Singapore-based crypto exchange Bitget has launched a $200 million fund to protect its users’ assets.
The Bitget Protection Fund was created to provide security and to ensure secure trading for its users, the company said in a news release on Friday.
The fund has 6,000 BTC and 80 million USDT in it, and it is currently valued roughly $200 million. The business has promised to maintain its value over the following three years.
The last two months have been turbulent for cryptocurrency investors due to poor macroeconomic conditions in the traditional finance sector.
Bitget has also implemented strict KYC and AML regulations
In order to reinforce its standards and maintain a regulated operation, Bitget has also implemented strict KYC and AML regulations and engaged with outside legal and compliance partners, the company added.
The company’s managing director, Gracy Chen, said:
“As we continue to endure the crypto winter, it is crucial that our users can rest assured that their funds are kept safe.”
Despite the current market slowdown, Bitget stated in June that it aimed to expand its employment to 1,000 employees over the following six months.
The organization, which was established in 2018 and provides crypto copy trading, claimed at the time that despite less-than-ideal market circumstances, it had been growing and creating excellent cash flow.
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