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.
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.