Bitget, the popular crypto-exchange, has published its latest evaluation of the Protection Fund at 465 million dollars for April 2024. Established in 2022, the Fund aims to protect the trading environment for Bitget users, making it safer.
Summary
Bitget and the User Protection Fund valued at $465 million in April 2024
The popular crypto-exchange Bitget has published the evaluation of its $465 million Protection Fund for April 2024.
Specifically, the Fund recorded a maximum value of 465 million dollars on April 8, a minimum value of 394 million dollars on April 30, and an average monthly valuation of 428 million dollars.
This figure is significantly higher than the initial commitment of the crypto-exchange. In fact, Bitget established the Protection Fund back in August 2022, with a commitment of 200 million dollars.
Immediately after the collapse of FTX in November 2022, Bitget decided to increase the value of its fund to over 300 million dollars, including a diversified portfolio of highly liquid crypto at that time, such as BTC, USDT, and USDC.
Already in August 2023, the record registered by the Protection Fund of the crypto-exchange was 368 million dollars.
Over the years, the value of the fund seems to have increased. In fact, the last peak recorded was in the month of February 2024, with the Protection Fund reaching a value of 543 million dollars.
Bitget and the Protection Fund to safeguard its traders from the emerging challenges of the crypto market
This Bitget Protection Fund represents the platform’s dedication to providing a safe trading environment.
Indeed, in a volatile and risky landscape, the Protection Fund acts as a safety net against potential threats, ensuring that Bitget users’ assets remain protected from adversities.
In April 2024, Bitget temporarily removed the USDT deposit, as it plans to add more financial support to the growth of its ecosystem. However, after the adjustment, the Protection Fund still holds a total of 6,500 BTC.
Generally, this fund is based on a self-insured reserve model, and operates independently, allowing for quick and adaptive responses to emerging challenges.
On this matter, Gracy Chen, Managing Director of Bitget, stated:
“Security is fundamental for Bitget and our protection fund highlights our constant commitment to safeguarding the assets of our users. We will stick to our original plan of keeping the fund valuation above $300 million, providing peace of mind to our users, strengthening the security of their digital assets in all market conditions.”
The first year of Blockchain4Youth
Just this week, Bitget also celebrated an important anniversary: the first year of Blockchain4Youth.
“Let’s celebrate 1⃣ year of #Blockchain4Youth! In the past year, we have collaborated with universities and youth associations from all over the world, hosting over 50 conferences on campuses and involving more than 6000 young talents in the blockchain space. Here’s to many more years of empowerment! Join us in shaping the future together”
And indeed, it was exactly May 2023, when Bitget launched its Corporate Social Responsibility (CSR) project to create a future based on blockchain.
The idea was precisely to inspire young people to adopt crypto and Web3 tools, in order to create a decentralized space.
