$464 million dollars – new milestone figure for Bitget crypto exchange in terms of user protection. The fund, established in August 2022, aims to ensure a safe trading environment on the platform.
In a notable development, Bitget, a major crypto exchange, has reported that the volume of its Protection Fund surpassed $464 million as of May 2024. This fund, a cornerstone of Bitget’s security strategy, was created to protect users' digital assets against market volatility and unforeseen events.
According to The Cryptonomist, the Protection Fund reached a peak value of $465 million on May 20, with a stable monthly average of $425 million. This represents a substantial increase from the initial $300 million commitment made in October 2022. The fund's assets, including 6,500 BTC, are distributed across three publicly viewable wallets to maintain transparency.
Bitget CEO, Gracy Chen, emphasized the importance of security, stating, “Security is our top priority. The Protection Fund demonstrates our commitment to safeguarding users’ digital assets. By maintaining an industry-leading protection fund and making wallet addresses public, we offer peace of mind and security in all market conditions”.
Furthermore, Bitget is expanding its on-chain ecosystem with a $10 million fund to support the development of native DApps within the Bitget Wallet. This initiative mirrors similar strategies by competitors like Binance and OKX, aiming to enhance Bitget’s presence in the Web3 space.
This substantial growth in Bitget's Protection Fund and its continued investment in security and innovation highlight the exchange's commitment to providing a secure and fair trading environment.
To learn more about how Bitget protects client assets, visit the exchange's Announcement Center.
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