VICTORIA, Seychelles, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, has released the latest valuation of its Protection Fund for September 2024. The fund, an essential safeguard for the exchange and its users, has remained resilient over the past year, maintaining a valuation comfortably above the initial $300 million commitment. As of the end of September, the fund is valued at approximately $428.5 million, marking one of the highest valuations in recent months.
Despite fluctuations within the broader financial market, the crypto sector continued to experience growing confidence, particularly with Bitcoin’s solid performance throughout the month. The Bitget Protection Fund, which is denominated in Bitcoin and stablecoins, benefited from Bitcoin’s upward trend, further strengthening its valuation. On September 7, the fund recorded its lowest valuation for the month at $350.5 million when Bitcoin prices dipped to $53,923. However, the fund quickly regained value as Bitcoin prices rebounded, closing the month with a substantial valuation of $428.6 million.
The Bitget Protection Fund is designed to ensure a robust layer of protection for users in the event of unforeseen market disturbances or security threats. This consistent increase in the fund's valuation shows Bitget’s commitment to maintaining a stable and secure environment for its global users, aligned with its transparent Proof-of-reserves and industry's second largest protection fund.
“The sustained growth in the Protection Fund’s valuation, despite market fluctuations shows Bitget’s focus on maintaining user security and trust. As we continue to see positive momentum in the crypto space, Bitget remains dedicated to offering a stable and reliable platform for our global community, ensuring our users' interests are well-protected," said Gracy Chen, CEO at Bitget.
With Bitcoin showing promising signs of continued growth, the Protection Fund remains well-positioned to handle market fluctuations. As the cryptocurrency industry moves forward, Bitget remains dedicated to providing a secure trading platform with a focus on long-term user security and risk management.
To check Protection fund and its previous snapshots, please visit here.
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading, AI bot and other trading solutions. Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including being the Official Crypto Partner of the World's Top Professional Football League, LALIGA, in EASTERN, SEA and LATAM, as well as a global partner of Olympic Athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).
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Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.
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