Learn how one centralized exchange protected client assets and 2022. worked smoothly.
In the past 2022 many cryptocurrency users hope that the FTX crisis will also remain just a bitter memory from the past year. While the fallout from the collapse of one of the crypto industry’s largest, CEX, is still reverberating, one platform is taking bold steps to ensure the safety of its customers’ funds.
Gracy Chen, CEO of Bitget, shares her insights and tips on getting into the cryptocurrency market.
Q: How does Bitget ensure the security of customer assets?
Bitget always strives to provide users with a secure one-stop trading solution. To protect users’ assets, we have taken various initiatives and adopted various security strategies.
Bitget’s protection fund was worth about $200 million at launch and has been raised to $300 million with 6,500 Bitcoins
and 200 million USD after the bankruptcy of FTX. Bitget has promised to guarantee the value of the funds regardless of the market price for the next three years.
Bitget publishes its reserve Merkle tree for maximum transparency. Our POR page shows that in 2022 December 31 our total reserve ratio is 244%, individual BTC reserves are 725%, USDT is 202%, and ETH is 186%. Bitget is one of the largest exchanges. stock rate.
In addition to these two important tools, we serve and protect our users with leading security and risk management measures in place, including hot and cold wallet isolation, multi-signature wallets, zero-trust security architecture and more. user property.
Q: What are the main concerns of users regarding cryptocurrency security right now?
After the FTX incident, the market is actively looking for a transparent and reliable platform to securely store assets. That’s why we’re announcing all seven of our $300 million. USD Protection Fund wallet addresses so users can track funds at any time. In addition, we have also developed an open source repository validation tool, Merklevalidator, which is available on GitHub. Users can then verify that their account assets are included in our Merkle Tree Proof of Reserves to ensure that their funds are held securely on the platform.
On the other hand, in 2023 month of January. we launched a fund custodial service for users with total assets of $100,000 or more to apply for a dedicated custodial wallet. Separate wallet addresses allow eligible users to verify and withdraw funds that are separate from the main reserve, keeping the funds safe in the event of emergencies such as loss, theft, and other cyber security threats.
Q: What is Bitget’s biggest goal for 2022?
Last year was one of the most important in the history of Bitget. Our achievements this year are no less great. Despite some negative incidents happening in the industry, Bitget continues to grow steadily and uses this as an opportunity to further strengthen its capabilities.
Some of Bitget’s key areas of development include:
According to a Boston Consulting Group report, it is the 3rd most popular exchange in terms of cryptocurrency derivatives trading volume.
After the fall of FTX, the market share in the derivatives market increased from 3% to 11%.
More than 300% increase in transaction volume due to the popularity of copy trading products.
Workforce growth from nearly 200 people in 2022. at the beginning to more than 1,100 employees in 2023. in January
Become an exclusive cryptocurrency exchange partner with Lionel Messi.
Bitget saw a 300% increase in transaction volume due to the increasing popularity of copy trading and cryptocurrency futures. The main offer of the platform is One-Click Copy Trade until 2022. attracted more than 80,000 merchants and 338,000 followers as of December.
Q: Working with Messi is not your first football partnership. What do you think celebrity campaigns bring to your users? Is it a matter of trust and credibility?
Trust and confidence are the main basis for the development of the cryptocurrency industry. That’s why Bitget in 2022 20 million started the world championship in Qatar. USD marketing campaign to build trust and confidence in the community. We are happy to witness the victory of our partner Lionel Messi.
I want to emphasize that Messi is not only a great footballer, but also a player who has focused on his skills to overcome physical difficulties for many years, with almost zero negative incidents. He is not only persistent, but also humble