Bitget Protection Fund Holds Above $300 Million, Overpassing $368 Million Peak in July
VICTORIA, SEYCHELLES, Aug. 11, 2023 (GLOBE NEWSWIRE) —
Bitget, top crypto derivatives and copy trading platform, has released its Protection Fund Valuation Report in July 2023, showcasing that the fund’s value has consistently exceeded US$300 million since November and has surged to surpass US$368 million in July.
Launched in August 2022, Bitget’s Protection Fund stands as a pioneering testament to safeguarding users’ crypto assets, reflecting the platform’s commitment to user protection and financial security. The fund’s inception commenced with a US$200 million value, establishing a robust financial shield to protect users’ holdings in the face of force majeure incidents, hacking attacks, or extreme market situations.
The Protection Fund is wholly self-funded, affording a high degree of operational flexibility and autonomy. This approach enables swift and efficient asset coverage without external red tape or policy adjustments. To further increase its stability and liquidity against external events, in November 2022, Bitget raised the fund’s value to over US$300 million, encompassing a diversified portfolio of high-liquidity cryptocurrencies, including BTC, USDT, and USDC.
Bitget’s daily tracking of the Protection Fund reveals that its value remained above US$300 million throughout the month of July. The recovery of Bitcoin prices around mid-July propelled the fund’s book value to surge to over US$368 million, with an average value of US$359.6 million.
Bitget Protection Fund Valuation Status in July:
Highest value: $368.4 million (July 14)
Lowest value: $353.7 million (July 25)
Average value: $359.6 million
Highlighting Bitget’s unwavering dedication to ensuring utmost stability, the value of the Protection Fund is insured against any decline for a resolute three-year period without any withdrawals. In the event of a potential decline in fund value 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 US$300 million mark. A testament to this commitment lies in the fund’s recovery following Bitcoin price fluctuations in late March, which propelled the fund’s book value to US$380 million.
Gracy Chen, Bitget’s Managing Director, emphasizes the paramount significance of transparency and user trust. “At Bitget, we believe that honesty earns trust. Keeping customers informed at all times is the foundation of trust. That is why we are releasing this monthly valuation report on the Bitget Protection Fund – to provide the utmost transparency into the fund’s value fluctuations. By regularly publishing the fund’s up-to-date reports, we aim to give users full insight into how the Protection Fund is performing. ”
To champion transparency, Bitget ensures unfettered access to comprehensive fund information, with wallet addresses readily accessible to the public. More information can be found here. Along with releasing its Protection Fund Valuation report, Bitget has taken proactive steps to reassure users their funds are secure by regularly publishing verifiable Proof of Reserves data since December 2022. By leading in transparency through frequent informative disclosures, Bitget demonstrates an uncompromising commitment to security and reliability. The exchange aims to establish an industry gold standard for transparency and trustworthiness.
Established in 2018, Bitget is the world’s leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving over 20 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
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CONTACT: Tomás Damas Nunes Public Relations Manager Bitget tomas.dn at bitget.com
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