Bitget's Protection Fund in July Sustains 35% Above Initial $300M Commitment Amidst Market Volatility
2024年8月7日 - 2:22AM
Bitget, the leading cryptocurrency exchange and Web3 company, has
released the updated valuation of its Protection Fund for July
2024. Irrespective of the market volatility, the fund carries
adequate insurance significantly still exceeding the company's
initial commitment of $300 million sustaining itself at an average
of $407M last month.
The Protection Fund is designed to safeguard users' assets and
stands as an essential layer of security in maintaining
comprehensive security measures. Established in December 2022, the
Protection Fund is entirely self-funded and stored in publicly
visible wallets, ensuring transparency and immediate access when
needed. Bitget's Proof of Reserves, another layer of security
introduced in December 2022, further reinforces the company's
commitment to asset safety, maintaining a reserve ratio of at least
1:1 for user assets.
"Our priority is to safeguard user assets amidst market
fluctuations and uncertainties. Bitget's Protection Fund is an
additional layer of trust to elevate our user security. By
maintaining a substantial reserve, we ensure a reliable and secure
trading environment," says Gracy Chen, CEO at
Bitget.
The month of July experienced high volatility due to which the
the Protection Fund's valuation exhibited significant fluctuations.
With a high of $443,574,608 on 29th and a low of $363,222,440 on
8th. These variations are directly correlated with BTC price
movements, which saw the highest price of $68,242 and the lowest
price of $55,880 on same dates.
Bitget Protection Fund Chart 30-DAY (July
2024)
The valuation changes mirrored BTC price trends since the BTC
balance remained constant at 6,500 BTC. Daily changes in valuation
highlighted the market's volatility, with the largest increase
occurring between July 20 and July 21, where the valuation rose by
$3,357,354. The largest decrease was observed between July 1 and
July 2, dropping by $4,552,172.
The updated Protection Fund reflects Bitget's proactive stance
in providing a secure trading environment. By maintaining a
substantial reserve, Bitget ensures that users' assets are
protected against potential risks and unforeseen market
fluctuations. This financial safeguard, comprising diversified
assets, enhances the fund's resilience and ability to address
various market conditions. Bitget continues to prioritize user
safety and trust. With the Protection Fund, it emphasizes its
ongoing efforts to provide a secure and reliable platform for
crypto trading.
About Bitget
Established in 2018, Bitget is the world's leading
cryptocurrency exchange and Web3 company. Serving over 25 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).
For more information, visit: Website | Twitter | Telegram |
LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: media@bitget.com
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