Bitget, the world’s leading cryptocurrency exchange Announces an increase in the Protection Fund to 300 million US dollars. To provide better protection and additional guarantees to crypto users. It is part of Bitget’s big efforts to build credibility in the crypto market. After the fall of the FTX (FTX) which caused the user to lose a lot. The venture comes with a $5 million investment in a Builders Fund. To support FTX users alongside the Merkle Tree Proof of Reserve mechanism sharing scheme is being prepared and will be released within 30 days.
The Bitget Protection Fund was launched in July this year. With the aim of protecting users’ crypto assets, the fund was established with a capital of approximately US$200 million. It contains 6,000 Bitcoins (BTC) and 80 million USDT (USDT) This fund is a fully private equity fund. This makes it more flexible and thoughtful. to effectively cover user assets without requiring external infrastructure systems or policy changes.
This defense fund increased to $300 million. It will include highly liquid cryptocurrencies such as Bitcoin, USDT and USDC (USDC) The exchange will maintain the value of the fund for the next three years without withdrawing funds. If the value of the fund decreases because the price of bitcoins decreases. Bitget will continue to maintain its presence to ensure a minimum balance of $300 million at all times. to ensure transparency All information about the fund is available to the public. And users can see their crypto wallet address here.
Bitget Managing Director Gracy Chen said, “Bitget is committed to quality work. To ensure that the platform is safe and stable with adequate protection for our users. The expansion of the Bitket Protection Fund is another step for Bitget. That will increase trust and credibility in the crypto community as a whole, as an emergency fund and with additional capital. This means that this fund offers the highest level of security and protection to its users. Especially in extreme and unpredictable situations in the crypto field. We believe that risk management policies such as hedge funds will become the norm for excellent and reliable exchanges. We will continue to focus on initiatives to build the crypto ecosystem. Trustworthy and transparent to all.”
About Bitget
Bitget is the top 5 cryptocurrency trading platform in the world. It has innovative products and social trading services as its core features. Bitget was founded in 2018 and currently serves over 8 million users in over 100 countries worldwide.
Bitget is committed to providing users with comprehensive and secure trading solutions. The goal is to make crypto more acceptable. Partnering with trusted partners, including Argentine football legend Lionel Messi, Italy’s best football club Juventus, sponsor crypto esports. The official official of the PGL Major (PGL Major) and Team Spirit (Team Spirit), is lead esports organizations.
Press inquiries can be made at
sylvia.huang.yq@bitget.com
rachel.cheung@bitget.com
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