2024

DeFi

Million

Planet

<div class="intro-text">
 Bitget recently released its <a style="color: #0000ff;" href="https://www.bitget.com/protection-fund" rel="noopener noreferrer nofollow">Protection Fund Valuation Report</a> for January 2024, indicating a valuation of about $422 million.
</div>
According to the report, the fund reached a peak average monthly value of more than $415 million and registered an all-time high value of more than $442 million on January 9. The fund comprises two major virtual assets in varying proportions: 6,500 BTC and USDT worth $137 million.
The recent development comes amid rising concerns in the crypto space, as various exchanges and crypto firms are experiencing sudden meltdowns, leaving customers in chaotic financial situations. For <a style="color: #0000ff;" href="https://defi-planet.com/2022/12/ftx-crash-the-fastest-corporate-failure-in-the-american-history/" rel="noopener noreferrer nofollow">instance, FTX’s collapse in 2022</a> led to a notable broader crypto market meltdown of more than $450 billion.&nbsp;
The<a style="color: #0000ff;" href="https://www.bitget.com/protection-fund" rel="noopener noreferrer nofollow"> Bitget Protection Fund</a> is remarkable compared to its contemporaries, which have raised relatively smaller amounts. Also, several crypto firms which have experienced fund freezing, hacks, and major collapses and haven’t been able to recover are<a style="color: #0000ff;" href="https://apnews.com/article/cryptocurrency-technology-financial-services-bankruptcy-bitcoin-f7d97ff9cc12afc1fd845648b5f13ea7" rel="noopener noreferrer nofollow"> known not to have any reserved means of backing</a> (whether autonomous or centralized).&nbsp;
By securing its position as one of the biggest self-insured protection funds in the market, Bitget solidifies confidence for users by providing an additional layer of security.&nbsp;
The exchange has explained previously that, as <a style="color: #0000ff;" href="https://www.bitget.com/academy/Bitget-protection-fund-to-protect-user-assets" rel="noopener noreferrer nofollow">per a post</a> on its blog, half of the protection fund is allocated to leading stablecoins to further protect traders from crypto market fluctuations, minimize volatility risks, and provide an extra layer of safety to maintain a balance.&nbsp;
The Protection Funds’ current value places the exchange on par with renowned ones like Binance, making it one of the most secure crypto exchanges in the world.&nbsp;
Like Bitget, Binance <a style="color: #0000ff;" href="https://academy.binance.com/en/glossary/secure-asset-fund-for-users" rel="noopener noreferrer nofollow">established</a> its Secure Asset Fund for Users (SAFU) in July 2018 to safeguard customers’ funds. The SAFU portfolio comprised BTC, BNB, USDT, and TUSD and was worth over $1 billion, according to its opening price on January 29, 2022.&nbsp;
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/02/bitgets-protection-fund-hits-422-million-in-january-2024/" rel="noopener noreferrer nofollow">Bitget’s Protection Fund Hits $422 Million in January 2024</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Bitget’s Protection Fund Hits $422 Million in January 2024

DeFi Planet

Other articles published on Feb 8, 2024

Crypto Vs. SEC: Ripple and Coinbase Fight Back Against Unclear Regulations

Ethereum (ETH) Trader Pockets $166K Profit With Smart Moves: Details

AI Security Labs to Combat Cyber Threats Against AI Systems

3 Hidden Gem Cryptos Under $0.50 Ready to Explode with 5-Fold Returns in The Upcoming Period

Flood Raises $5.2 Million Seed Round to Democratize Ethereum’s Order Execution Led by Bain Capita...

India to look at offline solutions to aid CBDC adoption in rural areas

Join our free newsletter for daily crypto updates!