Bitget raised its sandbox to $300 million to reassure users about market concerns

Bitget, as the global cryptocurrency exchange, announces that it will increase its sandbox to $300 million, to provide better protection and additional security for crypto users.

This is part of Bitget’s major efforts to build confidence in the crypto market after the collapse of FTX, leaving users with huge losses. The initiatives come along with a $5 million Builders Fund to support FTX users, along with a plan to share Merkle Tree Proof of Reserves, which is being prepared and will be released soon within 30 days.

Bitget sandbox was launched in July this year with the aim of protecting users’ crypto assets. It was established with a fund of $200 million, consisting of 6000 Bitcoin and $80 million. The fund is entirely self-financed, providing more flexibility and discretion to effectively cover users’ assets without external bureaucracy or policy changes.

The growing hedge fund of $300 million will consist of highly liquid cryptocurrencies such as BTC, USDT and USDC. The stock exchange promised to secure the value of the fund for the next three years without withdrawals.

If the value of the fund drops when the price of BTC falls, Bitget will continue to hedge the position to ensure that the balance is at least $300 million, at all times. To ensure transparency, all information about the fund is open to the public and users can see the addresses of the wallet over here.

Gracie Chin, CEO of Bitget, says: “The Bitget Sandbox expansion is another step by Bitget to help increase confidence in the crypto space as a whole.

Acting as a contingency reserve and with additional capital, the fund will be able to offer users first-class security and protection, especially in extreme and unpredictable situations in the crypto space. We believe that risk management policies such as hedge funds will become the norm on prominent and trusted exchanges.”

“Bitget strives to work with quality efforts to ensure that the platform is secure and stable with adequate protections for our users. We will continue to focus on initiatives to build a reliable and transparent crypto ecosystem for all,” she adds.

About Bitget

Founded in 2018, Bitget is the world’s top five leading cryptocurrency exchange with innovative products and social trading services as key features, currently serving more than 8 million users in more than 100 countries around the world.

The exchange is committed to providing end-to-end and secure trading solutions to users, and aims to increase crypto adoption by collaborating with creditworthy partners, including legendary Argentine footballer Lionel Messi, leading Italian football team Juventus, and the official crypto partner of PGL Major esports company. and the leading esports organization Team Spirit.

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Disclaimer: This is a paid post and should not be treated as news/advice.

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