Bitget, the popular crypto-exchange, has just revealed that it has reached a new record for its Protection Fund: $543 million for February 2024.
Summary
Bitget and the record of $543 million for its Crypto Protection Fund
The popular crypto-exchange Bitget has released the report of its Protection Fund for February 2024, with a record valuation of 543 million dollars.
“The 2024 Bitget Protection Fund Report has been released, with a record ATH of 543 million dollars! The security of your assets, our priority!”
This is the highest monthly average rating, surpassing 461 million and reaching an unprecedented peak on February 28th.
This Bitget Protection Fund represents its substantial commitment to protecting users and their assets. In practice, it serves as a reserve that reassures and increases user confidence in the platform.
This fund allows for the immediate allocation of resources to protect users’ assets, especially in cases of security breaches, market disruptions, or other relevant incidents.
Bitget: February 2024 is the record month for its Crypto Protection Fund
Going into more detail, in the month of February 2024, the Bitget Protection Fund was supported by the bullish trend of the crypto market and therefore the increase in the value of BTC.
In this regard, the lowest value of the Protection Fund was recorded on February 4th at 413 million dollars, and the highest on February 28th at 543 million dollars. That’s why the average value for February 2024 for Bitget’s Protection Fund is 461 million dollars.
Gracy Chen, Managing Director of Bitget, said:
“Bitget is dedicated to improving user experience and safeguarding their interests with a complete range of products and expertise. Our main goal is security, but what sets us apart is our unwavering dedication to protecting our users. Our aim is to ensure the peace of mind of our users, safeguarding their digital assets and supporting their well-being in all market environments.”
Bitget: the investor and saver-friendly exchange
To understand the current values, you can look at the previous months. For example, last July 2023, Bitget announced that its Protection Fund had exceeded 368 million dollars.
This Protection Fund acts as a financial shield to protect users’ investments in case of force majeure incidents, hacking attacks, or extreme market situations.
The Fund was established in August 2022 with a value of 200 million dollars, as evidence of the crypto-exchange having reserves for its crypto-assets.
In November 2022, then, with the collapse of FTX and general distrust in centralized crypto-exchanges, Bitget decided to increase this fund to over 300 million dollars.
From this moment, the Protection Fund includes a diversified portfolio of high liquidity cryptocurrencies such as Bitcoin (BTC), Tether (USDT) and USD Coin (USDC).
This Fund is insured against any decrease for a period of three years, during which no withdrawals can be made.
