Bitget Reports reveal over $300M in User Protection Funds

Bitget, a leading platform for crypto trading, derivatives as well as copy trading, has recently published its Protection Fund Valuation Report  for the month of July 2023. The reports show that the fund is currently valued at $350M having about 6500 BTC, 120 million USDT, and 40 million USDC.

Source: Bitget

Bitget’s Protection Fund is a pioneering testament to the platform’s commitment to user protection and financial security. It was first introduced in August 2022 and stands as a novel strategy to the platform’s mission to safeguard users’ crypto assets. 

The initial value of the fund was US$200 million when it was established, putting in place a robust financial shield to protect users’ holdings in the face of incidents involving force majeure, hacking attacks, or extreme market situations.

The impressive size of the fund, which now exceeds $300 million, is seen as a sign of Bitget’s ongoing dedication to maintaining a robust financial ecosystem that protects the assets of its users.

Having an average value of $359.6M, the rebound in the price of bitcoin around the middle of July was the spur behind the fund’s value shooting up to more than $368M. Bitget has taken proactive steps to reassure users that their funds are secure by routinely publishing verifiable Proof of Reserves data since December 2022.

Read also: Bitstamp set to Halt trading of Digital Assets Identified by the SEC as Securities for U.S. Users

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