Bengaluru (Karnataka) [India], January 17 (ANI/PRNewswire): Leading crypto exchange Bitget has launched a Fund Custody service for professional investors and institutions to increase digital asset security globally. The service provides dedicated wallets to eligible accounts to maximize protection of customers' funds on the platform.
Financial institutions and professional traders qualified for the service are assigned with 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 of loss, theft and other cybersecurity threats.
The wallet assets will be rounded on a daily basis to make sure the user still meets the required conditions.
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 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."
In 2022, Bitget launched multiple security layers to its ecosystem including a $300M Protection Fund, $5M for FTX users and Proof-of-reserve transparent tracking for its user asset reserves.
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.
This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)