Cryptocurrency exchange Bitget has released a white paper detailing its Universal Exchange (UEX) model. The document outlines the architecture, roadmap, and industry standards aimed at integrating cryptocurrency and traditional markets.

The white paper was prepared by Bitget Research's chief analyst Ryan Li and Bitget CEO Gracy Chen. The authors describe UEX as a solution to the "exchange trilemma"—the challenge of simultaneously providing convenience, asset diversity, and security.

Source: Bitget.

The white paper identifies five stages in the evolution of cryptocurrency trading platforms:

  1. 2009–2013. P2P origins: trades conducted via forums, low liquidity, and trust issues. The emergence of Mt.Gox as the first exchange with an order book and its subsequent collapse after a hack.
  2. 2014–2016. Rise of CEX: launch of regulated global exchanges, fiat gateways, futures, and margin trading. A sharp increase in the number of available assets.
  3. 2017–2019. DEX and DeFi: The ICO boom drives the market to peak values. The emergence of AMM and the first DEXs, increasing risks and complexity for users.
  4. 2020–2022. Convergence of CeDeFi: CEXs incorporate DeFi tools and their own blockchains. Following the collapse of FTX, demand for transparency and Proof-of-Reserves increases.
  5. 2023–2025. The dawn of the UEX era: integration of CEX and DEX on a single platform, incorporating on-chain wallets and AI features. Growing interest from TradFi in tokenized assets. The model of "all assets—one exchange" emerges as a new market paradigm.
Source: Bitget.

The Universal Exchange model is built on three components:

  • Universal access to assets. One account for trading cryptocurrencies across Ethereum, Solana, BNB Chain, Base, as well as tokenized stocks, ETFs, commodities, and forex;
  • AI assistant. The GetAgent system analyzes market sentiment, technical indicators, and on-chain data. The assistant considers the user's trading history and risk profile, creating personalized strategies and executing trades on command;
  • Hybrid security. Bitget combines on-chain transparency with off-chain control. The system includes three layers of protection: pre-trade screening (identifying malicious contracts and fake tokens), real-time transaction monitoring, and a $700 million protection fund for emergency compensation.

“Real progress begins when systems become understandable and useful for users. UEX is about making markets work together: one account, a unified user experience, and a level of transparency and protection that can be trusted,” said Gracy Chen.

Roadmap

Bitget Research forecasts three phases of industry development in the coming years:

  • 2025–2026. AI assistants and personalized interfaces become standard. Bitget scales GetAgent globally.
  • 2026–2028. Expanding access to tokenized real-world assets (RWA)—stocks, bonds, commodities. Exchanges implement regulated gateways for traditional instruments.
  • Post-2028. Major trading platforms and financial institutions converge through shared liquidity and compliance protocols, forming a "meta-exchange" layer between CeFi, DeFi, and TradFi.

Industry Standard

The authors position UEX not as a closed ecosystem but as a framework for the entire industry. The white paper describes technical modules and integration pathways for traditional financial institutions—from white-label solutions for neobanks to shared liquidity pools.

Bitget Research references a BCG forecast indicating that the volume of tokenized assets is expected to reach $16 trillion by 2030.

“The industry has reached a point where adding another wallet or AI tool is no longer sufficient. The key question is whether these systems can interact with each other. UEX is our way of demonstrating how such integration can work at a scale that encompasses both cryptocurrency and traditional markets,” noted Ryan Li.

The document also includes a comparative analysis of the readiness of major exchanges for the UEX model across seven areas:

  • single sign-on (Web3 wallet and access to dapps);
  • single account for on-chain and CEX assets;
  • support for TradFi assets (tokenized stocks and ETFs);
  • basic AI integration (analytics and insights);
  • advanced AI integration (trading assistant with trade execution);
  • unified security system (Proof-of-Reserves and insurance fund);
  • on-chain risk filtering.
Source: Bitget.

Previously, ForkLog spoke with Bitget's CEO about the solutions that fueled the company's growth, how tokenized stocks are changing the market, and the role of artificial intelligence in trading.