VICTORIA, Seychelles, June 10, 2024 — Bitget, a leading cryptocurrency exchange and Web3 company, today announced the updated valuation of its Protection Fund for May 2024. Reaching a peak of $465 million on May 20th and maintaining an average monthly valuation of $425 million, Bitget reaffirms its commitment to bolstering user security and safeguarding digital assets.

Since its inception in August 2022, the Protection Fund has been a cornerstone of Bitget’s user-centric approach, highlighting the platform’s dedication to providing a secure trading environment. In a volatile market, the Protection Fund serves as a safety net against potential threats, ensuring that Bitget users’ assets are protected from adversity.

Throughout May, influenced by market trends and Bitcoin’s valuation, Bitget’s Protection Fund maintained a steady average monthly valuation of $425 million, significantly surpassing the company’s commitment of $300 million made in October 2022. In the past month, the Protection Fund retained its holdings of 6,500 Bitcoin stored in three separate wallets, with all addresses publicly displayed for transparency.

Bitget Protection Fund Valuation Status in May 2024:
Highest value: $ 465 million (May 20)
Lowest value: $ 378 million (May 1)
Average value: $ 425 million

Employing a self-insured reserve model, Bitget’s Protection Fund operates independently, enabling quick and adaptable responses to emerging challenges. Free from external dependencies, the fund can rapidly reallocate resources to mitigate risks and protect user assets during turbulent market conditions or unforeseen events.

Gracy Chen, CEO of Bitget, commented, “At Bitget, security is our top priority. The Protection Fund is a testament to our commitment to safeguarding our users’ digital assets. By maintaining an industry-leading protection fund valued at over $300 million and making the wallet addresses public, we provide our users with peace of mind and security across all market conditions. We remain dedicated to transparency and security, ensuring that our platform remains a trusted leader in the cryptocurrency exchange industry.”

In addition to the Protection Fund’s robust performance, Bitget upholds its transparency standards by providing verifiable Proof of Reserves data and offering users unrestricted access to comprehensive fund storage information, including publicly available wallet addresses. Bitget’s unwavering dedication to transparency and security solidifies its position as a trusted leader in the cryptocurrency exchange industry.

To track Proof-of-Reserves, please visit .

About
Established in 2018, is the world’s leading 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,  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 many more. 

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SOURCE Bitget