Leading cryptocurrency exchange Bitget has launched a new Fund Custody service with dedicated wallet to boost up safety. Bitget will provide dedicated wallets to qualified accounts to maximize protection of customers’ funds on the platform. The exchange also recently released the latest snapshot of its Merkle tree Proof of Reserves to reassure users that their assets are held in 1:1 reserves.
To be qualified for the Fund Custody service, users will have to store more than or equal to 100,000 USDT worth of combined assets (including spot, futures, Bitget Earn, fiat currency, and leverage) on the platform. Once the application is approved, the user will then be assigned 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 such as an exchange run, or other cybersecurity threats. The wallet assets will be rounded on a daily basis to make sure the user still meets the required conditions.
Additionally, Bitget has recently updated its Merkle tree snapshot as of December 31, 2022, and the latest reserve ratio of the most popular tokens are as follows:
- BTC reserves are held at 650%
- USDT reserves are held at 185%
- 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, remarks, “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,” Gracy Chen added.