As Bits.Media was told by representatives of the major Singaporean exchange Bitget, the platform is creating a “Protection Fund”, which will consist of 6,000 BTC and 80 million USDT stablecoins.
The $200 million fund is intended to show that Bitget is serious about protecting client funds, and in any situation, users will be able to withdraw their money. As the cryptocurrency market crashes and some companies go bankrupt, it’s crucial to give users a sense of security, according to Bitget Managing Director Gracy Chen.
“With the launch of the Bitget Insurance Fund, we are one step closer to fulfilling our obligation to safeguard and protect our community. The Protection Fund will help us alleviate investor concerns and attract potential users. As we continue to endure the crypto winter, it is imperative that our users can be confident that their funds are safe,” Chen said.
The top manager of Bitget expressed her hope that the step of the cryptocurrency exchange will push other centralized platforms to more thorough protection of users and the creation of a transparent reporting structure. This, according to Gracie Chen, will help “regain investor confidence and build a better crypto world.”
The new fund will be funded 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 a campaign to attract cryptocurrency traders using the functions of copying transactions.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
