Bitget’s Protection Fund Maintains Above Commitment at $390M in August 2024 Despite Market Turbulence
VICTORIA, Seychelles, Sept. 09, 2024 (GLOBE NEWSWIRE) — Bitget the leading cryptocurrency exchange and Web3 company, continues to highlight its commitment to user asset security with the latest update of its Protection Fund for August 2024. Despite a month marked by significant market volatility, Bitget’s Protection Fund maintained an average valuation of $390.7 million, substantially surpassing the company’s original $300 million commitment.
The Protection Fund, established in December 2022 as a critical layer of security for user assets, is self-funded and fully transparent, stored in publicly visible wallets. Bitget’s dedication to transparency and security is further reinforced by its Proof-of-Reserves, ensuring a minimum 1:1 reserve ratio for user assets, and according to the previous updates, Bitget has maintained this ratio well above 150% since launch.
In August 2024, the Protection Fund exhibited fluctuations aligned with Bitcoin’s price movements, maintaining a constant BTC balance of 6,500 BTC. The fund peaked at $424.8 million on August 2, when Bitcoin reached its highest price of $65,358, and hit a low of $350.7 million on August 6, coinciding with Bitcoin’s price dip to $53,956. These changes underscore the fund’s responsiveness to market conditions, providing a resilient safety net for users.
Gracy Chen, CEO of Bitget, commented, “Our consistent commitment to user security is evident in the transparent sharing and maintenance of our Protection Fund, even amid challenging market conditions. By safeguarding user assets with substantial reserves, we continue to build trust and offer a secure trading environment.”
Bitget’s Protection Fund remains a cornerstone of its security infrastructure, designed to protect users from unforeseen risks and market instability. As Bitget grows its global presence, the company remains steadfast in its mission to provide a safe, transparent, and reliable platform for cryptocurrency trading.
To check Bitget’s Protection Fund, please visit here.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 30 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).
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