Bitget introduced Fund Custody service for investors and institutions
Bitget, a leading cryptocurrency exchange, recently introduced the Fund Custody service for professional investors and institutions. Qualified accounts will receive dedicated wallets to maximize their funds' protection. A snapshot of the exchange's Merkle tree Proof of Reserves was recently released to reassure users that their assets were held in 1:1 reserve.
Users can be eligible for the Fund Custody service, only when they maintain at least $100,000 USDT in total assets, including spot, futures, Bitget Earn, fiat cash, and leverage on the platform. Once the application is granted, the user will be assigned a separate custodial wallet with its own dedicated address for checking and withdrawing funds that will be separate from the main reserve.
Keeping the asset in a separate wallet protects users' funds in the event of an emergency, such as an exchange run or other cybersecurity concerns. The wallet assets will be rounded up every day to ensure that the user still matches the requirements. Furthermore, Bitget has recently updated its Merkle tree snapshot as of December 31, 2022, and the most popular token's newest reserve ratio is BTC reserves, which are stored at a level of 650%.
The USDT reserves are 185% full, whereas the ETH reserves are 237% full.
The exchange has committed to holding customers' assets on the platform at least at a 1:1 reserve ratio.
Bitget which was founded in 2018, is the world's top cryptocurrency exchange. Its main features include innovative products and social trading services. now serving over 8 million members in over 100 countries.
The exchange is dedicated to providing users with a secure, one-stop trading solution and aims to increase crypto adoption through collaborations with credible partners that include legendary Argentine footballer Lionel Messi, Italy's leading football team Juventus, and the official esports event's organiser PGL.
CBW - External Analyst