Amid the crypto bear market roar that has spooked everyone, Crypto Bitget exchanges started a $200 million BTC-USDT protection fund to fuel the investor-centric trend. The reserve is introduced to protect users’ assets.
With this move, Bitget joins the growing list of crypto companies like Binance that are taking an investor-centric approach to earning investor trust through protection funds.
The security fund has 6,000 Bitcoin (BTC) and 80 million Tether (USDT) and is valued at $200 million at the time of writing. Bitget has vowed to secure the fund’s value for the next three years as the crypto market appears to be just crawling rather than having a “strong bounce”!
A user can ask the Bitget Protection Fund for help by contacting the Bitget Protection Fund team within 30 days of the incident.
Unlike Bitget’s self-funded reserve, Binance built its user protection insurance fund called Secure Asset Fund for Users (SAFU) by using 10% of its trading fee.
Bitget CEO Gracy Chen stated that the fund will help us alleviate investors’ woes and attract potential users. Chen added, “As we continue to weather the crypto winter, it’s critical that our users can be assured that their funds are being kept safe.”
The combination of stablecoin and bitcoin in reserve is used to be prepared for sudden and unforeseen crypto volatility. Bitget has implemented strict Know Your Customer (KYC) and Anti-Money Laundering (AML) laws to protect investors from rogues.
Also read: Talos co-founders see crypto coming back stronger
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