Bitget’s Protection Fund in July Sustains 35% Above Initial $300M Commitment Amidst Market Volatility

VICTORIA, Seychelles, Aug. 06, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has released the updated valuation of its Protection Fund for July 2024. Irrespective of the market volatility, the fund carries adequate insurance significantly still exceeding the company’s initial commitment of $300 million sustaining itself at an average of $407M last month.
The Protection Fund is designed to safeguard users’ assets and stands as an essential layer of security in maintaining comprehensive security measures. Established in December 2022, the Protection Fund is entirely self-funded and stored in publicly visible wallets, ensuring transparency and immediate access when needed. Bitget’s Proof of Reserves, another layer of security introduced in December 2022, further reinforces the company’s commitment to asset safety, maintaining a reserve ratio of at least 1:1 for user assets.
“Our priority is to safeguard user assets amidst market fluctuations and

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