PRESS RELEASE. Nov 15th, 2022 – Leading global cryptocurrency exchange, Bitget announces that it will increase its Protection Fund to 300 Million USD, in order to provide better protection and further assurance to crypto users. This is part of Bitget’s major efforts in building the trust of the crypto market after FTX’s collapse, leaving users with massive losses. The initiatives come along with a 5 million USD Builders’ Fund to support FTX users, coupled with the plan to share the Merkle Tree Proof of Reserves, which is under preparation and will soon be released in 30 days.
Bitget’s Protection Fund was launched in July this year with the objective to safeguard user’s crypto assets. It was set up with a fund worth of 200 million USD, consisting of 6000 BTC and 80 million USDT. The fund is completely self-funded, allowing more flexibility and discretion to efficiently cover users’ assets without external bureaucracy or policy changes.
The increased 300 million USD protect
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