With 2022 prior to now now, many crypto customers hope the FTX disaster may also stay a mere bitter reminiscence from final yr. Whereas the consequences of the crash of one of many greatest CEXs within the crypto business are nonetheless rippling by way of the house, 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 by way of the crypto bear market.
Q: How does Bitget make sure the safety of buyer belongings?
Bitget at all times strives to offer a safe, one-stop buying and selling answer for customers. We’ve 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 subsequent three years whatever the market worth.
Bitget launched its proof-of-reserves Merkle tree to offer most transparency. Our POR web page exhibits 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 best reserve ratio.
Other than 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 rather more to guard person belongings.
Q: What are customers’ fundamental issues concerning safety in crypto proper now?
After the FTX incident, the market is actively looking 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 in a position to monitor the fund always. Other than that, we’ve got 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 verify their funds are securely saved on the platform.
Then again, 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 test and withdraw funds separated from the primary reserve, avoiding funds from being affected in case of emergencies akin to loss, theft and different cybersecurity threats.
Q: What has been the largest purpose that Bitget reached efficiently in 2022?
Final yr was one of the vital within the historical past of Bitget. Our achievements for the yr are nothing in need of exceptional. Though a number of adverse incidents occurred within the business, Bitget remained regular in our progress and took this as a chance to strengthen {our capability} additional.
A few of Bitget’s key improvement areas included:
- Ranked because the top-3 alternate when it comes to crypto spinoff buying and selling quantity in line with the Boston Consulting Group report.
- Market share increased within the derivatives market from 3% to 11% following the collapse of FTX.
- Over 300% enhance in whole transaction quantity, with hovering reputation of copy-trading merchandise.
- Workforce progress from barely 200 individuals at first of 2022 to over 1,100 staff in January 2023.
- Grew to become an unique crypto alternate accomplice with Lionel Messi.
Bitget noticed a 300% enhance in whole transaction quantity due to rising 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 superstar campaigns deliver to your customers? Is it a query of belief and credibility?
Belief and confidence are the core base for the crypto business’s improvement. That’s why Bitget launched a $20-million advertising and marketing marketing campaign throughout the 2022 World Cup in Qatar to boost belief and rebuild confidence locally. We’re glad to have witnessed our accomplice Lionel Messi’s victory.
I need to spotlight that Messi isn’t solely an incredible soccer participant but additionally 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 accomplice 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 successful and constructing an eternal enterprise requires ardour, perseverance and teamwork. The numerous progress we’ve got achieved is a testomony to all the laborious work and immense efforts our staff has devoted to the corporate.
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