Bitget registers record over $368 million in its Protection Fund

Bitget announces its record of over $368 million from its Protection Fund in July 2023, keeping its reserves above $300 million since November 2022. 

Bitget and its over $368 million Protection Fund

Established in August 2022, with a value of $200 million, Bitget’s Protection Fund is a testament to the crypto-exchange having reserves for its crypto-assets. 

This is a full-fledged Proof-of-Reserve (PoR) from Bitget, providing a solid financial shield to protect users’ holdings in case of force majeure incidents, hacking attacks, or extreme market situations.

Not only that, by November 2022, the time of the FTX crypto-exchange collapse, Bitget had decided to increase the value of that fund to over $300 million by including a diversified portfolio of highly liquid cryptocurrencies, including BTC, USDT, and USDC.

From then until now, the platform that has become popular for crypto-derivatives trading and copy-trading has maintained its Protection Fund at $300 million. 

In the month of July alone, Bitget recorded a record high reserve, raising the amount in the Protection Fund to over $368 million. Specifically, in July, Bitget recorded the highest value at $368.4 million on 14 July, the lowest value at $353.7 million on 25 July, and finally, the average value of $359.6 million. 

Bitget and its Protection Fund in the form of Proof-of-Reserve (PoR)

Bitget wants to be a transparent platform, and to achieve this feature, it publishes the status of its Protection Fund as Proof-of-Reserve (PoR) on a monthly basis. 

Furthermore, to guarantee maximum stability, Bitget has instituted that the value of the Protection Fund is insured against any decline, for a period of three years, without any withdrawal.

In this regard, Bitget Managing Director Gracy Chen said:

“At Bitget, we believe that honesty earns trust. Keeping customers informed at all times is the foundation of trust. That’s why we publish this monthly valuation report of the Bitget Protection Fund, to provide maximum transparency on the fluctuations in the fund’s value. 

By publishing regularly updated fund reports, we intend to provide users with a comprehensive view of the Protection Fund’s performance. ” 

The PoR for July and the reserves ratio of 223%

Everything said so far confirms what Bitget had announced about its July PoR, which saw the crypto-exchange holding 223% of total reserves. 

This is more than 2 times the industry threshold of 100%. This indicates that Bitget is working beyond the minimum necessary to build confidence not only in its platform but also in the entire crypto industry. 

Bitget’s PoR is published every month along with the Merkle Tree test, which guarantees its transparency and the highest accuracy of information. 

Not only that, the crypto-exchange also launched the new Merkle Validator feature, which allows users to self-verify their accounts.