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Bitget Protection Fund Peaks Over US$442m

8 Feb 2024, 21:07

Bitget, the world's leading cryptocurrency exchange and Web3 company has released its Protection Fund Valuation Report for January 2024.

Bitget, the world’s leading cryptocurrency exchange and Web3 company, released its Protection Fund Valuation Report for January 2024. The report shows the fund achieved its highest-ever average monthly value of over US$415 million and reached an all-time-high value of over US$442 million on January 9, underscoring Bitget’s commitment to user protection.

Bitget’s Protection Fund stands out as a sizable user protection mechanism within the crypto industry. Maintaining one of the largest self-insured funds in the industry builds confidence for users by supplying an added layer of security. The fund helps shield crypto assets from threats like hacks, frauds and outsized market movements.

Bitget’s Protection Fund operates independently with a self-funded model, providing agile protection capabilities without external constraints. As the fund is autonomous, it can rapidly deploy resources as needed to cover user assets in the event of security incidents, market volatility, or other coverage events. This independent approach ensures Bitget users have strong protective support that is not dependent on external regulations, policies, or approvals which could introduce inefficiencies or delays in critical situations. The self-funded nature of the Protection Fund represents a considerable strength and security advantage for Bitget’s user community.

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 January, Bitget’s Protection Fund maintained stable growth as per market movements and BTC price surge, reaching an all-time-high value of over US$442 million on January 9.

Bitget Protection Fund Valuation Status in January 2024:

Highest value: US$442 million (Jan 9)

Lowest value: US$393 million (Jan 23)

Average value: US$415 million

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“Bitget is focused on better serving users and protecting their interests through a robust ecosystem of products and expertise. While security remains a top priority for us, what truly sets us apart is our absolute commitment to user protection. We aim to assure people with their crypto by safeguarding their assets and championing their well-being through every market condition,” 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.

The latest monthly Proof of Reserves (PoR) report reveals an exceptional total reserve ratio of 159%, emphasising Bitget’s unwavering commitment to ensuring user funds are consistently supported by substantial reserves. With these regular PoR disclosures, Bitget upholds its pledge to maintain 100% backing for user funds.

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As of February 7th, Coinmarketcap reports that Bitget’s total reserves exceed US$1.7 billion, comprising prominent cryptocurrencies like BTC, ETH, USDT, and USDC. By conducting routine audits, Bitget ensures continuous visibility and upholds its responsibility to openness and accountability.

 

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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 organiser PGL.

For more information, visit: Website  | Twitter  | Telegram  | LinkedIn  | Discord | Bitget Wallet

For media inquiries, please contact: [email protected]

 


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