With 2022 in the past now, many crypto users hope the FTX crisis will also remain a mere bitter memory from last year. While the effects of the crash of one of the biggest CEXs in the crypto industry are still rippling through the space, one platform is taking bold steps to ensure the security of its customers’ funds.
Gracy Chen, managing director of Bitget shares her views and tips on making it through the crypto bear market.
Q: How does Bitget ensure the security of customer assets?
Bitget always strives to provide a secure, one-stop trading solution for users. We have taken different initiatives and adopted various security policies to protect users’ assets.
Bitget’s Protection Fund was valued at about $200 million at launch and has been raised to $300 million, consisting of 6,500 Bitcoin (BTC) and 200 million USDT following FTX’s bankruptcy. Bitget has pledged to secure the fund’s value for the next three years regardless of the market price.
Bitget released its proof-of-reserves Merkle tree to provide maximum transparency. Our POR page shows that our total reserve ratio is at 244%, with separate reserves of BTC at 725%, USDT at 202% and ETH at 186% as of Dec. 31, 2022. Bitget is one of the exchanges out there with the highest reserve ratio.
Aside from these two essential measures, we are serving and protecting users with our already-implemented, top-notch security measures and risk management, including hot and cold wallet separation, multi-signature wallets, zero-trust security architecture and much more to protect user assets.
Q: What are users’ main concerns regarding security in crypto right now?
After the FTX incident, the market is actively seeking a transparent and credible platform where assets can be securely stored. That is why we publicize all seven wallet addresses of our $300 million Protection Fund, so that users are able to monitor the fund at all times. Aside from that, we have also developed an open-source “Merklevalidator” proof-of-reserve verification tool that’s available on GitHub. Users can then verify if their account assets are included in our Merkle Tree proof-of-reserves to make sure their funds are securely stored on the platform.
On the other hand, we have also launched a fund custody service in January 2023 for users who have combined assets of 100,000 USDT or more to apply for a dedicated custodial wallet. The separate wallet address lets qualified users check and withdraw funds separated from the main reserve, avoiding funds from being affected in case of emergencies such as loss, theft and other cybersecurity threats.
Q: What has been the biggest goal that Bitget reached successfully in 2022?
Last year was one of the most important in the history of Bitget. Our achievements for the year are nothing short of remarkable. Although a few negative incidents happened in the industry, Bitget remained steady in our growth and took this as an opportunity to strengthen our capability further.
Some of Bitget’s key development areas included:
- Ranked as the top-3 exchange in terms of crypto derivative trading volume according to the Boston Consulting Group report.
- Market share increased in the derivatives market from 3% to 11% following the collapse of FTX.
- Over 300% increase in total transaction volume, with soaring popularity of copy-trading products.
- Workforce growth from barely 200 people at the beginning of 2022 to over 1,100 employees in January 2023.
- Became an exclusive crypto exchange partner with Lionel Messi.
Bitget saw a 300% increase in total transaction volume thanks to increasing popularity of copy trading and crypto futures products. The platform’s flagship offering, One-Click Copy Trade, attracted over 80,000 traders and 338,000 followers by December 2022.
Q: The collaboration with Messi is not your first football partnership. What do you think celebrity campaigns bring to your users? Is it a question of trust and credibility?
Trust and confidence are the core base for the crypto industry’s development. That’s why Bitget launched a $20-million marketing campaign during the 2022 World Cup in Qatar to enhance trust and rebuild confidence in the community. We are glad to have witnessed our partner Lionel Messi’s victory.
I want to highlight that Messi is not only a great soccer player but also a player who has concentrated on his skills to overcome his physical hardships for many years, with almost zero negative incidents. He is not only persevering but humble and dedicated at the same time. Bitget chose him as a partner because his pragmatic and trustworthy image matches our profile of zero incidents and dedication to developing the best trading products.
Working with Messi reminded all of us that winning and building an everlasting business requires passion, perseverance and teamwork. The significant growth we have achieved is a testament to all of the hard work and immense efforts our team has dedicated to the company.
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