Bitget launches US$200m protection fund to face ‘crypto winter’

Rick Steves

Bitget has pledged to secure the value of the fund for the next three years

Bitget has launched a US$200 million protection fund in order to ensure its users that their assets are safeguarded despite the volatility from the bear market which triggered recent incidents that threatened the trust of traders worldwide.

The Bitget Protection Fund addresses the increased needs for security stemming from the ‘crypto winter’ which saw leading names within the space quickly shutting down and losing client money.

The collapse of Terra/LUNA and Celsius were the most covered by the media, but they were not the only firms to have folded, leaving clients stranded. Although Bitcoin has been able to restore the $20,000 mark as it currently trades at $24,000, fears that the ‘crypto winter’ is not over yet persist.

6000 BTC and 80 million USDT

Securing a protection fund of the size of $200,000 will help Bitget retain trust among its users. The fund consists of 6000 BTC and 80 million USDT. Naturally, if Bitcoin falls, the value of the fund will drop as well.

The fund is entirely self-funded and does not rely on a third-party insurance policy, and therefore is able to efficiently cover users’ loss of funds without external bureaucracy or policy changes.

Bitget has pledged to secure the value of the fund for the next three years. The fund will ultimately act as a safeguard for Bitget users and the Bitget trading platform, while also helping to usher in a new era of safety and protection in the crypto space as a whole.

Gracy Chen, Managing Director of Bitget, said: “As one of the world’s leading crypto exchanges, the safety of our users’ assets has always been our first and foremost priority. With the launch of the Bitget Protection Fund, we are one step closer to fulfilling our commitment to safeguarding and protecting our Bitget community. The protection fund will help us mitigate investors’ concerns and attract potential users. As we continue to endure the crypto winter, it is crucial that our users can rest assured that their funds are kept safe.”

“Moving forward, as we continue our mission to drive global crypto adoption, we also make a pledge focused on creating a fair and secure digital asset marketplace with investor protection and market integrity as key priorities. Meanwhile, we believe our initiative would encourage other CEXs to address concerns of accountability, safety, and security in crypto space, and help win back investors’ confidence and build a better crypto world together.”

Additionally, Bitget has been focused on the fight against illegal activities and put in place stringent KYC and AML policies to ensure bad characters are kept out of the Bitget community, the firm stated.

Read this next

Industry News

Bitso launches QR code payments for crypto in Argentina

“This is an especially important product offering for Argentina as it provides users protection from the adverse economic factors such as inflation and currency devaluation.”

Institutional FX

CLS FX volume continues downward trend in August

Total daily traded volume submitted to CLS for settlement took yet another step back in August.

Digital Assets

Huobi taps AstroPay to facilitate fiat-to-crypto payment in Latin America

Huobi, the world’s sixth-largest crypto exchange by trading volume, has recently partnered with payment solution provider AstroPay to launch local currency account deposits and withdrawals in Latin America.

Digital Assets

Crypto exchange FTX to raise $1 billion at flat valuation of $32 billion

FTX is reportedly in discussions with a clutch of heavyweights from traditional finance to raise up to $1 billion in fresh funding to fuel more deal-making.

Digital Assets

Revolut US launches trading on Avalanche, Solana, and Dogecoin

British fintech and banking firm Revolut has further expanded its cryptocurrency offering in the US with the addition of 29 new tokens.

Digital Assets

Bahrain greenlights eazyPay to launch Binance Pay

The Central Bank of Bahrain has blessed a new partnership inked by Binance with Eazy Financial Services ‘eazyPay’, a local POS and online payment service provider. The greenlight enables EazyPayto to launch Bitcoin and cryptocurrency payments in the region.

Digital Assets

Coinbase approved to offer crypto for Dutch users

Nasdaq-listed crypto exchange operator Coinbase has been handed regulatory approval to operate as a crypto service provider in the Netherlands.

Metaverse Gaming NFT

AC Milan partners with Solana-based NFT football game MonkeyLeague

“Partnering with champions like AC Milan, an absolute iconic Club throughout footballs history, is another testament to what we are building and where we are headed as a game and game studio. It also represents a key step in our plans to bridge the Web2 and Web3 worlds.”

Digital Assets

Shariah-compliant Islamic Coin to support SDG-compliant ventures, green projects, and philanthropy

Shariah-compliant Islamic Coin has recently launched a collaboration with the World Green Growth Organization and the International Youth Conference 6, taking place on September 22-25th and September 30th-October 1st, 2022, in New York. 

<