Cryptocurrency exchange Bitget launches $200 million fund to protect users

Article Reading Time:
1 min.

As representatives of the large Singaporean exchange Bitget told Bits.Media, the platform is creating a “Protective Fund”, which will consist of 6,000 BTC and 80 million USDT stablecoins.  

The $200 million fund aims to show thatBitget takes the protection of client funds seriously, and in any situation, users will be able to withdraw their money. According to Bitget Managing Director Gracy Chen, given the decline of the cryptocurrency market and the bankruptcy of some companies, it is extremely important to give users a sense of security.

“With the launch of the Bitget insurance fund, we have becomeone step closer to fulfilling our commitment to protecting and protecting our community. The Defense Fund will help us alleviate investor concerns and attract potential users. As we continue to endure the crypto winter, it is critical that our users can trust that their funds are secure,” Chen said.

Bitget's top manager expressed hope that the movecryptocurrency exchange will push other centralized platforms to more thoroughly protect users and create a transparent reporting structure. This is what Gracie Chen believes will help “regain investor confidence and build a better crypto world.”

The new fund will be financed exclusively by the Bitget platform, without the participation of third-party insurance companies. This, according to the management of the exchange, will avoid unnecessary bureaucracy.

Earlier it was reported that the Bitget platform launched
campaign to attract cryptocurrency traders using the functions of copying transactions.