Bitget Protection Fund Valuation Peaks Over $464M ...

Jun 10, 2024, 06:00 ET

VICTORIA, Seychelles, June 10, 2024 /PRNewswire/ — Bitget, the leading cryptocurrency exchange and Web3 company, announces today the updated valuation of its Protection Fund for May 2024. With the highest value at $465 million on May 20th and an average monthly valuation of $425 million, Bitget reinforces its commitment to fortify user security and safeguard its digital assets.

Since its inception in August 2022, the Protection Fund has been a cornerstone of Bitget’s user-centric approach, epitomizing the platform’s dedication to providing a secure trading environment. In a volatile landscape, the Protection Fund acts as a safety net against potential threats, ensuring Bitget users’ assets remain shielded from adversities.

Throughout May, driven by market trends and the BTC valuation, Bitget’s Protection Fund maintained a steady average monthly valuation of $425 million, significantly exceeding the company’s commitment of $300 million made in Oct 2022. In the past month, the Protection Fund retained its holdings of 6,500 BTC stored in three separate wallets, with all addresses publicly displayed for transparency.

Bitget Protection Fund Valuation Status in May 2024:
Highest value: $ 465 million (May 20)
Lowest value: $ 378 million (May 1)
Average value: $ 425 million

Utilizing a self-insured reserve model, Bitget’s Protection Fund operates independently, enabling swift and adaptive responses to emergent challenges. Free from external dependencies, the fund can swiftly reallocate resources to mitigate risks and protect user assets during turbulent market conditions or unforeseen events.

Gracy Chen, CEO of Bitget, remarked, “At Bitget, security is our top priority. The Protection Fund is a testament to our commitment to safeguarding our users’ digital assets. By maintaining an industry-leading protection fund making sure it is valued at above $300 million and insisting on making the wallet addresses public, we provide our users with peace of mind and security across all market conditions. We remain dedicated to transparency and security, ensuring that our platform remains a trusted leader in the cryptocurrency exchange industry.”

In addition to the Protection Fund’s robust performance, Bitget upholds its transparency standards by providing verifiable Proof of Reserves data and offering users unrestricted access to comprehensive fund storage information, including publicly available wallet addresses. Bitget’s unwavering dedication to transparency and security solidifies its position as a trusted leader in the cryptocurrency exchange industry.

To track Proof-of-Reserves, please visit here.

About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 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 many more.

SOURCE Bitget