Dialogue with Xie Jiayin: I have ambition, and Bitget also has ambition

Written by: Deep Tide TechFlow

Introduction

In the restless world of Crypto, there are not many who make you feel at ease, Bitget's Chinese head, Xie Jiayin, is one of them.

Since joining Bitget in early 2024, Xie Jiayin has proclaimed the slogan "to create the warmest exchange," actively engaging in the community with a down-to-earth and pragmatic image. In just two years, he has led Bitget from being a small exchange with a stereotypical image to one of the top three in the Chinese-speaking market:

User numbers have surpassed 120 million, with a monthly trading volume reaching $75 billion, and it is the first platform for US stock contracts to exceed $10 billion in trading volume. In the discussion thread about "the exchange app you often use," Bitget has increasingly appeared in the comments.

Behind this rapid growth is the iron-fisted leadership of this "warm-hearted" leader.

About himself, he said:

If I can't protect users well, then I don't deserve to be the Chinese head of Bitget. I work about 12-14 hours a day, I read and respond to every message, truly helping users solve problems and protect their interests. Since joining Bitget, I have updated my Twitter 17,000 times, averaging 24 posts a day, not counting the massive private messages I handle regularly.

About the team, he said:

I expect the team to respond instantly as well. If Bitget wants to become the warmest exchange, the team must not evade, shirk, or procrastinate.

After seven years of weathering storms and achieving the important milestone of "fourth globally, third in the Chinese-speaking market," how will Bitget, under the gentle yet firm leadership of Xie Jiayin, establish itself in the new direction of "UEX (Universal Exchange)" and open the next chapter of growth?

In this regard, Xie Jiayin expressed:

I hope to soon achieve a transition from "Bitget third" to "Bitget second," and truly establish a firm foothold in the second position. I have ambition, and Bitget has ambition too.

In this issue, let us follow Xie Jiayin's sharing and delve into the thoughts, feelings, and ideas of the evergreen leader of the Chinese-speaking exchange.

The following content is a整理稿 of our conversation, and the podcast audio version is also online. Feel free to subscribe to "Let's Flow" on Xiaoyuzhou.

Click ++Xiaoyuzhou link++ or scan the QR code in the image to listen.

If you can't protect users well, you don't deserve to be the Chinese head of Bitget

Deep Tide TechFlow: I'm glad to chat with Jiayin again in this way. I'm actually quite curious about something. It seems that apart from Bitget and a few other exchanges, most exchanges do not particularly highlight their Chinese heads, and some don't even have this position. What do you think is the reason for this?

Xie Jiayin:

This is a rather interesting phenomenon. Since entering the industry around 2018, I have experienced many platforms and seen various operational models of exchanges. Indeed, most exchanges do not promote their Chinese heads, and some don't even set up this position.

This mainly stems from several reasons:

First is the regulatory environment. Since 2017, domestic regulation of the crypto industry has become increasingly strict, leading many exchanges to choose a global layout. Especially for teams with Chinese founding backgrounds, they often choose to actively downplay their local labels to expand their business in a more compliant and low-profile manner.

Additionally, market strategies differ. Exchanges with Chinese teams inherently carry a Chinese-speaking gene, so there is no need to emphasize a "Chinese head" to deepen the local label. However, Bitget is different; we only returned to the Chinese-speaking region around 2023. Although we already have a relatively high profile overseas, we are starting from scratch in the Chinese-speaking area, with no first-mover advantage. Therefore, we must have a person and a team to truly connect with users and build trust.

So, in April of this year, I led our Chinese-speaking team to officially debut, aiming to serve users more directly and efficiently, providing truly valuable support. Not every exchange has the courage to do this, but for us, this is our sincerity and further highlights our differentiated advantage.

To be honest, I often hear some users give me some "misplaced praise." People often say things like "there are many exchanges, but there is only one Xie Jiayin" or "Xie Jiayin is a born BD saint." I believe this indirectly highlights our differentiated strategy in the Chinese-speaking market, which is that our team, from top to bottom, can achieve a "user-centered" rapid response. I often say, if you have a problem, feel free to find me; you can basically reach me before 3 AM. For the brand, we will continue to deepen our roots in the Chinese-speaking region and grow together with the community. This is a significant determination for us.

Deep Tide TechFlow: You should be the evergreen tree among the Chinese heads of exchanges. In your opinion, what are the main responsibilities of a Chinese head?

