The Bitget Protection Fund was established in July of this year with the intention of protecting the cryptocurrency assets of Bitget users. It was established with a fund that had a value of 200 million USD, and it was comprised of 6000 BTC and 80 million USDT. Because the fund does not rely on any outside sources of funding, it has more leeway and freedom to cover customers' assets in an effective manner without being subject to any external bureaucracy or changes in policy.

The expanded protection fund of 300 million USD will be comprised of well-known cryptocurrencies that have a high level of liquidity. These cryptocurrencies include BTC, USDT, and USDC. The value of the fund will be protected by the exchange for the next three years, during which time withdrawals will not be permitted. Bitget will continue to cover the position in the fund to ensure that the balance is not lower than 300 million USD at any moment, even in the event that the value of the fund decreases because the price of BTC falls. All of the information regarding the fund is available to the general public, and users may view the addresses of the wallets here. This was done to ensure openness.

"Expansion for Bitget Protection Fund is another action by Bitget to help build trust and confidence in the cryptocurrency field as a whole," said Gracy Chen, the Managing Director of Bitget. The fund would function as an emergency reserve, and with extra funding, it would be able to provide consumers with the highest possible level of safety and protection, particularly in extreme and unanticipated scenarios that can arise in the cryptocurrency environment. We are of the opinion that famous and dependable exchanges will eventually adopt risk management measures such as protection funds as the standard.

She continues by saying, "Bitget works hard to make quality efforts to guarantee that the platform is secure and stable, providing sufficient security for our users." We will continue to concentrate our efforts on projects aimed at constructing a trustworthy and open cryptocurrency ecosystem for everyone.

About Bitget

Bitget is one of the top five major cryptocurrency exchanges in the world. It was founded in 2018, and it currently serves over 8 million customers in more than 100 countries. Key aspects of Bitget include its unique products and social trading services.

The goal of the exchange is to increase crypto adoption through collaborations with credible partners, such as the legendary Argentinian footballer Lionel Messi, the Italian leading football team Juventus, the PGL Major's official esports crypto partner, and the leading esports organization Team Spirit. In addition, the exchange is committed to providing users with trading solutions that are both secure and can be completed in a single location.