Bitget introduces a protection fund of $ 200 million to protect the user's crypto

Bitget introduces a protection fund of $ 200 million to protect the user's crypto

The Bitget crypto derivative exchange based in Singapore announced on Sunday that it was launching a new fund that was developed to protect against hacks and theft in order to improve the image of the industry that caused by the recent downturn of crypto.

of the $ 200 million "Protection Fund" of the stock exchange, which consists of 6,000 BTC and 80 million USDT, attempts to clear up security concerns and strengthen the trust of investors by protecting the assets of its users, said Bitget.

The latest market turbulence, which were fueled by the lenders, which surprised most industry participants, have shaken confidence in the ability of crypto to survive significant phases of volatility.

Several lenders and stock exchanges have decided to restrict or freeze the payment of crypto-assets from their platforms after it became known that they did not have capital to pay off their users who wanted to withdraw from the market.

in connection with billions of dollars, which were lost last year by hacks and theft, erodes confidence in the crypto community and in the platforms that try to save the assets of the users safely.

Part of the fund stablecoin allocation will help reduce the pressure associated with this volatility instead of relying on crypto fluctuations, said Bitget.

The 2018 Stock Exchange is one of the fastest growing derivatives exchanges in Southeast Asia with around 20,000 active dealers who, according to their own statements, generated a transaction value of almost $ 100 billion LinkedIn profile .

Bitget said that it has undertaken to secure the value of his war treasure over a period of three years, which is expected to be financed himself and, regardless of insurance, will be third parties, which in his opinion will help, about "external bureaucracy" or "political changes."

"The protection fund will help us dispel the concerns of investors and attract potential users," said Gracy Chen, Managing Director of Bitget, in an explanation. "We believe that our initiative would encourage other CEXs to clear up concerns about the accountability obligation ... and help to regain the trust of investors."

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The contribution Bitget Rolls Out $ 200m "Protection Fund" to Safeguard User’s Crypto is not a financial advice.