-Bitget increases the Protection Fund to 300 million dollars to safeguard the assets of FTX users
HONG KONG, Nov. 21, 2022 /PRNewswire/ -- Bitget, the world's leading cryptocurrency exchange, announces that it will increase its Protection Fund to $300 million, in order to provide better protection and security for cryptocurrency users. This is part of Bitget's larger efforts to build the confidence of the cryptocurrency market after the FTX collapse, leaving users with massive losses. The initiatives are accompanied by a link to support FTX users, along with the Merkle Tree Proof of Reserves sharing plan, which is in the works and will soon be released in 30 days.
The Bitget Protection Fund was launched in July this year with the aim of safeguarding users' crypto assets. It was created with a fund of 200 million dollars, made up of 6000 BTC and 80 million USDT. The fund is completely self-funded, allowing for greater flexibility and discretion to effectively hedge user assets without external bureaucracy or policy changes.
The expanded $300 million hedge fund will be comprised of popular, highly liquid cryptocurrencies such as BTC, USDT, and USDC. The exchange has committed to lock in the value of the fund for the next three years without withdrawing it. If the value of the fund decreases as the price of BTC falls, Bitget will continue to hedge the position to ensure that the balance does not fall below $300 million, at all times. To ensure transparency, all information about the fund is open to the public and users can view wallet addresses here.
Gracy Chen, CEO of Bitget, said, "Bitget strives to work on quality efforts to ensure that the platform is secure and stable with adequate protection for our users. The expansion of the Bitget Protection Fund is another move from Bitget to help improve confidence in the cryptocurrency space as a whole Functioning as an emergency reserve and with additional capital, the fund would be able to offer first-class security and protection for users, especially in extreme and unpredictable situations in the crypto space.We believe that risk management policies such as hedge funds would become the norm for prominent and trusted exchanges, and we will continue to focus on initiatives to build a trusted and transparent crypto ecosystem for all. "
Bitget, established in 2018, is the world's leading cryptocurrency exchange, with innovative products and social trading services as its core features, currently serving more than 8 million users in more than 100 countries around the world.
The exchange is committed to offering secure, one-stop trading solutions to users and aims to increase cryptocurrency adoption through collaborations with reputable partners such as legendary Argentine soccer player Lionel Messi, Italy's leading soccer team Juventus, partner Official cryptocurrency of PGL Major and leading esports organization Team Spirit.
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