Emergency reserve worth USD 200 million
Singapore, 1 August 2022 – Leading global derivatives exchange – Bitget, is pleased to announce the launch of the USD 200 million Bitget Protection Fund, as part of its continued efforts to prioritize security, to ensure that users’ assets are safeguarded.
As crypto continues to dominate the digital asset market, it revolutionized the way people trade and invest their resources. However, the volatility of the bear market triggered recent events that threatened the confidence of traders worldwide, and many had to bear heavy financial consequences as a result.
Investors have experienced a volatile period and severe sense of fear over the past two months. Although the crypto market is recently moving out of the extreme fear zone, it remains vulnerable to various FUD (fear-uncertainty and doubt) across the crypto world and adverse macroeconomic conditions in the traditional financial field. Addressing security concerns and increasing investor confidence should be among those priorities for various firms in the bear market.
Bitget Protection Fund was created with the goal of providing unmatched security and to ensure a safe and secure trading experience for users worldwide. The fund is currently valued at USD 200 million, consisting of 6,000 BTC and 80 million USDT. Bitget has promised to secure the value of the fund for the next three years. The fund will ultimately act as a safeguard for Bitget users and the Bitget trading platform, while helping usher in a new era of security and protection in the crypto space as a whole.
The Bitget Protection Fund is completely self-funded and does not rely on third-party insurance, and is therefore able to effectively cover users’ loss of funds without external bureaucracy or policy changes. Moreover, the fund is partially composed of stablecoins, which ensures the stability of the assets and will not be as exposed to fluctuations in the crypto market.
In addition to the Bitget Protection Fund, Bitget has been focused on the fight against illegal activities and has implemented strict KYC and AML guidelines to ensure that bad characters are kept out of the Bitget community. Bitget has also partnered with third-party legal and compliance partners to strengthen its standard of compliance and maintain a regulated operation.
Commenting on the launch, Bitget CEO Gracy Chen said, “As one of the world’s leading crypto exchanges, the security of users’ assets has always been our first and foremost priority. With the launch of the Bitget Protection Fund, we are one step closer to fulfilling our commitment to protect and safeguard our Bitget community. The protection fund will help us allay investor concerns and attract potential users. As we continue to weather the crypto winter, it’s critical that our users can rest assured that their money is kept safe.”
She went on to add, “As we continue our mission to drive global crypto adoption, we are also making a pledge that focuses on creating a fair and secure marketplace for digital assets with investor protection and market integrity as top priorities. In the meantime, we believe that our initiative will encourage other CEXs to address concerns about accountability, safety and security in the crypto space, helping to win back investor confidence and build a better crypto world together.
For more information on the Bitget Protection Fund, click here.
Bitget was established in 2018 and is one of the world’s leading cryptocurrency exchanges with a core focus on social trading. Bitget, which currently serves over two million users in more than 50 countries around the world, accelerated its mission to advance decentralized finance with a workforce of 600 people.
Since Bitget’s official launch in the crypto derivatives market in June 2019, the platform has now become one of the world’s largest crypto trading and derivatives exchanges, and is ranked in the top five globally by CoinMarketCap and CoinGecko for derivatives trading by volume. The leading exchange focuses on transforming the way people connect and transact with social commerce. Its flagship offering, One-Click Copy Trade, is nothing less than a pioneer in social trading, bringing together over 55,000 professional traders, with approximately 1.1 million followers, innovating the experience for crypto derivatives traders worldwide.
Adhering closely to its philosophy of “Better Trading, Better Life”, Bitget is committed to providing comprehensive and secure trading solutions to users globally, aiming to be the portal that transcends Web2 and Web3, connecting CeFi and DeFi, resulting in an expansive bridge. to the vast web of crypto. In September 2021, Bitget announced its sponsorship of the world famous football team Juventus as its first sleeve partner and the PGL Major’s official esports crypto partner soon after. Partnerships with the leading eSports organization, Team Spirit, and Turkey’s leading and long-standing football club, Galatasaray, were also announced in early 2022.
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