Bitget has become Japan’s second-largest cryptocurrency wallet, trailing only MetaMask, following significant growth in Q2 2024.
The wallet’s new user adoption in Japan surged by over 34% during this period, making it the second most popular choice after MetaMask, as announced to Cointelegraph.
The primary driver behind this growth was the introduction of the Bitget Wallet Token (BWB). According to Bitget Wallet COO Alvin Kan, users earned BWB through coin deposits, swap transactions, and referrals. Kan noted that Japanese influencers promoted the wallet, which boosted BWB’s popularity and user confidence in its value and potential.
Cryptocurrency wallets such as Bitget and MetaMask are vital to Web3 infrastructure, allowing users to self-custody their assets. However, the user experience and complexity of Web3 wallets remain significant challenges for widespread blockchain adoption.
Bitget’s Growth Fueled by DeFi and Cross-Chain Features
Beyond basic custody, Bitget Wallet provides advanced decentralized finance (DeFi) features, including a decentralized exchange (DEX), an NFT marketplace, and an Inscription platform.
Bitget claims to be the first cross-chain wallet in the industry, allowing users to transact across multiple chains without needing cross-chain bridges or incurring transaction fees.
According to Bitget Wallet’s COO Alvin Kan, these advanced features were key to the wallet’s growth in 2024:
“Our main advantage is our comprehensive functionality. We are a full platform, not just a simple wallet, catering to all user needs: trading, interaction, and investment.”
Web3 Wallets and Mobile Experience Crucial for Crypto Adoption
Chintan Turakhia, Senior Director of Engineering at Coinbase, emphasizes that removing friction points is crucial to achieving mainstream crypto adoption. Key issues include complex wallet setup with seed phrases, transaction fees, and the need to buy blockchain-native tokens for transactions.
Bitget’s Kan agrees, noting that enhancing product experience, particularly for crypto wallets, is vital for mainstream uptake. He highlights the importance of a seamless mobile experience, as Web3 users often find plugin wallets on computers inconvenient. Kan believes that decentralized trading will become mainstream, with payments being a key application for wallets.
Other wallet providers are also focused on boosting adoption. For example, Coinbase introduced a smart wallet with user-friendly features in early June.
