According to TechFlow, Bitget released the July Protection Fund Valuation Report. The report shows that the highest size of the Protection Fund in July was US$368.4 million (July 14), the lowest size was US$353.7 million (July 25), and the average size was US$359.6 million. In addition, the size of the Protection Fund has remained above US$300 million since November last year.
Bitget's protection fund was launched in August 2022 with an initial size of $200 million, which aims to protect users' assets in force majeure events, hacker attacks or extreme market conditions. In November 2022, Bitget increased the size of the fund to over $300 million, covering a portfolio of highly liquid cryptocurrencies including BTC, USDT and USDC. And Bitget promised to keep the fund's value above $300 million in the next three years.
Gracy Chen, Managing Director of Bitget, emphasized the key role of trust and transparency in the company's operations, saying, "We firmly believe that transparency and integrity will help gain user trust and benefit the crypto industry. Regularly publishing the latest data of the protection fund and providing verifiable results reflects our commitment to our users. Bitget has always firmly upheld the code of integrity and is committed to setting a high standard of transparency for the entire crypto space."
