VICTORIA, Seychelles, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, has released the updated valuation of its Protection Fund for July 2024. Irrespective of the market volatility, the fund carries adequate insurance significantly still exceeding the company's initial commitment of $300 million sustaining itself at an average of $407M last month.
The Protection Fund is designed to safeguard users' assets and stands as an essential layer of security in maintaining comprehensive security measures. Established in December 2022, the Protection Fund is entirely self-funded and stored in publicly visible wallets, ensuring transparency and immediate access when needed. Bitget's Proof of Reserves, another layer of security introduced in December 2022, further reinforces the company's commitment to asset safety, maintaining a reserve ratio of at least 1:1 for user assets.
"Our priority is to safeguard user assets amidst market fluctuations and uncertainties. Bitget's Protection Fund is an additional layer of trust to elevate our user security. By maintaining a substantial reserve, we ensure a reliable and secure trading environment," says Gracy Chen, CEO at Bitget
The month of July experienced high volatility due to which the the Protection Fund's valuation exhibited significant fluctuations. With a high of $443,574,608 on 29th and a low of $363,222,440 on 8th. These variations are directly correlated with BTC price movements, which saw the highest price of $68,242 and the lowest price of $55,880 on same dates.
The valuation changes mirrored BTC price trends since the BTC balance remained constant at 6,500 BTC. Daily changes in valuation highlighted the market's volatility, with the largest increase occurring between July 20 and July 21, where the valuation rose by $3,357,354.
The largest decrease was observed between July 1 and July 2, dropping by $4,552,172.
The updated Protection Fund reflects Bitget's proactive stance in providing a secure trading environment. By maintaining a substantial reserve, Bitget ensures that users' assets are protected against potential risks and unforeseen market fluctuations. This financial safeguard, comprising diversified assets, enhances the fund's resilience and ability to address various market conditions. Bitget continues to prioritize user safety and trust. With the Protection Fund, it emphasizes its ongoing efforts to provide a secure and reliable platform for crypto trading.
To know more about the Protection Fund, visit here.
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).
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