Leading global cryptocurrency exchange, Bitget announces that it will increase its Protection Fund to 300 Million USD, in order to provide better protection and further assurance to crypto users.
This is part of Bitget’s major efforts in building the trust of the crypto market after FTX’s collapse, leaving users with massive losses.
The initiatives come along with a 5 million USD Builders’ Fund to support FTX users, coupled with the plan to share the Merkle Tree Proof of Reserves, which is under preparation and will soon be released in 30 days.
Bitget’s Protection Fund was launched in July this year with the objective of safeguarding users’ crypto assets. It was set up with a fund worth 200 million USD, consisting of 6000 BTC and 80 million USDT.
The fund is completely self-funded, allowing more flexibility and discretion to efficiently cover users’ assets without external bureaucracy or policy changes.
The increased 300 million USD protection fund will be made up of popular cryptocurrencies with high liquidity, such as BTC, USDT, and USDC. The exchange has pledged to secure the value of the fund for the next three years with no withdrawals.
If the fund value drops as the price of BTC declines, Bitget will continue to cover the position to ensure that the balance is not less than 300 million USD, at all times. To ensure transparency, all the information about the fund is open to the public and users can view the cüzdan addresses here.
“Expansion for Bitget Protection Fund is another move by Bitget to help enhance trust and confidence in the crypto space as a whole. Working as an emergency reserve and with additional capital, the fund would be able to offer top-notch safety and protection for users, especially in extreme and unpredictable situations in the crypto space. We believe that risk management policies such as protection funds would become the norm for prominent and reliable exchanges.”
Gracy Chen, Bitget'in Genel Müdürü
She adds, “Bitget strives to work on quality efforts to ensure that the platform is safe and stable with adequate protection for our users. We will continue to focus on initiatives in building a trustworthy and transparent crypto ecosystem for all.”
Bitget hakkında
2018 yılında kurulan Bitget, şu anda dünya çapında 8'den fazla ülkede 100 milyondan fazla kullanıcıya hizmet veren, yenilikçi ürünleri ve sosyal ticaret hizmetleriyle dünyanın önde gelen beş kripto para borsasıdır.
The exchange is committed to providing one-stop and secure trading solutions to users and aims to increase crypto adoption through collaborations with creditable partners, including Argentinian legend Lionel Messi, leading Italian football team Juventus, PGL Major’s official esports crypto partner, and leading esports organization Team Spirit.
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Source: https://beincrypto.com/bitget-raises-its-protection-fund-to-300m-to-reassure-users/