VICTORIA, Seychelles, Jan. 16, 2023 (GLOBE NEWSWIRE) — Major cryptocurrency exchange Bitget is launching the Fund custody service for professional investors and institutions. The service will provide a dedicated wallet to each eligible account to maximize the protection of client funds on the platform. The platform also recently released the latest evidence snapshot of its reserves in the form of a Merkle tree to reassure users that their assets are held 1:1 in reserves.
To be eligible for the fund custody service, users must store combined assets on the platform with a value of at least 100,000 USDT (including Spot, Futures, Bitget Earn, fiat currencies, and promissory note assets). Once your application is approved, you will be assigned a separate custody wallet, with your own dedicated address to view and withdraw your funds separately from your main reserve.
Storing assets on a separate wallet helps prevent user funds from being affected in the event of a crisis, such as mass withdrawals on the platform or cybersecurity threats. Wallet assets will be checked daily to ensure the user still meets the requirements.
Also, Bitget recently updated its Merkle tree snapshot on December 31, 2022. Here is the latest reserve ratio of the major tokens:
- BTC reserves up to 650%
- USDT reserves up to 185%
- ETH reserves up to 237%
Bitget is committed to fully owning client assets on the platform with a reserve ratio of at least 1:1.
Gracy Chen, CEO of Bitget, he said, “Protecting our customers’ assets remains our top priority at Bitget. After the collapse of some market-damaging players, we have taken a number of steps to strengthen protection. In addition to the security offered by our $300 million Bitget Protection Fund and proof of reserves in the form of a Merkle tree, we are proud to announce our Fund Custody Service. The new service, featuring industrial-grade security systems and dedicated wallet addresses for eligible users, will promote transparency and enhance the security of our users and their funds.”
About Bitget
Founded in 2018, Bitget is a global cryptocurrency exchange. Specializing in social trading and offering innovative products, Bitget now serves more than 8 million users in over 100 countries worldwide.
Bitget is committed to providing users with complete and secure trading solutions, actively working towards the adoption of cryptocurrencies by the general public. This involves partnerships with international luminaries, including legendary footballer Lionel Messi, Turin’s legendary Juventus and huge e-sports organization PGL Major.
To learn more about Bitget, visit https://www.bitget.com/fr.
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