Monday, 4 March 2024

Crypto News

Bitget Protection Fund Valuation Peaks Over $442M in January

Bitget Protection Fund Valuation Peaks Over $442M in January

Victoria, Seychelles, February 5th, 2024, Chainwire

Bitget, the world’s leading cryptocurrency exchange and Web3 company, released its Protection Fund Valuation Report for January 2024. The report shows the fund achieved its highest-ever average monthly value of over $415 million and reached an all-time-high value of over $ 442 million on January 9, underscoring Bitget’s commitment to user protection.

Bitget’s Protection Fund stands out as a sizable user protection mechanism within the crypto space. Maintaining one of the largest self-insured funds in the industry builds confidence for users by supplying an added layer of security. The fund helps shield crypto assets from threats like hacks, frauds and outsized market movements.

Bitget’s Protection Fund operates independently with a self-funded model, providing agile protection capabilities without external constraints. As the fund is autonomous, it can rapidly deploy resources as needed to cover user assets in the event of security incidents, market volatility, or other coverage events. This independent approach ensures Bitget users have strong protective support that is not dependent on external regulations, policies, or approvals which could introduce inefficiencies or delays in critical situations. The self-funded nature of the Protection Fund represents a considerable strength and security advantage for Bitget’s user community.

To further increase its stability and liquidity against external factors, the fund encompasses a diversified portfolio of high-liquidity cryptocurrencies such as BTC, USDT, and USDC. For the month of January, Bitget’s Protection Fund maintained stable growth as per market movements and BTC price surge, reaching an all-time-high value of over $ 442 million on January 9.

Bitget Protection Fund Valuation Status in January 2024:

Highest value: $442 million (Jan 9)

Lowest value: $393 million (Jan 23)

Average value: $415 million

“Bitget is focused on better serving users and protecting their interests through a robust ecosystem of products and expertise. While security remains a top priority for us, what truly sets us apart is our absolute commitment to user protection. We aim to assure people with their crypto by safeguarding their assets and championing their well-being through every market condition,” said Gracy Chen, Managing Director at…

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