Users with total assets over 100,000 USDT may apply for a separate custodial wallet
Victoria, Seychelles, Jan. 11, 2023 - Leading crypto exchange Bitget launches the Fund Custody service for professional investors and institutions. The service will provide dedicated wallets to qualified accounts to maximize the 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 qualify for the Fund Custody service, users must store more than or equal to 100,000 Tether (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 emergencies such as an exchange run or other cybersecurity threats. The wallet assets will be rounded daily to ensure the user meets the required conditions.
Additionally, Bitget has recently updated its Merkle tree snapshot as of Dec. 31, 2022, with the latest reserve ratio of the most popular tokens as follows:
- Bitcoin (BTC) reserves are held at 650%
- USDT reserves are held at 185%
- Ether (ETH) reserves are held at 237%
The exchange is committed to being fully reserved holding customers’ assets on the platform on at least 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. 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 $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.”
Established in 2018, Bitget is the world’s leading cryptocurrency exchange with innovative products and social trading services as its key features. It currently serves over 8 million users in more than 100 countries around the world.
The exchange is committed to providing users with a secure, one-stop trading solution. It aims to increase crypto adoption through collaborations with credible partners, including legendary Argentine footballer Lionel Messi, the leading Italian football team, Juventus and the official esports events organizer PGL.
To learn more about Bitget, please visit https://www.bitget.com.