Bitget Protection Fund
The Bitget Protection Fund, valued at $465 million in April 2024, underscores the platform’s commitment to user security.
Bitget, a leading cryptocurrency exchange and Web3 company, announces the updated valuation of its Protection Fund for April 2024, reaching a peak of $465 million on April 8th and maintaining an average monthly valuation of $428 million. This demonstrates Bitget’s steadfast commitment to fortifying user security and protecting digital assets, with the Protection Fund serving as a cornerstone of the platform’s user-centric approach since August 2022.
Steadfast Support Amid Market Dynamics
Throughout April, Bitget’s Protection Fund remained stable, propelled by market trends and BTC valuation, with an average monthly valuation surpassing the company’s commitment of $300 million pledged in October 2022. Despite a temporary exclusion of USDT storage from the fund to facilitate ecosystem growth, the Protection Fund retains a substantial reserve of 6,500 BTC.
Agile Responses to Emerging Challenges
Employing a self-insured reserve model, Bitget’s Protection Fund operates independently, enabling agile responses to emerging challenges. This autonomy allows the fund to swiftly reallocate resources to mitigate risks and safeguard user assets during turbulent market conditions or unforeseen events, ensuring robust protection against adversities.
Commitment to Transparency and Security
Gracy Chen, Managing Director at Bitget, underscores the platform’s unwavering commitment to security, emphasizing the importance of maintaining the fund valuation above $300 million. Bitget prioritizes transparency by providing verifiable Proof of Reserves data and offering users unrestricted access to comprehensive fund storage information, solidifying its position as a trusted leader in the cryptocurrency exchange industry.
