Bitget Protection Fund Maintains Strong Position, Surpasses $357 Million in August
Press release
VICTORIA, Seychelles, September
7
, 2023 — Bitget, top crypto derivatives and
copy trading platform, has released its Protection Fund Valuation Report in August 2023, showcasing that the fund's value has consistently exceeded US$300 million since November. In August, its worth peaked at US357 million, representing the highest level attained that month.
Launched in August 2022, Bitget's Protection Fund stands as a pioneering testament to safeguarding users' crypto assets, reflecting the platform's commitment to user protection and financial security. The fund's inception commenced with a US$200 million value, establishing a robust financial shield to protect users' holdings in the face of force majeure incidents, hacking attacks, or extreme market situations.
The Protection Fund is wholly self-funded, affording a high degree of operational flexibility and autonomy. This approach enables swift and efficient asset coverage without external red tape or policy adjustments. To further increase its stability and liquidity against external events, in November 2022, Bitget raised the fund’s value to over
US$300 million
, encompassing a diversified portfolio of high-liquidity cryptocurrencies, including BTC, USDT, and USDC.
Bitget's daily tracking of the Protection Fund reveals that its value remained above US$300 million throughout the month of August. The volatility of
Bitcoin prices in August made the fund's book value surge to over US$357 million, with an average value of US$345 million.
Bitget Protection Fund Valuation Status in
August
:
Highest value: $ 357.7 million (August 9)
Lowest value: $ 332.4 million (August 19)
Average value: $ 345.3 million
Highlighting Bitget's unwavering dedication to ensuring utmost stability, the value of the Protection Fund is insured against any decline for a resolute three-year period without any withdrawals. In the event of a potential decline in fund value due to coin price fluctuations, Bitget remains resolute in its pledge to continually reinforce the position, ensuring the fund's balance remains steadfastly above the US$300 million mark.
Gracy Chen, Bitget's Managing Director, firmly believes in the power of transparency to build trust. She affirms,
"Honesty is the foundation of trust at Bitget. Keeping our customers informed is our top priority. We are pleased to provide our users with the latest update on the Bitget Protection Fund. Our regular reporting aims to provide full transparency into the fund's performance."
Bitget's dedication to transparency extends beyond the Protection Fund Valuation report. Since December 2022, the exchange has consistently provided verifiable
Proof of Reserves data, offering users further reassurance regarding the security of their assets. Bitget continues to provide users with unrestricted access to comprehensive fund information, including wallet addresses readily available to the public. For more detailed information, please visit
here
. By leading in transparency through frequent informative disclosures, Bitget demonstrates an uncompromising commitment to security and reliability. The exchange aims to establish an industry gold standard for transparency and trustworthiness.
About Bitget
Established in 2018,
Bitget is the world's leading
cryptocurrency exchange that offers
Copy Trading services
as one of its key features. Serving over 20 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel
Messi and official eSports events organizer PGL.
For media inquiries, please contact:
media@bitget.com
2023-09-11
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