With 2022 up to now now, many crypto customers hope the FTX disaster can even stay a mere bitter reminiscence from final 12 months. Whereas the consequences of the crash of one of many largest CEXs within the crypto trade are nonetheless rippling by way of the house, one platform is taking daring steps to make sure the safety of its prospects’ funds.
Gracy Chen, managing director of Bitget shares her views and tips about making it by way of 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 resolution for customers. Now we have taken totally 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 worth.
Bitget launched its proof-of-reserves Merkle tree to supply most transparency. Our POR web page exhibits that our complete 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 without doubt one of the exchanges on the market with the best reserve ratio.
Apart from these two important measures, we’re serving and defending customers with our already-implemented, top-notch safety measures and danger administration, together with cold and hot pockets separation, multi-signature wallets, zero-trust safety structure and way more to guard consumer belongings.
Q: What are customers’ principal issues relating to safety in crypto proper now?
After the FTX incident, the market is actively in search of a clear and credible platform the place belongings could 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. Apart from that, now we have additionally developed an open-source “Merklevalidator” proof-of-reserve verification device that’s obtainable 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, now we have 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 verify and withdraw funds separated from the primary reserve, avoiding funds from being affected in case of emergencies similar to loss, theft and different cybersecurity threats.
Q: What has been the most important purpose 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 outstanding. Though just a few adverse incidents occurred within the trade, Bitget remained regular in our progress and took this as a possibility to strengthen {our capability} additional.
A few of Bitget’s key growth areas included:
- Ranked because the top-3 alternate when it comes to crypto spinoff buying and selling quantity based on 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 complete transaction quantity, with hovering recognition of copy-trading merchandise.
- Workforce progress from barely 200 individuals originally of 2022 to over 1,100 staff in January 2023.
- Turned an unique crypto alternate companion with Lionel Messi.
Bitget noticed a 300% improve in complete transaction quantity due to growing recognition 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 shouldn’t be your first soccer partnership. What do you suppose 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 in the course of the 2022 World Cup in Qatar to reinforce belief and rebuild confidence in the neighborhood. We’re glad to have witnessed our companion Lionel Messi’s victory.
I wish to spotlight that Messi shouldn’t be solely an ideal soccer participant but in addition a participant who has targeting his expertise to beat his bodily hardships for a few years, with virtually zero adverse incidents. He’s not solely persevering however humble and devoted on the similar time. Bitget selected him as a companion as a result of his pragmatic and reliable picture matches our profile of zero incidents and dedication to growing one of the best buying and selling merchandise.
Working with Messi reminded all of us that successful and constructing an eternal enterprise requires ardour, perseverance and teamwork. The numerous progress now we have achieved is a testomony to the entire laborious work and immense efforts our staff has devoted to the corporate.
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