Crypto exchange Bitget launches a $200M protection fund to secure and safeguard users’ digital assets
In recent months, we’ve heard horror stories of millions of crypto investors losing their personal savings to the collapse of Celsius after the crypto lender suddenly belly up overnight. Hundreds of these retail investors have gone as far as sending letters to the bankruptcy judge to share their stories of how they lost their money. Some said they have even contemplated suicide if they can’t retrieve their lost crypto investments.
It’s for this reason, among others, that the digital asset trading platform and global derivatives exchange Bitget is on a mission to safeguard users’ digital assets, address investors’ security concerns and increase their confidence, especially during the crypto bear market.
Today, Bitget announced the launch of the $200 million Bitget Protection Fund as part of its continued efforts to ensure its users’ assets are safeguarded. The fund, which consists of 6000 BTC and 80 million USDT, was created with the goal of providing security and ensuring a secure and safe trading experience for users around the world.
Bitget also 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.
As crypto continues to dominate the digital asset market, it revolutionized the way people trade and invest their resources. However, the volatility from the bear market triggered recent incidents that threatened the trust of traders worldwide, and many had to bear steep financial consequences as a result.
Commenting on the launch, 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.”
She continued to add, “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.”
Founded in 2018, Bitget currently serves more than 2 million customers in 50 countries, The startup said it aims to contribute to the adoption of decentralized finance on a global scale. Since its launch, Bitget has become the world’s largest crypto copy trading platform, through the gaining popularity of its flagship One-Click Copy Trade products. According to CoinMarketCap, Bitget was ranked third globally, in terms of its derivatives volume as of January 2022.
In September 2021, Bitget announced its sponsorship of world-renowned football team Juventus as its first-ever sleeve partner and PGL Major’s official eSport crypto partner soon after. Then in early 2020, Bitget also announced partnerships with leading Russian eSports organization Team Spirit and Turkey’s leading and long-standing football club, Galatasaray.