Emergency reserve valued at USD 200 million
Singapore, 2nd August 2022 – Leading global derivatives exchange – Bitget, is pleased to announce the launch of the US$200 million Bitget Protection Fund, as part of its continued efforts in prioritising security, and ensuring its users’ assets are safeguarded.
As crypto continues to dominate the digital asset market, it revolutionised the way people trade and invest their resources. However, the volatility from the bear market triggered recent incidents that threatened the trust of traders worldwide, and many had to bear steep financial consequences as a result.
Investors have experienced a volatile period and severe fear sentiment in the last two months. Even though the crypto market is moving out of the extreme fear zone recently, it is still vulnerable to various FUD (fear uncertainty and doubt) across the crypto world and unfavourable macroeconomic conditions in the traditional finance field. Addressing security concerns and increasing investor confidence should be among those priorities for different firms in the bear market.
The Bitget Protection Fund was created with the goal to provide unparalleled security and to ensure a secure and safe trading experience for users around the world. The fund is currently valued at US$200 million, consisting of 6000 BTC and 80 million USDT. Bitget has pledged 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 also helping to usher in a new era of safety and protection in the crypto space as a whole.
The Bitget Protection Fund is entirely self-funded and does not rely on a third-party insurance policy, and therefore is able to efficiently cover users’ loss of funds without external bureaucracy or policy changes. Moreover, the Fund is composed partly of stable coins, which ensures the stability of the assets and will not be as susceptible to fluctuations in the crypto market.
In addition to the Bitget Protection Fund, Bitget has been focused on the fight against illegal activities and put in place stringent KYC and AML policies to ensure bad characters are kept out of the Bitget community. Bitget has also partnered with third-party legal and compliance partners to strengthen its standard for compliance and maintain a regulated operation.
Commenting on the launch, Gracy Chen, Managing Director of Bitget said, “As one of the world’s leading crypto exchanges, the safety of our 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 safeguarding and protecting our Bitget community. The protection fund will help us mitigate investors’ concerns and attract potential users. As we continue to endure the crypto winter, it is crucial that our users can rest assured that their funds are kept safe.”
She continued to add, “Moving forward, as we continue our mission to drive global crypto adoption, we also make a pledge focused on creating a fair and secure digital asset marketplace with investor protection and market integrity as key priorities. Meanwhile, we believe our initiative would encourage other CEXs to address concerns of accountability, safety, and security in crypto space, and help win back investors’ confidence and build a better crypto world together.”
Established in 2018, Bitget is one of the world’s leading cryptocurrency exchanges with a core focus on social trading. Currently serving over two million users in more than 50 countries around the world, Bitget accelerated its mission to promote decentralised finance with a 600-strong workforce.
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 copy 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 trade with social trading. Its flagship offering, One-Click Copy Trade, is nothing short of a pioneer in social trading, and has amassed 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, that connects CeFi and DeFi, resulting in an expansive bridge to the vast web of crypto. In September 2021, Bitget announced its sponsorship of world-renowned football team Juventus as its first-ever sleeve partner and PGL Major’s official esport crypto partner soon after. Partnerships with the leading esports organisation, Team Spirit, and Turkey’s leading and long-standing football club, Galatasaray, were also announced in early 2022.
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