Bitget Raises Its Protection Fund to $300M to Reassure Users After FTX’s Collapse

PRESS RELEASE. Nov 15th, 2022 – Leading planetary cryptocurrency exchange, Bitget announces that it volition summation its Protection Fund to 300 Million USD, successful bid to supply amended extortion and further assurance to crypto users. This is portion of Bitget’s large efforts successful gathering the spot of the crypto marketplace aft FTX’s collapse, leaving users with monolithic losses. The initiatives travel on with a 5 cardinal USD Builders’ Fund to enactment FTX users, coupled with the program to stock the Merkle Tree Proof of Reserves, which is nether mentation and volition soon beryllium released successful 30 days.

Bitget’s Protection Fund was launched successful July this twelvemonth with the nonsubjective to safeguard user’s crypto assets. It was acceptable up with a money worthy of 200 cardinal USD, consisting of 6000 BTC and 80 cardinal USDT. The money is wholly self-funded, allowing much flexibility and discretion to efficiently screen users’ assets without outer bureaucracy oregon argumentation changes.

The accrued 300 cardinal USD extortion fund volition beryllium made up of fashionable cryptocurrencies of precocious liquidity, specified arsenic BTC, USDT, and USDC. The speech has pledged to unafraid the worth of the money for the adjacent 3 years with nary withdrawal. If the money worth drops arsenic the terms of BTC declines, Bitget volition proceed to screen the presumption to guarantee that the equilibrium is not little than 300 cardinal USD, astatine each times. To guarantee transparency, each the accusation astir the money is unfastened to the nationalist and users tin presumption the wallet addresses here.

Gracy Chen, Managing Director of Bitget, says, “Expansion for Bitget Protection Fund is different determination by Bitget to assistance heighten spot and assurance successful the crypto abstraction arsenic a whole. Working arsenic an exigency reserve and with further capital, the money would beryllium capable to connection top-notch information and extortion for users, particularly successful utmost and unpredictable situations successful the crypto space. We judge that hazard absorption policies specified arsenic extortion funds would go the norm for salient and reliable exchanges.”

She adds “Bitget strives to enactment connected prime efforts to guarantee that the level is harmless and unchangeable with capable extortion for our users. We volition proceed to absorption connected initiatives successful gathering a trustworthy and transparent crypto ecosystem for all.”

About Bitget

Bitget, established successful 2018, is the world’s apical 5 starring cryptocurrency speech with innovative products and societal trading services arsenic its cardinal features, presently serving implicit 8 cardinal users successful much than 100 countries astir the world.

The speech is committed to providing one-stop and unafraid trading solutions to users and aims to summation crypto adoption by collaborations with creditable partners, including Argentinian legendary footballer Lionel Messi, Italian starring shot squad Juventus, PGL Major’s authoritative esports crypto partner, and the starring esports enactment Team Spirit.

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