Bitget Protection Fund Hits $424 Million Average, a 40% Increase from its Initial Commitment

VICTORIA, Seychelles, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, has released the latest valuation of its Protection Fund for October 2024. The fund, an essential safeguard for the exchange indicates the platform’s ongoing measures to secure user assets and uphold financial stability. Throughout October, the Protection Fund experienced notable resilience, with the highest recorded valuation reaching $473 million on October 30. The monthly average stood at $424 million, while the fund’s lowest value was observed at $391 million on October 11. This valuation range shows Bitget’s ability to sustain its protection fund amidst fluctuating market conditions.

The Bitget Protection Fund was launched in 2022 with an initial value of $300 million, aimed at offering an additional level of security for users navigating the crypto market. This initiative was designed to provide a consistent and transparent financial backing that protects users’ digital assets, regardless of market dynamics. Since its inception, Bitget has ensured that the Protection Fund consistently remains well above its initial value, reinforcing the platform’s financial stability and commitment to a secure trading environment.

The Protection Fund’s steady valuation in October 2024 highlights Bitget’s approach to safeguarding assets, even as global crypto markets undergo volatility. By maintaining the fund well above the $300 million threshold, Bitget signals its preparedness to address unforeseen challenges in the industry, thereby supporting user confidence in its platform. This ongoing asset protection effort is integral to Bitget’s goal of providing a reliable environment for crypto investors.

"At Bitget, we focus strongly on creating a secure environment where users can engage with confidence, knowing their assets are protected," said Gracy Chen, CEO of Bitget. "Our monthly protection report shows our continued focus on financial resilience and transparency. We aim to set a standard for trust and security in the crypto industry. Our users’ safety remains our top priority as we navigate cryptospace together."

In addition to the Protection Fund, Bitget has implemented a Proof of Reserves (PoR), a mechanism that adds another layer of transparency to its operations. The Proof of Reserves is updated monthly and ensures a 1:1 reserve ratio for user assets. This structure allows users to verify that their holdings are fully backed, enhancing trust in the platform’s asset management practices. PoR serves as a critical component of Bitget’s security framework, offering users a transparent and verifiable record of the platform’s asset reserves.

The monthly Protection Fund report is part of Bitget’s broader strategy to maintain open communication with its users, enabling them to stay informed about the platform’s financial health and its measures for asset protection. The regular reporting on the Protection Fund, alongside the monthly updates of the Proof of Reserves, show Bitget’s commitment to transparency and user empowerment in the crypto sector.

As part of its dedication to user security, Bitget encourages users to review the Protection Fund Valuation Report for October 2024 and to explore the Proof of Reserves details available on the Bitget platform. These resources are accessible for those interested in understanding Bitget’s financial safeguards and commitment to asset protection.

For further information on Bitget’s security measures and transparency practices, users can visit the Protection Fund here.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. 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, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

Photos accompanying this announcement are available at:
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source: Bitget Limited