Bitget Raises Its Protection Fund to $300M to Reassure Users After FTX’s Collapse
news release
PRESS RELEASE. Nov 15 th, 2022— Leading international cryptocurrency exchange, Bitget reveals that it will increase its Protection Fund to 300 Million USD, in order to offer much better security and additional guarantee to crypto users. This belongs to Bitget’s significant efforts in developing the trust of the crypto market after FTX’s collapse, leaving users with enormous losses. The efforts occur with a 5 million USD Builders’ Fund to support FTX users, paired with the strategy to share the Merkle Tree Proof of Reserves, which is under preparation and will quickly be launched in 30 days.
Bitget’s Protection Fund was introduced in July this year with the goal to secure user’s crypto properties. It was established with a fund worth of 200 million USD, including 6000 BTC and 80 million USDT The fund is entirely self-funded, permitting more versatility and discretion to effectively cover users’ possessions without external administration or policy modifications.
The increased 300 million USD defense fund will be comprised of popular cryptocurrencies of high liquidity, such as BTC, USDT, and USDC. The exchange has actually promised to protect the worth of the fund for the next 3 years without any withdrawal. If the fund worth drops as the rate of BTC decreases, Bitget will continue to cover the position to guarantee that the balance is not less than 300 million USD, at all times. To guarantee openness, all the info about the fund is open to the general public and users can see the wallet addresses here
Gracy Chen, Managing Director of Bitget, states, “Expansion for Bitget Protection Fund is another relocation by Bitget to assist improve trust and self-confidence in the crypto area as a whole. Working as an emergency situation reserve and with extra capital, the fund would have the ability to provide first-class security and defense for users, specifically in severe and unforeseeable scenarios in the crypto area. Our company believe that danger management policies such as security funds would end up being the standard for popular and trustworthy exchanges.”
She includes “Bitget makes every effort to deal with quality efforts to guarantee that the platform is safe and steady with sufficient defense for our users. We will continue to concentrate on efforts in constructing a trustworthy and transparent crypto environment for all.”
About Bitget
Bitget, developed in 2018, is the world’s leading 5 leading cryptocurrency exchange with ingenious items and social trading services as its crucial functions, presently serving over 8 million users in more than 100 nations worldwide.
The exchange is devoted to supplying one-stop and safe trading options to users and intends to increase crypto adoption by partnerships with praiseworthy partners, consisting of Argentinian famous footballer Lionel Messi, Italian leading football group Juventus, PGL Major’s main esports crypto partner, and the leading esports company Team Spirit.
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