Xie Jiayin:

Once I became a Chinese head, my work shifted from being responsible for a specific point or sector to a more macro perspective, as this position emphasizes coordination and strategy.

I have always insisted on being at the forefront, which has led to higher visibility in the community, allowing many people to recognize me and Bitget. This relates to my personality: between being mediocre and being different, I choose the latter. Bitget has become a very important part of my life, and I will do my best to bridge the gap between the platform and users. I often say: Whoever's user, whoever protects. If I can't protect my users well, then I don't deserve to be the Chinese head of Bitget.

When facing users externally, I represent Bitget, but internally, I communicate on behalf of the users. There have been several times during meetings with tech and product teams where I almost argued with them because I felt their rules were not reasonable and their mechanisms were not user-friendly. Ultimately, these aspects have been optimized. I always believe that protecting user interests cannot just be about "what I say," but more about "what Bitget does."

Regarding the responsibilities of the Chinese head, the most important is brand building and marketing promotion. Since I joined, our influence in the Chinese-speaking market has indeed increased significantly. For instance, last night at the gym, several major clients told me that our recent financial products are doing well, and many large clients around them have gradually come to Bitget. A few days ago, I saw data showing that since I joined Bitget, the platform's BTC reserves have grown fivefold, and ETH has increased by more than tenfold. Of course, this is not just my personal achievement, but this recognition makes me very happy. We are maximizing Bitget's visibility and appeal among Chinese-speaking users through continuous marketing and operations.

On the other hand, community operations and user management are also crucial. I personally have about 1,000 groups on WeChat, and the information never stops flowing. Although I mostly set them to "Do Not Disturb," as soon as someone @s me, I will check it to confirm whether they are looking for me personally or @ing everyone, and I try to respond to every message in a timely manner. With more groups and users, it helps me stay at the forefront, hearing feedback and responding quickly, which is very important.

Moreover, ecosystem building and business expansion are also core tasks for the Chinese head. I am currently leading the marketing team and have also formed a BD team in mid-October, personally guiding them in user acquisition and trading expansion, including our pioneering launch of US stock contracts and upcoming new products like gold and forex. We also need to promote market exposure and connect with quantitative institutions and other partners. Overall, it’s about promoting the brand's ecosystem growth comprehensively, which is a greater challenge compared to just being responsible for marketing.

Finally, as the Chinese head, it is also necessary to frequently participate in external PR activities, making some public statements and actively maintaining the platform's reputation, which is also an indispensable part of this position.

Deep Tide TechFlow: As the Chinese head of the exchange, where do your pressures and sense of achievement come from?

Xie Jiayin:

The pressure is indeed quite significant. First, the work intensity of this position is very high:

I work about 12-14 hours a day, and doing this continuously can easily lead to burnout, as everyone's energy is limited. I also understand that during downturns in the market, people can be somewhat emotional. For instance, I receive a large number of private messages, comments, and complaints on my Twitter and WeChat every day, and occasionally some "personal attacks." All of this requires a strong mental fortitude to handle in an orderly manner. Additionally, if unexpected events occur, we need to respond and handle them immediately; any delay could trigger a crisis of trust, which is something that cannot happen for the platform.

Another source of pressure comes from platform competition: The competition among exchanges is becoming increasingly fierce, especially this year. Today, you may poach my employees and channels, and tomorrow I might snatch your institutions and major clients. At the same time, many Chinese-speaking users are already industry OGs, and their expectations for exchanges are rising. If we make even a slight mistake, users might migrate to other platforms, effectively sending users to competitors, which brings significant pressure.

Finally, I think personal exposure is a double-edged sword. As an executive, being too active can make you a target. There are all kinds of people in the industry, and being criticized or questioned is common. But that’s okay; as long as I can earn a reputation for the platform, bring in users, and enhance the brand and trading, I think these efforts are worthwhile.

The sense of achievement comes from many aspects.

What makes me happiest is the recognition and loyalty of users. Many users who once had doubts about Bitget now sincerely support us. Seeing user data continue to grow makes me very happy. For example, last quarter, we counted the users across our entire ecosystem, including wallets and exchanges, with the user count exceeding 120 million and the exchange's monthly trading volume reaching $75 billion. This is very gratifying, and our goal for 2026 is to exceed $1 trillion in monthly trading volume.

