With 2022 up to now now, many crypto customers hope the FTX disaster will even stay a mere bitter reminiscence from final 12 months. Whereas the results of the crash of one of many largest CEXs within the crypto trade are nonetheless rippling via the area, one platform is taking daring steps to make sure the safety of its clients’ funds.
Gracy Chen, managing director of Bitget shares her views and recommendations on making it via the crypto bear market.
Q: How does Bitget make sure the safety of buyer belongings?
Bitget all the time strives to supply a safe, one-stop buying and selling answer for customers. We’ve got taken completely different initiatives and adopted varied safety insurance policies to guard customers’ belongings.
Bitget’s Safety 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 chapter. Bitget has pledged to safe the fund’s worth for the following three years whatever the market value.
Bitget launched its proof-of-reserves Merkle tree to supply most transparency. Our POR web page reveals that our whole 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 among the exchanges on the market with the very best reserve ratio.
Except for these two important measures, we’re serving and defending customers with our already-implemented, top-notch safety measures and threat administration, together with cold and warm pockets separation, multi-signature wallets, zero-trust safety structure and rather more to guard person belongings.
Q: What are customers’ important considerations relating to safety in crypto proper now?
After the FTX incident, the market is actively searching for a clear and credible platform the place belongings may be securely saved. That’s the reason we publicize all seven pockets addresses of our $300 million Safety Fund, in order that customers are capable of monitor the fund always. Except for that, we’ve got additionally developed an open-source “Merklevalidator” proof-of-reserve verification instrument that’s accessible on GitHub. Customers can then confirm if their account belongings are included in our Merkle Tree proof-of-reserves to ensure their funds are securely saved on the platform.
Alternatively, we’ve got additionally launched a fund custody service in January 2023 for customers who’ve mixed belongings of 100,000 USDT or extra to use for a devoted custodial pockets. The separate pockets deal with lets certified customers examine and withdraw funds separated from the primary reserve, avoiding funds from being affected in case of emergencies resembling loss, theft and different cybersecurity threats.
Q: What has been the most important aim that Bitget reached efficiently in 2022?
Final 12 months was one of the crucial essential within the historical past of Bitget. Our achievements for the 12 months are nothing wanting exceptional. Though a number of destructive incidents occurred within the trade, Bitget remained regular in our progress and took this as a chance to strengthen {our capability} additional.
A few of Bitget’s key growth areas included:
- Ranked because the top-3 alternate by way of crypto spinoff buying and selling quantity in accordance with the Boston Consulting Group report.
- Market share increased within the derivatives market from 3% to 11% following the collapse of FTX.
- Over 300% improve in whole transaction quantity, with hovering reputation of copy-trading merchandise.
- Workforce progress from barely 200 individuals originally of 2022 to over 1,100 staff in January 2023.
- Grew to become an unique crypto alternate associate with Lionel Messi.
Bitget noticed a 300% improve in whole transaction quantity due to growing reputation of copy buying and selling and crypto futures merchandise. The platform’s flagship providing, One-Click on Copy Commerce, attracted over 80,000 merchants and 338,000 followers by December 2022.
Q: The collaboration with Messi isn’t your first soccer partnership. What do you assume celeb campaigns carry to your customers? Is it a query of belief and credibility?
Belief and confidence are the core base for the crypto trade’s growth. That’s why Bitget launched a $20-million advertising marketing campaign throughout the 2022 World Cup in Qatar to boost belief and rebuild confidence locally. We’re glad to have witnessed our associate Lionel Messi’s victory.
I need to spotlight that Messi isn’t solely an incredible soccer participant but additionally a participant who has focused on his expertise to beat his bodily hardships for a few years, with nearly zero destructive incidents. He isn’t solely persevering however humble and devoted on the similar time. Bitget selected him as a associate as a result of his pragmatic and reliable picture matches our profile of zero incidents and dedication to growing the most effective buying and selling merchandise.
Working with Messi reminded all of us that profitable and constructing an eternal enterprise requires ardour, perseverance and teamwork. The numerous progress we’ve got achieved is a testomony to all the arduous work and immense efforts our workforce has devoted to the corporate.
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