Bitget released September data on user protection fund
Bitget released September data on user protection fund
Cryptocurrency exchange Bitget has released its September 2023 Protection Fund Valuation Report.
The Bitget's Protection Fund was established in August 2022 and is designed to protect users from force majeure, hacker attacks, or extreme market situations, as well as the financial security of the exchange.
The Protection Fund is self-funded, which gives it a high degree of operational flexibility and autonomy, as well as fast and efficient asset coverage. In addition, its diversified portfolio includes highly liquid cryptocurrencies such as BTC, USDT, and USDC.
According to information published on Bitget's website, the fund is backed by a 1:1 ratio of users' assets.
The valuation status of Bitget's Protection Fund as of September 2023:
- Highest value - $340.9 million (Sept. 20).
- Lowest value - $331.7 million (Sept. 2).
- Average value - $334.7 million.
The exchange notes that the Protection Fund is insured against any decline for a period of three years with no exceptions. In the event of a potential decline in the fund's value due to cryptocurrency price fluctuations, Bitget guarantees that the fund's balance will remain above the $300 million mark at all times.
"Septembers have historically been low points for Bitcoin prices. Our Protection Fund remained a pillar of strength and insurance for our users. We believe in fostering Bitget's ecosystem with transparency, and we provide the best security to maintain it. Honesty is the foundation of decentralized communities, and we're building trustlessness. Our Protection Fund and proof of reserves are two testaments to that," said Gracy Chen, Managing Director of Bitget.
It is worth noting that since November 2022, the value of the fund has consistently exceeded $300 million.
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