As part of its ongoing efforts, Bitget; announced the launch of the $200 million Bitget Protection Fund.
Global crypto exchange Bitget continues its efforts to prioritize security and ensure that its users’ assets are protected.
The bear market volatility has triggered recent events that have threatened the confidence of traders worldwide. As a result, many had to endure intractable financial consequences.
Investors have experienced a volatile period and intense fear over the past two months. Even though the crypto market has been coming out of the extreme fear zone lately, it is still vulnerable to various FUDs (fear uncertainty and doubt) in the crypto world and adverse macroeconomic conditions in traditional finance. Addressing security concerns and increasing investor confidence should be among these priorities for different firms in a bear market.
The Bitget Protection Fund was created to provide unmatched security and a reliable and secure trading experience for users worldwide. The fund is currently worth $200 million consisting of 6000 BTC and 80 million USDT. Bitget has pledged to secure the value of the fund over the next three years. The fund will ultimately act as a safeguard for Bitget users and the Bitget platform, while also helping usher in a new era of security and protection in the crypto space as a whole.
Bitget Protection Fund is completely self-financed and does not rely on a third-party insurance policy. Therefore, it can efficiently cover users’ fund losses without external bureaucracy or policy changes. In addition, the Fund consists of partially stable coins that ensure the stability of assets and are not sensitive to fluctuations in the crypto market.
In addition to the Bitget Protection Fund, Bitget has focused on fighting illegal activities and has implemented strict KYC and AML policies to ensure baddies are kept out of the Bitget community. Bitget has also partnered with third-party legal and compliance partners to strengthen the compliance standard and maintain a regulated transaction.
Commenting on the launch, Bitget Manager Gracy Chen said, “As one of the world’s leading crypto exchanges, the security of our users’ assets has always been our first and foremost priority. With the launch of the Bitget Protection Fund, we are one step closer to fulfilling our promise to protect our Bitget community. The hedge fund will help us reduce investor concerns and attract potential users. As we continue to endure the crypto winter, it is vital that our users make sure their funds are kept safe.”
“As we continue our mission to drive global crypto adoption, we also make a commitment focused on creating a fair and secure digital asset market with investor protection and market integrity. In the meantime, we believe our initiative will encourage other CEXs to address accountability, reliability and security concerns in the crypto space and help restore investor trust and build a better crypto world together.”
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