Bitget, a cryptocurrency exchange and Web3 company, has released an updated valuation of its Protection Fund for July 2024. Regardless of the market volatility, the Bitget Protection Fund has adequate collateral, far exceeding the company’s initial pledge of $300 million, remaining at an average level of $407 million last month.
Bitget Protection Fund
The Bitget Protection Fund aims to safeguard user assets and is the foundational layer of the security system in maintaining comprehensive protection. It was created in December 2022 and is fully funded by its own funds and stored in publicly visible wallets, providing transparency and immediate access if needed. Bitget Proof of Reserves is another layer of the security system introduced in December 2022, which maintains a reserve ratio of at least 1:1 for user assets.
Our priority is to protect user assets in the face of market volatility and uncertainty. The Bitget Protection Fund is an additional layer of trust that increases the security of our users. By maintaining a significant reserve, we ensure a reliable and safe trading environment
-says Gracy Chen, CEO at Bitget.
July was a month of high volatility, with the Protective Fund’s valuation seeing significant fluctuations. It peaked at $443,574,608 on July 29 and bottomed at $363,222,440 on July 8. These fluctuations are directly correlated with BTC’s price movements, which reached a high of $68,242 and a low of $55,880 on the same days.
The valuation changes mirrored BTC price trends, as the BTC balance remained steady at 6,500. Daily valuation changes highlighted the market’s volatility, with the largest increase occurring between July 20 and 21, when the valuation increased by $3,357,354. The largest decrease was observed between July 1 and 2, when the valuation decreased by $4,552,172.
The updated Protection Fund reflects Bitget’s proactive approach to providing a safe trading environment. By maintaining a significant reserve, Bitget ensures that user assets are protected from potential risks and unforeseen market fluctuations. This financial safeguard, which includes diversified assets, increases the fund’s resilience and ability to cope with various market conditions. This is yet another proof that Bitget consistently puts user safety and trust first.
About Bitget
Bitget is one of the leading cryptocurrency exchanges and Web3 companies in the world. Serving over 20 million users from over 100 countries, Bitget facilitates smart trading with its innovative copy trading feature and a range of other trading tools. Bitget Wallet, formerly known as BitKeep, is a versatile multi-chain crypto wallet that offers users access to a wide range of Web3 solutions and features. The exchange works with trusted partners such as legendary Argentine footballer Lionel Messi and eSports event organizer PGL to promote the use of cryptocurrencies worldwide.
For more information, visit the Bitget website and their profiles at TwitterTikTok, Telegram, LinkedIn and Discord.
