Global cryptocurrency exchange Bitget reported record growth in its Protection Fund, reaching a valuation of $643 million in November 2024, alongside significant increases in asset reserves driven by Bitcoin’s surge to an all-time high.
What’s the significance: Bitget’s record of Protection Fund and growing reserves offer crypto traders greater security and trust on the platform.
About Bitget’s Protection Fund
Bitget’s Protection Fund is a $300 million reserve that safeguards users’ assets against cybersecurity threats and theft.
- How It Works: It is self-funded, holds diverse assets like Bitcoin and stablecoins, and is regularly updated to ensure users can trade confidently.
- November Milestone: Bitget’s Protection Fund peaked at $643M on November 23, 2024, its highest.
- The fund’s average valuation in the 11th month of the year was $556M, with a low of $440M during Bitcoin price fluctuations.
Key Quote
“Our Protection Fund’s growth shows how security is a priority to us and securing user assets, especially in surging market conditions, is extremely vital. As the industry evolves, Bitget continues to set benchmarks for safety and transparency, offering users unparalleled confidence to explore crypto opportunities during this bull market.”
Gracy Chen, Chief Executive Officer, Bitget
About Bitget’s Proof-of-Reserves
Bitget’s Proof of Reserves is an auditing process that guarantees the exchange holds 100% of users’ assets in reserve.
- How It Works: It uses cryptographic proofs and public wallet ownership, verified through recurring audits.
- Bitget also publishes its Merkle Tree proof, platform reserves, and reserve ratio on a monthly basis to ensure transparency.
- November Milestone: Bitcoin reserves increased by 19% in November, reaching 8,284 $BTC.
- $USDT reserves rose 41% to $1.44 billion.
- $USDC reserves grew 23% to 19.47 million.
- Ether reserves increased by 6%, reaching 109,522 $ETH.
The Numbers
Bitget’s annual growth in asset reserves since January 2024:
- BTC reserves were up by 146.62%.
- USDT reserves were up by 162.88%.
- ETH reserves were up by 324.36%.
- USDC reserves were up by 121.02%.
Key Quote
“Trust in the crypto space begins with transparency. The exceptional growth in our reserves this year highlights the confidence our users place in Bitget as a secure and reliable platform, and we remain committed to setting higher standards for accountability in the industry.”
Gracy Chen, Chief Executive Officer, Bitget
Closing Thoughts
Reminder: While the Protection Fund and Proof of Reserves enhance user confidence, the crypto space remains volatile, and continued vigilance is necessary as market conditions evolve.
Worth Reading: Also in November, Bitget reached all-time highs in trading volume, open interest, and daily active users, securing the third spot globally in futures trading, with a trading volume of $2.84 trillion.
This article is published on BitPinas: Bitget Reaches $643M in Protection Fund, Proof-of-Reserves Also Grew in November
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