The $200 million fund was established by Singapore-based cryptocurrency exchange Bitget. According to the business, the Bitget Protection Fund was established to offer protection to its members and guarantee secure trade for its consumers. The fund has 6,000 BTC and 80 million USDT in it, and it is currently valued roughly $200 million. 

Leading international derivatives exchange Bitget is happy to announce the establishment of the US$200 million Bitget Protection Fund. With the aim of offering unmatched security and guaranteeing a secure and safe trading experience for customers around the world, the Bitget Protection Fund was established. The fund, which consists of 6000 BTC and 80 million USDT, is currently worth at US$200 million. Bitget has promised to maintain the fund's value for the next three years. 

Bitget Protection Fund is totally self-funded and does not depend on a third-party insurance policy, it can effectively reimburse users' losses of monies without the need for extra paperwork or changes to existing rules. Additionally, the Fund contains stable coins, which guarantees the security of the assets and makes it less vulnerable to swings in the cryptocurrency market.  

Furthermore, Bitget has strengthened its KYC and AML policies and partnered with third parties to maintain a regulated operation, it said. To reinforce its compliance standards and keep a regulated business, Bitget has also teamed up with outside legal and compliance specialists.  

About Bitget :

Bitget, one of the top cryptocurrency exchanges in the world, was founded in 2018 and primarily focuses on social crypto copy trading. With a 600-strong workforce, Bitget advanced its aim to promote decentralised finance and now serves over two million users in more than 50 countries worldwide. 

Since Bitget official entry into the cryptocurrency derivatives market in June 2019, the platform has grown to be one of the largest crypto copy trading and derivatives exchanges in the world. According to volume of derivatives trading, Coinmarketcap and CoinGecko rank Bitget among the top five global exchanges. Over the next six months, Bitget plans to double its workforce to 1,000 employees despite the current market slump. The company has been experiencing growth and generating strong cash flow inspite of less-than-perfect market conditions, it said at the time.