Leading global cryptocurrency exchange, Bitget announces that it will increase its Protection Fund to 300 Million USD, in order to provide better protection and further assurance to crypto users.
Bitget’s Protection Fund was launched in July this year with the objective to safeguard users’ crypto assets. It was set up with a fund worth 200 million USD, consisting of 6000 BTC and 80 million USDT. The fund is completely self-funded, allowing more flexibility and discretion to efficiently cover users’ assets without external bureaucracy or policy changes.
If the fund value drops as the price of BTC declines, Bitget will continue to cover the position to ensure that the balance is not less than 300 million USD, at all times. To ensure transparency, all the information about the fund is open to the public and users can view the wallet addressesGracy Chen, Managing Director of Bitget, says, “Expansion for Bitget Protection Fund is another move by Bitget to help enhance trust and confidence in the crypto space as a whole.