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Bitget: the Protection Fund to safeguard users in June 2024 was $429 million

Bitget has revealed the average valuation of its Protection Fund to safeguard its users for the month of June 2024, which was 429 million dollars. 

Every month, the crypto-exchange strives to support a secure trading environment against potential threats and adversities in the cryptocurrency market. 

Bitget and its Protection Fund for its users of 429 million dollars in June 2024

Bitget has published its monthly report on the valuation of its Protection Fund, revealing that on average for June 2024 it was 429 million dollars. 

“The June 2024 protection fund report from #Bitget has been released, reaching a peak valuation of over 462 million dollars! The security of your assets, our priority!”

Specifically, on June 6, the fund reached the maximum monthly valuation of 462 million dollars, while on June 29, the lowest valuation of 392 million dollars was recorded. The latter is still 30% higher than the initial allocation. 

The figures in dollars that change reflect the availability that the Bitget Protection Fund holds in Bitcoin.

In fact, for June 2024, the fund has maintained its holdings of 6,500 BTC, kept in three separate wallets, with all addresses shown publicly for transparency.

Bitget and the Protection Fund to safeguard its users and ensure a secure trading environment

As is now known, Bitget has established this Protection Fund to safeguard its users and their assets held on the crypto-exchange. 

In practice, through this fund, Bitget ensures its commitment to providing a secure trading environment. In a volatile landscape, the Protection Fund acts as a safety net against potential threats, ensuring that the assets of Bitget users remain shielded from adversities.

That said, every month Bitget publishes its report and the amount of its Protection Fund. 

For example, last May 2024, the maximum valuation of the fund had reached 464 million dollars, while in April 2024 it was 463 million dollars. 

In March 2024, instead, with the bull run of Bitcoin that made it reach its new ATH or All-Time High above $73,000, the Bitget Protection Fund recorded a record valuation of 543 million dollars. 

In this regard, Gracy Chen, Managing Director of Bitget, stated the following: 

“The Protection Fund is a product of the efforts we make at Bitget to provide a safe and secure platform for our users. The Proof of Reserve and the Protection Fund are two solid pillars of our users’ trust in Bitget, and we intend to continue strengthening it every month”

The 20 million dollar fund to support projects on TON Blockchain

Recently, Bitget has made headlines for launching a $20 million fund to support early-stage projects based on the Telegram chain TON, The Open Network. 

This fund is called TON Ecosystem Fund and it was launched by Bitget together with Foresight Ventures, an investment company based in Singapore. 

TON has surpassed Ethereum in terms of the number of active public addresses on a daily basis and now the fund is used to support early-stage projects specifically on TON. 

For Bitget, this is therefore a strategic initiative aimed at promoting innovation and development within the TON ecosystem.