Bitget has committed to securing the fund’s future value over the next three-years. Bitget also has stringent KYC/AML policies in place and has partnered with third party legal and compliance partners.
Bitget, a crypto exchange based in Singapore, has created a $200 million fund for its users to protect their assets.
According to a news release, Bitget Protection Fund was established to protect its users and ensure safe trading.
The fund is worth approximately $200 million and consists of 6,000 BTC as well as 80 million USDT. The company has committed to preserving its value over the next three-years.
Due to unfavorable macroeconomic conditions in traditional finance, crypto investors have been volatile over the past two months.
Bitget also stated that it has implemented strict KYC and AML policies, and has partnered with third party legal and compliance partners in order to improve its standards and keep it regulated.
Gracy Chen, the company’s managing director said that “as we continue to suffer from the crypto winter,” it was crucial that users can rest assured their funds are safe.
Bitget stated in June it would double its workforce to 1,000 over the next six-months despite the current market downturn.
It was established in 2018 and offers cryptocopy trading.