Keeping your crypto safe: Insights from Bitget on how to achieve growth throughout crypto winter
With 2022 in the past now, many crypto users hope the FTX crisis will also remain a mere bitter memory from last year. While the effects of the crash of one of the biggest CEXs in the crypto industry are still rippling through the space, one platform is taking bold steps to ensure the security of its customers’ funds.
Gracy Chen, managing director of Bitget shares her views and tips on making it through the crypto bear market.
Bitget always strives to provide a secure, one-stop trading solution for users. We have taken different initiatives and adopted various security policies to protect users’ assets.
Bitget’s Protection Fund was valued at about $200 million at launch and has been raised to $300 million, consisting of 6,500 Bitcoin (BTC) and 200 million USDT following FTX’s bankruptcy. Bitget has pledged to secure the fund’s value for the next three years regardless of the market price.
Bitget released its proof-of-reserves Merkle tree to provide maximum transparency. Our POR page shows that our total reserve ratio is at 244%, with separate reserves of BTC at 725%, USDT at 202% and ETH at 186% as of Dec. 31, 2022. Bitget is one of the exchanges out there with the highest reserve ratio.
Aside from these two essential measures, we are serving and protecting users with our already-implemented, top-notch security measures and risk management, including hot and cold wallet separation, multi-signature wallets, zero-trust security architecture and much more to protect user assets.
Q: What are users’ main concerns regarding security in crypto right now?
After the FTX incident, the market is actively seeking a transparent and credible platform where assets can be securely stored. That is why we publicize all seven wallet addresses of
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