Bitget expands initiatives to protect user assets

As the crypto world is constantly flooded with incidents like the FTX and DCG news, users continue to lose trust in centralized crypto exchanges due to their lack of transparency on how users’ assets are held.

Bitget’s, a leading global cryptocurrency exchange, has been constantly working to increase user confidence by introducing many new security initiatives.

Bitget protection fund

Bitget recently launched a protection fund aimed at protecting users’ crypto assets. It was initially created with a fund worth USD 200 million consisting of 6000 BTC and 80 million USDT and was increased to USD 300 million. The fund consists of popular high-liquidity cryptocurrencies such as BTC, USDT, USDC is fully self-funded, providing greater flexibility and discretion to effectively cover users’ assets without external bureaucracy or policy changes.

Børsen has undertaken to secure the fund’s value for the next three years without a withdrawal. If the value of the fund decreases as the price of BTC decreases, Bitget will continue to cover the position to ensure that the balance is not less than USD 300 million at all times. To ensure transparency, all information about the fund is public and users can see the wallet addresses here.

Proof of reserves

Bitget also launched a Proof of Reserves page showing users that we are a full-reserve exchange, as supported by Proof of Reserves (“PoR”), using the cryptographically controlled Merkle tree method, and that the user assets stored on the platform is protected.

Fund custody

Bitget is also launching a Fund Custody service for professional investors and institutions. The service offers special wallets for eligible accounts to maximize the protection of customers’ money on the platform. The exchange also recently released the latest snapshot of its Merkle tree Proof of Reserves to reassure users that their assets are held in 1:1 reserves.

Keeping the asset in a separate wallet prevents users’ funds from being compromised in an emergency such as a stock market crash or other cyber security threats. The portfolio assets are rounded up daily to ensure that the user still meets the required conditions.

Gracy Chen, CEO of Bitgetnotes, “Protecting our clients’ assets is and will always be our top priority at Bitget. Since the collapse of some industry adversaries, we have launched a number of initiatives for increased protection. In addition to the security provided by our $300 million USD Bitget Protection Fund and Merkle tree Proof of Reserves, we are proud to announce our Fund Custody service. Equipped with industry-class security systems and dedicated wallet addresses for qualified users, the new service will further promote transparency and security for our users and their funds.”

About Bitget

Founded in 2018, Bitget is a top five cryptocurrency exchange with innovative products and social trading services as its main features, currently serving more than 8 million users in more than 100 countries around the world.

Committed to providing one-stop and secure trading solutions to users, the exchange aims to increase cryptocurrency adoption through collaborations with deserving partners including Argentine legendary soccer player Lionel Messi, leading Italian soccer team Juventus, the official esports crypto partner of the PGL Major and leading esports organization Team Spirit.

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