On the other hand, the sense of achievement also comes from the growth of the team. I can lead the marketing and BD teams to rapidly expand the Chinese-speaking market ecosystem, developing channels, VIP clients, institutions, and partners. Every day, you can see changes happening, and I am happy to witness Bitget grow from a follower to a platform with widespread influence today.

Deep Tide TechFlow: Everyone who has interacted with you generally feels that you are very approachable and caring. May I ask what your MBTI is? Does this approachability come from professional requirements or is it inherent to your personality?

Xie Jiayin:

My MBTI is ENFJ, although I don't pay much attention to or believe in it, haha.

I am inherently a very friendly person. I believe that if you want to stand with users, merely spamming groups and pushing tweets is useless; you need to genuinely help users solve problems. This is one of my strengths, regardless of what I do, I love to think from the user's perspective. This may be related to my very ordinary background and growth experience, which allows me to better understand each user's thoughts and needs.

Moreover, to truly stand with users, you need to have the ability to empathize. For me, I won't just prioritize Bitget's interests because I am the Chinese head of Bitget. To truly help users solve problems and protect their interests, you must earn more trust. Otherwise, no matter how high your position is, it won't matter. This is also the basic logic of the platform and users developing together.

Becoming Top Three: Bitget in the Chinese-speaking Market

Deep Tide TechFlow: Recently, "Bitget Top Three" has become a hot topic for many people. What is the standard for this top three? Do you think this is something that gives you a sense of achievement?

Xie Jiayin:

This is undoubtedly a very gratifying achievement, although our top three comes with some controversy. However, based on our real data, real liquidity, and our advantages in derivatives, US stocks, and AI, I can confidently say that Bitget is among the top three in the Chinese-speaking market.

During our development, we have also faced some doubts. For instance, in September of this year, we launched the UEX (Universal Exchange) direction during Bitget's seventh anniversary event, which was met with skepticism from many. However, the reality is different.

In terms of direction, many platforms, including Robinhood and Binance, are now striving towards the "super app" direction, meaning one platform can trade any asset, thus capturing all users. This is what UEX aims to achieve. In other words, Bitget's proposal of UEX has no issues in direction judgment and trend grasping; it just depends on who can implement it first and who does it well.

From a performance perspective, we have genuinely delivered results, and users are very fond of them. We were one of the first platforms to integrate Ondo, and last week our US stock spot trading volume exceeded $60 million daily, accounting for about 73% of Ondo's market share. Additionally, our US stock contracts are the first to exceed $10 billion in trading volume.

Furthermore, our TradFi products are also in the works, supporting contract trading for gold, forex, and ETFs. Currently, we are opening it up to a limited number of users for experience, and we expect to fully launch in January 2026. In terms of product innovation, we are still very efficient.

Deep Tide TechFlow: After achieving the "Bitget Top Three" milestone, what measures will Bitget take in the future to deepen the impression of "Bitget Top Three" or help Bitget become a more top-tier presence?

Xie Jiayin:

I once tweeted that Chinese-speaking users are indeed very loyal; wherever they make money, they are willing to stay with that platform. To this day, I still believe this statement is very true.

Many users' impressions of exchanges are still stuck in the old top three (Binance, OKX, and old Huobi) phase, overlooking that many platforms have caught up and even excelled in certain aspects. When we first entered the Chinese market in 2023, many people viewed us as a small exchange. We need to come back and not only compete with the big exchanges but also contend with other small exchanges. Although it is challenging, we must do it in the Chinese-speaking market, so the question becomes whether you dare to do it.

To this end, we have made many efforts, such as signing Messi and collaborating with La Liga, all to show Chinese-speaking users that Bitget is actually quite good and doing well overseas. The Chinese-speaking market is not just about Binance and OKX; there is also Bitget. Everyone's habits can change, and I hope more people can come and experience Bitget.

I believe that a brand is essentially a perception. Just like the first impression between people or the collective recognition of users towards a product. This perception will gradually change over time and eventually align with reality. For example, you may have always thought Bitget was a small exchange, but as time goes on, you will definitely feel that Bitget truly deserves to be among the top three in the Chinese-speaking market.

Looking to the future, we will continue to promote several initiatives:

In terms of the market, we will launch more product activities, such as the recently launched TradFi and the US stocks introduced two months ago, which will bring us tangible user growth.

