Fun

Bitget Launches Fund Custody Service With Dedicated Wallet to Elevate Safety

News Feed - 2023-01-11 03:01:30

Bitget Launches Fund Custody Service With Dedicated Wallet to Elevate Safety press release


PRESS RELEASE. Victoria, Seychelles 11 Jan 2023 –Leading crypto exchange Bitget launches the FundCustodyservicefor professional investors and institutions. The service will provide dedicated wallets to qualified accounts to maximize protection of customers’ funds on the platform. The exchange also recently released the latest snapshot of its Merkle tree Proof of Reserves to reassure users that their assets are held in 1:1 reserves.


To be qualified for the Fund Custody service, users will have to store more than or equal to 100,000 USDT worth of combined assets (including spot, futures, Bitget Earn, fiat currency, and leverage) on the platform. Once the application is approved, the user will then be assigned a separate custodial wallet, with its own dedicated address to check and withdraw funds separated from the main reserve.


Storing the asset in a separate wallet prevents users’ funds from being affected in case of emergencies such as an exchange run, or other cybersecurity threats. The wallet assets will be rounded on a daily basis to make sure 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 are as follows: BTC reserves are held at 650% USDT reserves are held at 185% 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, remarks, “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 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.”


About Bitget


Bitget, established in 2018, is the world’s leading cryptocurrency exchange with innovative products and social trading services as its key features, currently serving over 8 million users in more than 100 countries around the world.


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 events organizer PGL.


To learn more about Bitget, please visit https://www.bitget.com.


 


 


 


  Tags in this story Bitget


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. Aisha Yaqub World Bank Report Forecasts Bleak Global Economic Outlook, Citing ‘Adverse Developments’ and ‘Long-Lasting Slowdown’ ECONOMICS | 3 hours ago US Arrests "Mutant Ape Planet" NFT Creator in $3M "Rug Pull" Scheme to Defraud Crypto Investors REGULATION | 6 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWorld Bank Report Forecasts Bleak Global Economic Outlook, Citing ‘Adverse Developments’ and ‘Long-Lasting Slowdown’ More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike

News Feed

Digital Yuan Giveaway: Shenzhen Residents to Receive 15 Million Yuan in Digital Currency
Digital Yuan Giveaway: Shenzhen Residents to Receive 15 Million Yuan in Digital Currency The Chinese government is giving away 15 million yuan in central bank digital currency (CBD
Ciaran Lyons2 hours agoNFL and YouTube stars reach settlement in FTX class-action lawsuit: ReportNFL player Trevor Lawrence and YouTubers Kevin Paffrath and Tom Nash have reportedly opted to settle with investors who all
Valour to launch digital asset ETPs in Kenya
Derek Andersen5 hours agoValour to launch digital asset ETPs in KenyaValour is moving out of Europe to the green pastures of Africa by way of passporting.1787 Total views2 Total sharesListen to article 0:00NewsOwn this p
Helen Partz22 minutes agoTop Swiss bank launches Bitcoin and Ether trading with SEBASwitzerland’s St.Galler Kantonalbank has launched Bitcoin and Ether trading for select customers, planning to add more coins in the fu
Gareth Jenkinson12 hours agoSam Bankman-Fried FTX trial — 5 things you need to knowThe long-awaited trial of former FTX CEO Sam Bankman-Fried gets underway on Oct. 4 — here’s what you need to know.2483 Total views7
Ciaran Lyons3 hours agoGemini files brief in lawsuit against SEC, requests to keep it simpleIn a recent court filing, Gemini continued to press for dismissal in its lawsuit against the SEC, citing unclear allegations and
Yearnify Finance (YFY) Next Generation Decentralized Finance Project, Token Pre-sale is Now Live
Yearnify Finance (YFY) Next Generation Decentralized Finance Project, Token Pre-sale is Now Live PRESS RELEASE. Yearnify Finance is a community-centered DeFi-pro
Didi Taihuttu Discusses Hiding His Cold Storage Wallets After Selling Everything for Bitcoin 3 Years Ago
Didi Taihuttu Discusses Hiding His Cold Storage Wallets After Selling Everything for Bitcoin 3 Years Ago Over three years ago, a Netherlands native made headline
Crypto exchange BitForex halts withdrawals, stops responding to users
David Attlee13 hours agoCrypto exchange BitForex halts withdrawals, stops responding to usersA Hong Kong-based crypto exchange has suspended withdrawals for at least three days without warning.10493 Total views14 Total s
Crypto ETFs to hit ‘model portfolios’ toward year end — BlackRock
Martin Young5 hours agoCrypto ETFs to hit ‘model portfolios’ toward year end — BlackRock“Investors really want to get their ETH exposure,” said BlackRock’s ETF investment chief Samara Cohen.1790 Total views2
Alek Hidell10 hours agoBinance exit aftershock: Can one resignation tip the crypto trust scales?The announcement of yet another top figure departing Binance coincided with an increased outflow of funds from the crypto pl
Bitrace warns of new crypto scam using QR codes
Alex O’Donnell4 hours agoBitrace warns of new crypto scam using QR codesThe scam starts with a small payment of USDT to the user.569 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCo