Important crypto news for the well-known crypto exchange Bitget, whose valuation of the Bitget Protection Fund exceeded $464 million in May 2024. A significant commitment to renewing user security.
Let’s see all the details below.
Summary
Important data for the Biget exchange and growing protection funds in the crypto sector
As anticipated, Bitget, one of the main crypto exchanges and Web3 companies, announces today the update of the evaluation of its Protection Fund for May 2024.
With a maximum value of 465 million dollars reached on May 20 and a monthly average of 425 million dollars, Bitget strengthens its commitment to user security and the protection of its digital assets.
Since its establishment in August 2022, the Protection Fund has represented a fundamental pillar of Bitget’s approach, aimed at ensuring a safe trading environment for users.
In a volatile market context, the fund acts as a safety net against potential threats, ensuring the protection of users’ assets.
In May, driven by market dynamics and the valuation of Bitcoin, the Protection Fund of Bitget maintained a stable average monthly valuation of 425 million dollars. Thus surpassing the initial commitment of 300 million dollars assumed in October 2022.
During this period, the fund has maintained 6,500 BTC distributed in three separate wallets, with publicly available addresses to ensure maximum transparency.
We remind you that the Protection Fund of Bitget operates as a self-insured reserve, allowing quick and appropriate responses to emerging challenges.
This independent model allows the fund to quickly reallocate resources to mitigate risks and protect users’ assets during market turbulence or unforeseen events.
Transparency and security
Gracy Chen, CEO di Bitget, stated the following:
“Security is our top priority. The Protection Fund demonstrates our commitment to safeguarding users’ digital assets. By maintaining an industry-leading protection fund and making wallet addresses public, we offer peace of mind and security in all market conditions. We remain committed to transparency and security, solidifying our position as a reliable leader in the cryptocurrency exchange sector.”
In addition to the solid performance of the Protection Fund, Bitget maintains high standards of transparency by providing verifiable data on the Proof of Reserves.
In particular, offering users unlimited access to comprehensive information on fund storage, including publicly available wallet addresses.
In conclusion, Bitget’s dedication to transparency and security strengthens its position as a trusted leader in the cryptocurrency exchange sector.
On-chain ecosystem and the $10 million fund
Bitget has recently announced the intention to develop its own on-chain ecosystem, following the example of competing exchanges like Binance, OKX and KuCoin.
In particular, Bitget stated that the new Bitget Onchain Layer will integrate a series of native DApps within the Bitget Wallet, in collaboration with developers.
To support this development, Bitget has established a fund of 10 million dollars, named “Bitget OnChain Layer Ecosystem Fund”, intended for investments and the incubation of various Web3 trading services.
The BWB, token of the self-custody wallet by Bitget, will be used for multiple functions within the ecosystem, similarly to what happens with the Trust Wallet Token (TWT) of Trust Wallet.
Bitget Wallet, among the most popular self-custody wallets in the Asia-Pacific region with over 20 million users, will launch the native token BWB within this quarter. 5% of the total supply of one billion tokens will be allocated to community members.
After the launch, BWB will be used for governance voting, Launchpad events, staking rewards, and payment of fees within the Bitget ecosystem.
The initiative of Bitget follows the path traced by Binance, which launched the BNB Chain in 2020, and by OKX, which developed its own self-custody wallet and a Web3 Marketplace for the trading of NFT and interaction with decentralized applications.
