Bitget, a prominent player in the global crypto derivatives and Copy Trade (copy trading) platform, has released its September Protection Fund Evaluation report. According to this report, Bitget’s Protection Fund has continuously been on the rise since November of the previous year, exceeding $300 million in value. By the end of September, the value had reached $340 million, reaffirming the commitment to safeguarding investors’ assets.
Bitget initiated the Protection Fund in August 2022 to emphasize its dedication to protecting crypto assets. This fund started with $200 million to establish a robust financial shield against challenging events, hacker attacks, or unexpected market conditions. Notably, the fact that this fund is entirely financed by Bitget provides significant advantages in terms of operational flexibility and autonomy, allowing for swift and effective asset management without dependency on external factors.
The Bitget Protection Fund encompasses a diversified portfolio of high-liquidity cryptocurrencies, including BTC, USDT, and USDC. This enhances stability and liquidity, providing an added layer of security against external factors. Additionally, the fund maintains a 1:1 protection ratio for users, ensuring that users can reclaim their assets equivalent to what they hold on the exchange.
Gracy Chen, the Bitget CEO, commented on this development, stating, “Bitget is taking determined steps to provide its platform users with the highest level of stability and security. The Protection Fund has been insured against declines for a three-year period, minimizing the impact of cryptocurrency price fluctuations. Historically, September has been a period of low Bitcoin prices. Our Protection Fund serves as a robust financial instrument, offering strength and insurance to our users. Transparency is one of Bitget’s core values, and we operate with the aim of providing the best security to build trust among our users.”
Bitget’s commitment to transparency goes beyond the Protection Fund Evaluation report. Since December 2022, Bitget has been providing verifiable Reserve Proofs to offer users additional assurances regarding the security of their assets. This includes unlimited access to comprehensive fund information, including wallet addresses.
In September 2023, the Bitget Protection Fund recorded its highest value at $340.9 million, with the lowest value for the month at $331.7 million. The average value for the month was $334.7 million. The consistent maintenance of a value above $330 million throughout September reflects the success of the Bitget Protection Fund in safeguarding investors’ assets.
For more detailed information, please visit [here]. Bitget remains committed to the security and protection of its investors’ assets.