In terms of branding, we will strengthen cooperation with quality content creators, continuously produce content, enhance exposure, and actively participate in industry summits. For instance, at next year's Consensus, Token2049, etc., we will not only attend but also hold our own peripheral events, continuously reinforcing Bitget's influence in the Chinese-speaking region.

Behind the 10 Points of Wolf Spirit, Building the "Warmest Exchange"

Deep Tide TechFlow: You are very active on Twitter. Are all these tweets posted by you? Have you ever counted how many X messages you have replied to since joining Bitget?

Xie Jiayin:

I did a count. Since I joined Bitget on January 2, 2024, my Twitter replies and posts have totaled 17,000, averaging about 24 per day. This frequency is very high, and this is just public responses, not counting the massive private messages I handle.

But I don't set a fixed time to handle Twitter messages daily. In my daily life, I occasionally check Twitter. For me, checking Twitter is a very natural and effortless thing. For example, I might check it during meetings or while drafting plans; this might be one of my advantages, as my energy allows me to do different things simultaneously, haha.

Deep Tide TechFlow: Many people think Bitget is like Huawei. If you were to rate your wolf spirit from 1 to 10, what score would you give yourself and why?

Xie Jiayin:

I would definitely give myself a 10. I am essentially a competitive person, but my competition is not aimless, nor do I drag others along to bear the burden. Everyone's energy is limited and hard-earned. My wolf spirit is genuinely aimed at performance. For instance, now that I am leading the BD team, sometimes at one or two in the morning, if there is an urgent need, I will handle it immediately, pulling together a group and arranging for BD to connect.

I set the expectation for myself to respond instantly, so I also require the BD team to respond instantly. The BD team I lead is mostly new; some have briefly worked at other exchanges, while some have never been in the crypto space. However, my management style and effectiveness have been quite good, and the performance of the few BD members I personally guide has been impressive.

Deep Tide TechFlow: Since your onboarding, we have seen you share various services from Bitget on Twitter, such as previous new launches, VIP services, and the recent U Card. What do you think Bitget has done right to sustain its development, and what areas need improvement?

Xie Jiayin:

I will soon have been with Bitget for two years, and during this time, I feel genuinely proud of Bitget. We have gradually transitioned from a striving follower to one of the leading platforms today. This journey has not been easy, and it is backed by solid efforts.

While everyone sees me in the spotlight, the real support for Bitget comes from those partners who tirelessly refine products and serve users. Our entire team has about 2,200 employees.

Behind our rapid growth, we have excelled in many areas. I have always emphasized that we provide what users need, which is why we have successively launched products like US stocks and TradFi. Additionally, since July of this year, we have been vigorously expanding our institutional business and VIP services, and the market response has been very positive. Currently, our VIP client loyalty is quite high, with many willing to keep their assets and primary trading on Bitget. As for institutions, about 90% of the known institutions in the market have become our clients.

Of course, we also have many areas that need improvement. I have always believed that there are no perfect people or perfect exchanges. The development of exchanges is quite similar across platforms; we move forward while facing criticism. We certainly have times when we handle certain matters inadequately, but I think our most valuable trait is that we can promptly identify problems and correct them. When facing criticism, we must stand firm, and our attitude must be evident, allowing users to see that this is a platform that values credibility and responsibility.

In April of this year, when I led the team out, I stated that we want to be the "warmest exchange." What does it mean to be warm? It means not evading, not shirking, and not procrastinating. When users and channels reach out to us, we must respond instantly and be available at all times. As long as we persist in doing these things well, our position in users' hearts will gradually improve.

Deep Tide TechFlow: Can you share some major initiatives you have led or promoted since joining Bitget? This can include both product and market aspects.

Xie Jiayin:

First of all, I am very proud to have established a very excellent marketing team. Our entire Chinese-speaking market team consists of only six people, yet we have achieved industry-recognized levels. Not only is the market feedback good, but even competitors have praised us behind the scenes and have attempted to poach our talent. However, since this is a team I built from scratch, it won't be easy to take them away. Additionally, I have formed an excellent BD team, which is still small, but we welcome recommendations for outstanding talents.

Another area where I think we have done well is significantly enhancing Bitget's presence among Chinese-speaking users. Now, when people mention Binance or OKX, they often also think of Bitget, which is the result of our efforts to be seen.

Recently, when a fire occurred in Hong Kong, I led Bitget's donation efforts, and we donated a total of 12 million to three different organizations, each focusing on different areas of aid: some provided post-disaster psychological counseling, some addressed basic living needs, and others offered economic compensation. We hope to help the affected people in a more precise way. Many users have also provided feedback, feeling that Bitget has done something very tangible.

