Bitget Continues to Safeguard Users with Protection Fund, Valued at $465 Million in Apr 2024

India - English

USA - English

News provided by

15 May, 2024, 17:30 CST

VICTORIA, Seychelles, May 15, 2024 /PRNewswire/ -- Bitget, the leading cryptocurrency exchange and Web3 company, proudly announces the updated valuation of its Protection Fund for April 2024. With the highest value at $465 million on April 8th and an average monthly valuation of $428 million, Bitget reinforces its commitment to fortify user security and safeguard its digital assets.

As an essential pillar of Bitget's user-centric approach since August 2022, the Protection Fund epitomizes the platform's dedication to providing a secure trading environment. In a volatile landscape fraught with risks, the Protection Fund serves as a safety net against potential threats, ensuring Bitget users' assets remain shielded from adversities.

Throughout April, propelled by market trends and the BTC valuation, Bitget's Protection Fund remained steady with an average monthly valuation of $428 million, significantly exceeding the company's commitment of $300 million in Oct 2022. In the interim, Bitget temporarily removed USDT storage from the Protection Fund as it expects to add more financial support to Bitget's ecosystem growth. After the adjustment, the Bitget Protection Fund still holds a total of 6,500 BTC.

Bitget Protection Fund Valuation Status in April 2024:

Highest value: $ 465 million (Apr 8)

Lowest value: $ 394 million (Apr 30)

Average value: $ 428 million

Utilizing a self-insured reserve model, Bitget's Protection Fund operates independently, enabling swift and adaptive responses to emergent challenges. Free from external dependencies, the fund can swiftly reallocate resources to mitigate risks and protect user assets during turbulent market conditions or unforeseen events.

Gracy Chen, Managing Director at Bitget, remarked, "Security is paramount at Bitget, and our Protection Fund underscores our unwavering commitment to safeguarding our users' assets. We will stick to our original plan of maintaining the fund valuation above $300 million, providing peace of mind to our users by fortifying their digital asset security across all market conditions."

In addition to the Protection Fund's robust performance, Bitget upholds its transparency standards by providing verifiable Proof of Reserves data and offering users unrestricted access to comprehensive fund storage information, including publicly available wallet addresses. Bitget's unwavering dedication to transparency and security solidifies its position as a trusted leader in the cryptocurrency exchange industry.

For more detailed information, please visit here.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

SOURCE Bitget