Bitget announced the protection fund report, with an average size of 359.6 million USD in July

ChainCatcher news, Bitget released the valuation report of the protection fund for July. The report shows that the highest scale of the protection fund in July was $368.4 million (on July 14), the lowest scale was $353.7 million (on July 25), and the average scale was $359.6 million. In addition, the protection fund has maintained a scale of over $300 million since last November.

Bitget's protection fund was launched in August 2022, with an initial scale of $200 million, aimed at protecting users' assets in the event of force majeure, hacking, or extreme market conditions. In November 2022, Bitget increased the fund's scale to over $300 million, covering a high liquidity cryptocurrency portfolio including BTC, USDT, and USDC. Bitget also committed to maintaining the fund's value above $300 million for the next three years.

Bitget's General Manager Gracy Chen emphasized the key role of trust and transparency in the company's operations, stating: "We firmly believe that maintaining transparency and integrity helps gain user trust and benefits the development of the crypto industry. Regularly publishing the latest data of the protection fund and providing verifiable results reflects our commitment to users. Bitget is always steadfast in upholding integrity standards and is dedicated to setting a high standard of transparency for the entire crypto space."