Bitget's Protection Fund Soars to New Heights, Reaching $424 Million in December 2023

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11 Jan, 2024, 16:29 IST

VICTORIA, Seychelles, Jan. 11, 2024 /PRNewswire/ -- Bitget, the world's leading cryptocurrency exchange and Web3 company, has released its Protection Fund Valuation Report for December 2023 which includes an exciting all-time-high of $424 million. With an average of over $413 million for the month, this was the highest value of the Protection Fund since its launch.

Bitget's Protection Fund stands as one of the largest self-insured funds in crypto. It builds trust amongst users with an extra layer of protection as it safeguards crypto assets against hacks, scams, and extreme market conditions.

Bitget's Protection Fund Soars to New Heights, Reaching $424 Million in December 2023

The Protection Fund is entirely self-funded, affording a high degree of operational flexibility and autonomy. It constitutes a robust financial shield intended to protect the financial interests of Bitget's users. This approach enables swift and efficient asset coverage without external red tape or the need for policy adjustments.

To further increase its stability and liquidity against external factors, the fund encompasses a diversified portfolio of high-liquidity cryptocurrencies such as BTC, USDT, and USDC. For the month of December, Bitget's Protection Fund maintained stable growth as per market movements and BTC price surge, reaching an all-time-high value of over $ 424 million on December 8.

Bitget Protection Fund Valuation Status in December 2023:
Highest value: $424 million (Dec 8th)
Lowest value: $388 million (Dec 1st)
Average value: $413 million

"At Bitget we're driven to provide users with better service than traditional exchanges. We're constantly committed to protecting our users and creating a crypto experience with an ecosystem of worldclass products. Security is priority and protecting users' interests is what makes people choose us when it comes to crypto," said Gracy Chen, Managing Director at Bitget.

Bitget's commitment to transparency goes beyond the Protection Fund Valuation report. The exchange has consistently offered verifiable Proof of Reserves data, providing users with additional confidence in the security of their assets. Bitget continues to grant users unrestricted access to comprehensive fund information, including publicly available wallet addresses.

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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.