Bitget, the leading cryptocurrency exchange and Web3 company, has released the updated valuation of its Protection Fund for June 2024. By significantly exceeding the company’s commitment of $300 million, Bitget continues to flourish as one of the most trustworthy crypto exchanges.
Since its launch in August 2022, the Protection Fund has been a cornerstone of Bitget’s user-centric approach, highlighting the platform’s dedication to providing a secure trading environment. In a volatile landscape, the Protection Fund acts as a safety net against potential threats, ensuring Bitget users’ assets remain shielded from adversities. In June 2024, the Protection Fund maintained its holdings of 6,500 BTC stored in three separate wallets, with all addresses publicly displayed for transparency.
The Bitget Protection Fund continued its momentum of growth during the market’s surge and then returned to stability. At its peak on the 6th June, the fund hit its monthly high valuation of $462M, indicating strong financial health and strategic asset management that Bitget is known for. Throughout the month, the Protection Fund maintained an average valuation of $429 million. The lowest valuation of the Fund in June was $392 million, recorded on the 29th but was still maintained 30% above the initial allotment.
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The fund’s performance throughout the month is a clear indicator of the platform’s reliability and its commitment to upholding the highest standards of users’ asset security.
“The Protection Fund is a by product of the efforts we put in at Bitget to provide a safe and secure platform for our users,” said Gracy Chen, CEO at Bitget, “The Proof-of-reserves and Protection Fund are two strong pillars of our users’ trust in Bitget and we plan to keep reinforcing this each month,” she added.
As one of the very first industry leaders to establish business transparency with its users, Bitget upholds security standards by providing verifiable Proof of Reserves data and offering users unrestricted access to comprehensive fund storage information, including the company’s wallet addresses for tracking.
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