Cryptocurrency trading platform Bitget introduces a new service called “Funds Custody”. For added security, Bitget will now provide some users with wallets dedicated exclusively to their funds, which will be separate from the rest of the platform’s assets.
A new service for greater security
Cryptocurrency exchange Bitget launches new servicebaptized “ Custody of the Fund “. Primarily aimed at professional investors, this service will provide dedicated wallets to qualified accounts to maximize the protection of their funds on the platform.
To use the Fund Custody service, users will need to store over 100,000 USDT of combined assets on the platform. Once the request has been approved by the Bitget teams, the user will then be assigned a specific custody wallet for their funds, with its own dedicated address. He will then have the opportunity to check the status of his assets and to withdraw them separately from the common reserves of the platform.
Using a separate wallet for storing funds prevents them from being hit in an emergencyfor example in the event of a temporary interruption of platform operations (maintenance, technical error) or in the event of a possible IT security problem.
To ensure that you are still qualified to use this service, the total value of your cryptocurrencies will be reviewed on a daily basis.
In a statement, Gracy Chen, CEO of Bitget, points this out protecting user resources is, and always will be, Bitget’s top priority. It also adds:
“After the collapse of some bad actors in the industry, we have taken a number of initiatives to strengthen protection [des utilisateurs]. […] Featuring professional-grade security systems and dedicated wallet addresses for qualified users, this new service will promote transparency and increase the safety of our users and their funds. »
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Bitget also has a backup trial
This initiative follows the publication of the last one snapshot Of Bitget trial reserves to assure users that their cryptocurrencies are held at least 1:1. According to the last snapshot of the Proof of Reserves, carried out on December 31, 2022, the reserve ratios of the most popular cryptocurrencies are as follows:
- BTC reserves are 650% owned;
- ETH reserves are 237% owned;
- USDT reserves are 185% owned.
Bitget uses a test reserve with a Merkle tree, a method of demonstrating that a given entity holds a certain amount of a particular cryptocurrencywithout disclosing specific addresses or amounts held.
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Editor-in-Chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have been committed to sharing quality content to make the industry more democratic for all.
Clement Wardzala
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