Crypto exchange Bitget has divulged its Protection Fund Valuation Report for July 2023, shedding light on its approach to user security and asset protection in the cryptocurrency market.
Launched in August 2022, Bitget's Protection Fund has been crafted as a safeguard for users' crypto holdings against potential risks like market fluctuations, hacking incidents, and unforeseen events. The fund's value has consistently maintained a level above US$300 million since its inception in November, recently surging to exceed US$368 million in July. This financial stability stands in contrast to the inherent volatility of the crypto sector.
The transparency and regular updates on the fund's value set Bitget apart from many other exchanges in the market. This approach provides users with insights into the fund's performance, a practice that isn't uniformly adopted across the industry. As Bitget shares detailed reports on its Protection Fund, it underscores its commitment to financial transparency and accountability to its user base. This move resonates in an industry where such initiatives are not always the norm, and reinforces Bitget's dedication to prioritizing user security and fostering trust in the crypto landscape.
Gracy Chen, Bitget's Managing Director, noted the importance of user centricity and transparency, saying:
"At Bitget, we believe that honesty earns trust. Keeping customers informed at all times is the foundation of trust. That is why we are releasing this monthly valuation report on the Bitget Protection Fund - to provide the utmost transparency into the fund’s value fluctuations. By regularly publishing the fund’s up-to-date reports, we aim to give users full insight into how the Protection Fund is performing. "
Over the past year, Bitget has conducted and published regular audits of its reserves collaborating with leading audit firms to ensure the accuracy of user assets within its reserves. The exchange employs various mechanisms to ensure the accuracy of its reserves and offer users the means to verify their assets' security. Monthly Merkle Tree proofs, platform reserves, and platform reserve ratios are shared with users, along with the introduction of the "Merkle Validator" tool. This feature empowers users to perform self-audits and confirm their asset status using the Merkle tree data structure.
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