Since joining Bitget, I have always emphasized "walking with the community and resonating with users." In my heart, users are always the top priority. The most memorable experience for me was the pump.fun new launch event in June, which I led. During the process, many people couldn't get in, and within the first 10 seconds, the quota was completely allocated. I was on a business trip in Thailand at the time, and upon landing, I realized something was wrong and felt that if we handled it in the original way, it would definitely not work. So, I spent more than five hours continuously monitoring community feedback, following up from around 11 PM to 4 AM. By 6 or 7 AM, before work hours, I urgently gathered the product and operations teams for a meeting to decide to push forward with the Sunshine Plan and immediately began calculating the quota for each person.

However, many details could not be disclosed to the community until they were finalized, so before we officially announced it at 4 PM that day, we faced a lot of criticism. The funniest part was that I posted a moment saying I was closely monitoring the community, but the accompanying image was one of me hanging out with friends in Kuala Lumpur a week prior. Many people criticized me, questioning whether this was what I meant by seriously listening to the community. Of course, in the end, the situation was perfectly resolved, and we gained everyone's recognition, further demonstrating that through these small accumulations, Bitget's brand influence among Chinese-speaking users will continue to grow.

Adhering to Long-Termism to Achieve Real Results

Deep Tide TechFlow: As you are about to enter your third year at Bitget, what are your work and life goals for the next phase?

Xie Jiayin:

In terms of work, I hope to soon achieve a transition from "Bitget third" to "Bitget second," and truly establish a firm foothold in the second position. This is a major goal for us, and more specifically, I hope our monthly trading volume will soon exceed $1 trillion. I have ambition, and Bitget has ambition.

In my personal life, I can't think of anything specific at the moment because my life and work have already merged. In the Chinese-speaking region, Xie Jiayin represents Bitget, and Bitget also represents Xie Jiayin. So sometimes I come across comments saying that I am a good person, but Bitget is not doing well. Initially, I felt this was recognition for me, but now it feels a bit uncomfortable. My thought is simple: I represent Bitget, and if Bitget is not doing well, then it means I have not done my job well.

Deep Tide TechFlow: Let's discuss a lighter topic. It is said that you received a 50-month year-end bonus last year. How many months of year-end bonus do you predict you will receive this year?

Xie Jiayin:

For me, the year-end bonus is more like a footnote to the results rather than a goal in itself.

If I were to hope for something, I would like to see a "not bad" number in Deep Tide's news.

Deep Tide TechFlow: One last question. You mentioned that the market is bearish. Could you elaborate on your views? Do you think the crypto industry is currently in a bear market or a bull market ? And how do you view the future of the crypto industry?

Xie Jiayin:

I remember around 2010 when the concept of mobile internet emerged, and it wasn't until around 2014 that mobile internet truly took off, as smartphones began to become popular, leading to the emergence of various mobile games, apps, and ecosystems. Before 2010, the internet was in the web era, and people were still using Nokia phones. In my view, the crypto industry is still in the internet era of 2000, and it will be another ten years before we reach the mobile internet era.

I entered the crypto space around 2018, when mainstream media and public perception were still critical of the crypto industry. However, over the years, the value of crypto has been validated, with many countries, including the United States, vigorously developing crypto. This proves that good things can withstand the test of time, just as Bitget will surely be validated by history.

I also encourage young people to join this industry; it is definitely thriving. When I joined the industry in 2018, it was somewhat by accident. At that time, I had no understanding of crypto and was a complete novice, essentially stepping out of the grassroots era into a formal role.

Back then, the threshold for entering the blockchain industry was very low. Whether you were handing out flyers, working in real estate, or as a pharmaceutical representative, you could join and try to issue coins or start projects. Eight years later, the industry has become more regulated and professional. Many graduates from prestigious universities are now eager to enter this industry, and young people have recognized its prospects and opportunities, which is a very positive trend.

As for the market situation, last night Bitcoin's price was around $86,000. Short-term prices don't really indicate much. You have to remember that over a decade ago, Bitcoin was nearly worthless, and now, no asset can outperform Bitcoin. I believe these trends are part of the evolution of the times; the market has its cycles, and a short-term bear market doesn't mean much. Adhering to long-termism is the only way to achieve real results.