2023-8-14 13:30 |
In a steadfast display of dedication to user security, Bitget became the first crypto exchange that released its monthly Protection Fund Valuation Report following regular reports on proof-of-reserves. The purpose of the report is to show the value of the fund and confirm it remained above $300 million — the minimal amount of funds guaranteed by the company to protect its users.
Launched in August 2022, the Bitget Protection Fund has been a pioneering testament to safeguarding users’ crypto assets, illustrating the platform’s unwavering commitment to user protection and financial security. The fund began with an initial value of $200 million, establishing a robust financial shield to defend users’ holdings against unforeseen events such as force majeure incidents, hacking attacks, or extreme market situations.
Notably, the Protection Fund is self-funded, affording Bitget high operational flexibility and autonomy. This approach enables swift and efficient asset coverage without being entangled in external red tape or policy adjustments. To enhance its stability and liquidity against external events, the platform raised the fund’s value to over $300 million in November 2022. The fund’s portfolio includes many high-liquidity cryptocurrencies, such as BTC, USDT, and USDC.
Bitget’s commitment to stability is further underscored by the Protection Fund’s value being insured against any decline for a resolute three-year period without any withdrawals. In the face of the potential fund value declines due to coin price fluctuations, Bitget remains resolute in its pledge to continually reinforce the position, ensuring the fund’s balance remains steadfastly above the $300 million mark. A tangible demonstration of this commitment can be observed in the fund’s recovery following Bitcoin price fluctuations in late March, propelling the fund’s book value to $380 million.
Gracy Chen, Bitget’s Managing Director, underscores the paramount significance of transparency and user trust. She emphasizes that “honesty earns trust” and that keeping customers informed is the foundation of that trust. The monthly valuation reports on the Bitget Protection Fund aim to provide transparency into the fund’s value fluctuations. By sharing these up-to-date reports, Bitget aims to provide users full insight into the fund’s performance.
In addition to its transparency initiatives, Bitget ensures unfettered access to comprehensive fund information, including wallet addresses accessible to the public. The platform has been proactive in reassuring users about the security of their funds by regularly publishing verifiable Proof of Reserves data since December 2022. Through these actions, Bitget aims to set an industry gold standard for transparency and trustworthiness, further solidifying its position as a reliable platform for crypto derivatives and copy trading.
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