Bitget Launches Fund Custody Service With Dedicated Wallet to Elevate Safety – Press release Bitcoin News
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PRESS RELEASE. Victoria, Seychelles 11 January 2023 – Leading crypto exchange Bitget launches Fund Custody service for professional investors and institutions. The service offers separate wallets for approved accounts to maximize the protection of customers’ funds on the platform. The exchange also recently released the latest snapshot of its Merkle tree Proof of Reserves to assure its users that their assets are held in 1:1 reserves.
To be eligible for the Fund Custodial Service, users must deposit at least USDT 100,000 worth of pooled assets (including spot, futures, Bitget Earn, fiat currency and leverage) on the platform. Once the application is approved, the user will be assigned a separate storage wallet with its own address for checking and withdrawing the funds separated from the main fund.
Keeping assets in a separate wallet prevents users’ funds from being targeted in emergency situations, such as switching times or other cyber security threats. Wallet funds are rounded up daily to ensure that the user still meets the required conditions.
Additionally, Bitget has recently updated its Merkle tree snapshot as of December 31, 2022, and the latest reserve ratio of the most popular tokens is as follows:
- BTC reserves are 650%
- USDT reserves are kept at 185 percent
- ETH reserves are 237%
The exchange is committed to being fully booked to keep customers’ funds on the platform with at least a 1:1 reserve ratio.
Gracy Chen, CEO of Bitgetnotes, “Protecting our customers’ assets is and always will be our top priority at Bitget. Since the collapse of some of the bad actors in the industry, we have taken several initiatives to improve protection. In addition to the security provided by the US$300 million Bitget Protection Fund and the Merkle tree Proof of Reserves fund, we proud to announce our Fund Custodial Service, a new service equipped with industry-leading security systems and dedicated wallet addresses for qualified users to further promote transparency and improve the security of our users and their funds.
Founded in 2018, Bitget is the world’s leading cryptocurrency exchange, whose main features are innovative products and social trading services. It currently serves more than 8 million users in more than 100 countries around the world.
Committed to providing users with a secure, one-stop trading solution, the exchange is working to increase crypto adoption in collaboration with trusted partners, including legendary Argentine soccer player Lionel Messi, Italy’s leading soccer team Juventus, and official esports event organizer PGL.
For more information about Bitget, visit https://www.bitget.com.
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