Leading cryptocurrency exchange and Web3 company Bitget has announced the latest valuation of its Protection Fund for May 2024. The fund has an average monthly value of $425 million and reached its highest valuation of $465 million on May 20, demonstrating Bitget’s commitment to safeguarding user assets.
Since August 2022, the Protection Fund has served as a crucial pillar of Bitget’s user-centric approach, showcasing the company’s dedication to providing a secure trading environment. The Bitget Protection Fund aims to offer additional protection to users, safeguarding their crypto assets from hacker attacks, fraud, and extreme market conditions to build trust among users.
Driven by market trends and Bitcoin valuation, Bitget’s Protection Fund maintained a stable monthly valuation of $425 million throughout May, far exceeding the promised $300 million in October 2022. Over the past month, the fund has retained 6,500 BTC stored in three independent wallets, with all addresses publicly displayed for transparency.
Valuation status of Bitget Protection Fund in May 2024:
Highest value: $465 million (May 20)
Lowest value: $378 million (May 1)
Average value: $425 million
The Bitget Protection Fund is fully self-funded and operates independently, allowing for swift and adaptive responses to unforeseen challenges. In turbulent market environments or unexpected events, the fund can quickly reallocate resources, mitigate risks, and protect user assets.
Gracy Chen, Managing Director of Bitget, stated, “Bitget prioritizes security and ensures peace of mind and safety for users in various market conditions through maintaining an industry-leading Protection Fund valued at over $300 million and adhering to public wallet addresses. We are committed to transparency and security, maintaining a trusted leadership position in the cryptocurrency trading industry.”
Bitget’s commitment to transparency extends beyond publicly disclosing the Protection Fund valuation report. The exchange provides verifiable reserve proof data, allowing users to have greater confidence in the security of their assets. Bitget will continue to provide comprehensive fund information to users, and the public can always view the wallet addresses of the Protection Fund.
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About Bitget:
Established in 2018, Bitget is a leading cryptocurrency exchange and Web3 company serving over 20 million users in more than 100 countries worldwide. Through its innovative copy trading feature and other trading solutions, Bitget helps users trade smarter.
Formerly known as BitKeep, Bitget Wallet is a top-tier multi-chain cryptocurrency wallet offering a range of comprehensive Web3 solutions and features, including wallet functions, exchanges, NFT markets, DApp browsers, and more. Bitget encourages the adoption of cryptocurrencies through partnerships with Argentine football legend Messi, official esports organizer PGL, and others.
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