• Bitget has launched a Fund Custody service for professional investors and institutions providing dedicated wallets for qualified accounts.
• The exchange has also released a Merkle tree Proof of Reserves snapshot to reassure users that their assets are held in 1:1 reserves.
• Qualified users will be required to store more than or equal to 100,000 USDT worth of combined assets to access the service.
Bitget, a leading crypto exchange, has announced the launch of their Fund Custody service to provide professional investors and institutions with dedicated wallets to protect their funds on the platform.
The Fund Custody service requires users 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 in order to be qualified for the service. Once approved, the user will be assigned a separate custodial wallet, with its own dedicated address to check and withdraw funds which will be separated from the main reserve. This ensures that users’ funds will not be affected in the event of emergencies such as an exchange run or other cybersecurity threats.
In addition to the Fund Custody service, Bitget has also updated its Merkle tree snapshot as of December 31, 2022, to reassure users that their assets are held in 1:1 reserves. The latest reserve ratio of the most popular tokens are as follows: BTC reserves are held at 650%, USDT reserves are held at 185%, and ETH reserves are held at 237%.
Gracy Chen, Managing Director of Bitget, commented on the launch of the Fund Custody service, saying “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 measures to provide users with a safe and secure trading environment. We believe that the launch of Fund Custody service demonstrates our commitment to our customers and will help to bring more trust in the crypto market.”