The world’s leading cryptocurrency exchange and Web3 company, Bitget, has announced the latest valuation of its Protection Fund for June 2024, which significantly exceeds the $300 million promised by Bitget, further solidifying its position as one of the most trusted cryptocurrency exchanges.
Since its launch in August 2022, the Protection Fund has been a cornerstone of Bitget’s user-centric approach, emphasizing the platform’s commitment to providing a secure trading environment. In volatile market conditions, the Protection Fund ensures that Bitget users’ assets are protected from hacker attacks, fraud, and extreme market situations. In June 2024, the Protection Fund maintained a storage of 6,500 BTC in three independent wallets, with the addresses publicly displayed to ensure transparency.
During periods of market surges, the Bitget Protection Fund continued to grow and subsequently return to stability. It reached a monthly peak valuation of $4.62 billion on June 6th, demonstrating Bitget’s strong financial position and strategic asset management capabilities. Throughout the month, the Protection Fund maintained an average valuation of $4.29 billion. On June 29th, the lowest valuation of the Protection Fund was $3.92 billion, still above 30% of the initial allocation. The performance of the Protection Fund throughout the month clearly demonstrates Bitget’s reliability and its commitment to maintaining the highest standards of user asset security.
Gracy Chen, CEO of Bitget, stated, “The Protection Fund is the result of our efforts at Bitget to provide a secure platform. Proof of reserves and the Protection Fund are two important pillars of user trust in Bitget, and we plan to strengthen these pillars every month.”
As one of the first industry leaders to establish business transparency with users, Bitget maintains security standards by providing verifiable asset proof data and comprehensive fund storage information (including company wallet addresses) for users to track the fund.
About Bitget
Founded in 2018, Bitget is a leading cryptocurrency exchange and Web3 company, serving over 20 million users in more than 100 countries worldwide. Bitget is committed to helping users trade more intelligently through its innovative copy trading function and other trading solutions.
The predecessor of Bitget Wallet, Bitget Wallet, was BitKeep, a world-class multi-chain cryptocurrency wallet that provides a range of comprehensive Web3 solutions and features, including wallet functions, exchanges, NFT markets, and DApp browsers. Bitget encourages the adoption of cryptocurrency by collaborating with legends such as Argentine footballer Messi and official esports organization PGL.
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