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Bitget launches $200 million protection fund” to protect user’s crypto
Bitget aims to boost traders' and investors' confidence with new 'protection fund' The exchange promises to protect the value of its $200 million war chest over three years Singapore-based crypto derivatives exchange Bitget said on Sunday it has launched a new fund designed to protect against hacks and theft in a bid to improve the industry's image caused by crypto's recent downturn. The exchange's $200 million “Protection Fund,” consisting of 6,000 BTC and 80 million USDT, seeks to address security concerns and increase investor confidence...
Bitget launches $200 million protection fund” to protect user’s crypto
- Bitget will mit einem neuen „Schutzfonds“ das Vertrauen von Händlern und Investoren stärken
- Die Börse verspricht, den Wert ihrer Kriegskasse im Wert von 200 Millionen Dollar über einen Zeitraum von drei Jahren zu sichern
Singapore-based crypto derivatives exchange Bitget said on Sunday that it has launched a new fund designed to protect against hacks and theft in a bid to improve the industry's image caused by crypto's recent downturn.
The exchange's $200 million "Protection Fund," consisting of 6,000 BTC and 80 million USDT, seeks to address security concerns and increase investor confidence by protecting its users' assets, Bitget said.
Recent market turmoil, fueled by a lender contagion that caught most industry participants by surprise, has shaken confidence in crypto's ability to weather significant periods of volatility.
Several lenders and exchanges have decided to limit or freeze withdrawals of crypto assets from their platforms after it was revealed that they did not have the capital to pay out their users who wanted to withdraw from the market.
Combined with billions of dollars lost to hacks and theft in the past year alone, trust in the crypto community as well as the platforms that attempt to securely store users' assets continues to erode.
Part of the fund's stablecoin allocation will help alleviate pressures associated with this volatility rather than relying on crypto fluctuations, Bitget said.
Founded in 2018, the exchange is one of the fastest-growing derivatives exchanges in Southeast Asia with around 20,000 active traders who say they generated nearly $100 billion in transaction value in 2021 LinkedIn profile.
Bitget said it is committed to protecting the value of its war chest over a three-year period, which is expected to be self-funded and independent of third-party insurance, which it said will help navigate "external bureaucracy" or "policy changes."
“The protection fund will help us allay investor concerns and attract potential users,” Bitget chief executive Gracy Chen said in a statement. “We believe our initiative would encourage other CEXs to address accountability concerns... and help regain investor confidence.”
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The post Bitget Rolls Out $200M “Protection Fund” to Safeguard User’s Crypto is not financial advice.