with the largest reach can
not only encourage the purchase of new projects but even shape market sentiment
around specific tokens.
No business
can afford to ignore such a marketing opportunity. Hence the latest decision by
centralized exchange (CEX) Bitget, which is the first to introduce a new
incentive system for crypto influencers. As part of the newly launched platform
operating on a Task-to-Earn (T2E) model, it wants to offer online creators $5
million in commissions in the first year of operation.
But what is
T2E? Within its network of over 30,000 influencers operating on X (formerly
Twitter), YouTube, Telegram, and other platforms, Bitget will prepare real-time
promotional tasks in collaboration with cryptocurrency projects.
These can
create tasks encouraging influencers to inform about new projects on social
media or encourage buying, trading, and holding specific projects. Finfluencers
will be appropriately rewarded for completing specific challenges.
“Our
Booster Platform marks the industry’s first systematic and dynamic attempt at
incentivizing KOLs’ efforts,” said Gracy Chen, Chief Executive Officer
(CEO) at Bitget. “By prioritizing our extensive network of influencers, we
will provide efficient promotional features to ensure collaborative success
within the crypto community.”
Bitget Growing Larger
Initiatives
undertaken by Bitget, such as the above, have allowed the exchange to become
one of the leading CEXs in Q2 2024 in terms of capital inflow. Bitget received
funds amounting to over $560 million, second only to Bitfinex and Binance, and
surpassing Bybit, one of the three largest cryptocurrency exchanges in terms of
spot volumes.
Glad to share our achievements with you! Bitget is ranked top 3 in terms of capital inflow in Q2!👏 pic.twitter.com/UzxthwC4D8
— Gracy Chen @Bitget (@GracyBitget) July 9, 2024
The growth
also coincided with the addition of another 2.9 million traders to its current
user base.
Bitget
Wallet, the exchange’s wallet application, is also experiencing success. This
is particularly evident in Japan, where the app increased its new user adoption
rate by 34% in the second quarter. As a result, the wallet became the second
most downloaded in this part of the world, just behind MetaMask.
This article was written by Damian Chmiel at www.financemagnates.com.
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