For maximizing protection of customers’ funds on the platform, the crypto custody service provides dedicated wallets to eligible accounts
A Fund Custody service (crypto custody service) has been launched by Bitget, a leading crypto exchange for professional investors and institutions to increase digital asset security globally. For maximizing protection of customers’ funds on the platform, the crypto custody service provides dedicated wallets to eligible accounts.
To check and withdraw funds separated from the main reserve, financial institutions and professional traders qualified for the crypto custody service are assigned with a separate custodial wallet, with its own dedicated address. In case of emergencies of loss, theft and other cybersecurity threats, storing the asset in a separate wallet prevents users’ funds from being affected.
To make sure the user still meets the required conditions, the wallet assets will be rounded on a daily basis. Recently, Bitget updated its Merkle tree snapshot which shows that the latest reserve ratio of Bitcoin is held at 650%, USDT at 185% and ETH reserves are held at 237%.
The exchange is committed to be fully reserved holding customers’ assets on the platform at least on a 1:1 reserves ratio.
Gracy Chen, Managing Director of Bitget, says, “Protecting our customers’ assets is, and always will be, our top priority at Bitget. Ever since the collapse of some bad actors in the industry, we have taken a series of initiatives for heightened protection. In addition to the security offered with our US$300 million Bitget Protection Fund and Merkle tree Proof of Reserves, we are proud to announce our Fund Custody service. The new crypto custody service, equipped with industry-grade security systems and dedicated wallet addresses for qualified users, shall further foster transparency and elevate safety for our users and their funds.”
Including a $300M Protection Fund, $5M for FTX users and Proof-of-reserve transparent tracking for its user asset reserves, Bitget, in 2022, launched multiple security layers to its ecosystem.
Currently serving over 8 million users in more than 100 countries around the world, Bitget, established in 2018, is the world’s leading cryptocurrency exchange with innovative products and social trading services as its key features.
The exchange is committed to providing a secure, one-stop trading solution to users and aims to increase crypto adoption by collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the Italian leading football team Juventus, and the official esports event’s organizer PGL.
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