Global leading cryptocurrency exchange and Web3 company Bitget has announced the latest valuation of its Protection Fund for May 2024. The fund had an average monthly value of $425 million and reached its highest valuation of $465 million on May 20th, demonstrating Bitget’s commitment to safeguarding user assets.
Since August 2022, the Protection Fund has been a crucial pillar at Bitget, reflecting the company’s dedication to providing a secure trading environment for users. The fund aims to offer additional protection to users, safeguarding their crypto assets from hacker attacks, fraud, and extreme market conditions to foster trust among users.
Driven by market trends and Bitcoin valuation, Bitget’s Protection Fund maintained a stable average valuation of $425 million throughout May, surpassing the company’s pledge of $300 million in October 2022. Over the past month, the fund has retained 6,500 BTC stored in three separate wallets, with all addresses publicly displayed to ensure transparency.
Valuation status of Bitget’s Protection Fund in May 2024:
Highest value: $465 million (May 20th)
Lowest value: $378 million (May 1st)
Average value: $425 million
The Bitget Protection Fund is fully self-funded and operates independently, enabling prompt and adaptive responses to unforeseen challenges. In turbulent market environments or sudden events, the fund can swiftly reallocate resources, mitigate risks, and protect user assets.
Gracy Chen, Managing Director of Bitget, stated, “Bitget prioritizes security, maintaining an industry-leading Protection Fund valued at over $300 million and adhering to public wallet addresses to provide peace of mind and security for users in various market conditions. We are committed to transparency and security, ensuring our platform maintains a trustworthy leadership position in the cryptocurrency trading industry.”
Bitget’s commitment to transparency extends beyond publishing Protection Fund valuation reports. The exchange provides verifiable reserve proof data, instilling confidence in the security of users’ assets. Bitget will continue to offer comprehensive fund information for users, and the public can view the Protection Fund’s wallet addresses at any time. For more details, click here.
About Bitget
Founded in 2018, Bitget is a world-leading cryptocurrency exchange and Web3 company that serves over 20 million users in more than 100 countries globally. Through its innovative copy trading feature and other trading solutions, Bitget aims to help users trade more intelligently.
Formerly known as BitKeep, Bitget Wallet is a top-tier multi-chain cryptocurrency wallet that offers a range of comprehensive Web3 solutions and features, including wallet functions, exchanges, NFT markets, DApp browsers, and more. By partnering with Argentine football legend Lionel Messi, official esports organization PGL, and others, Bitget encourages the adoption of cryptocurrencies.
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