TechFlow news — Bitget has released its Protection Fund valuation report for July. The report shows that the fund reached a maximum size of $368.4 million on July 14 and a minimum of $353.7 million on July 25, with an average size of $359.6 million during the month. Additionally, the fund has consistently maintained a value above $300 million since November last year.
Launched in August 2022 with an initial size of $200 million, Bitget's Protection Fund is designed to safeguard user assets in cases of force majeure events, hacking incidents, or extreme market conditions. In November 2022, Bitget increased the fund's size to over $300 million, comprising a portfolio of highly liquid cryptocurrencies including BTC, USDT, and USDC. The company has committed to maintaining the fund's value above $300 million over the next three years.
Gracy Chen, Managing Director at Bitget, emphasized the critical role of trust and transparency in the company’s operations. She stated: “We firmly believe that transparency and integrity are essential to earning user trust and advancing the crypto industry. By regularly disclosing updated data on the Protection Fund and providing verifiable results, we demonstrate our commitment to users. Bitget remains steadfast in upholding principles of integrity and is dedicated to setting high standards of transparency across the entire cryptocurrency ecosystem.”
