Gotbit, a leading Web3 market making service provider, has presented their annual report covering key financial and strategic metrics. The hedge fund has succeeded amidst bear market conditions and has outperformed the planned metrics.
The company presented an infographic displaying the results of the three main operational directions: market making, ventures, and development. Gotbit has strengthened its position throughout the year, resulting in the rapid growth of the key metrics.
The primary direction of the company, market making, showed a cumulative profit of $170,000,000 from both centralized and decentralized exchanges. Thanks to their vast expertise in the Web3 market and development, the firm was able to connect to 14 new decentralized exchanges on 8 different blockchains. During 2022, the Gotbit team onboarded 241 new tokens, resulting in accelerated development despite the bear market conditions. It’s worth mentioning the projects that the Gotbit team worked closely with during the year on market making and other approaches – Syscoin (SYS), PowerPool (CVP), vEmpire (VEMP).
Another branch of Gotbit’s, their VC, has also shown a massive outcome. As an incubator, Gotbit works closely with potential token issuers from the concept stage to the IDO and beyond. During the year, more than 1,200 projects were introduced to the company’s incubator. Gotbit has helped their clients raise $23,000,000 combined during funding rounds, which can be considered as remarkable results within the current market conditions. Being a VC fund themselves, the company has invested in 26 projects in the seed stage.
As for development, the company also shared the results of its work in 2022. Namely, a total amount of 52 products were developed for both clients and internal use, with a total of 184,220 lines of code delivered. The products developed by the dev team included launchpads, vesting mechanisms, NFT platforms, and more.
In addition to the financial and operational breakthroughs, the team also expanded their global presence, resulting in the opening of new offices in New York, Lisbon, and Dubai.
Alex Andryunin, CEO at Gotbit, emphasized the outstanding results that the company achieved this year:
Despite the long-running bear market conditions, Gotbit’s financial metrics are showing stable MoM growth thanks to our adaptive strategic and operational approach. Even when such whales as Alameda and FTX are failing, Gotbit has proven its stability. I would like to thank our team, partners, and, especially our clients for their trust and support.
Unlike most of the other market making service providers, Gotbit tends to be more transparent in terms of both liquidity management and market insights. Recently, Andryunin shared the insights of their hedge fund combined in the document called “The Magic Table” which shows the fund’s strategy in the bear market.
About Gotbit
Gotbit is a performance-focused hedge fund & crypto market maker that operates both on centralized and decentralized exchanges. Founded back in 2017, the company has progressed in new directions, specifically, web3 development, an incubator, consulting, and many more.
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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