Crypto exchange Bitget has launched a Fund Custody service for professional institutions and investors.
The new service is set to maximise the protection of customers’ funds on the platform by providing dedicated wallets to qualified accounts.
To qualify for the Fund Custody service, users will need to have stored at least 100,000 USDT of combined assets on the platform. This includes Bitget Earn, fiat currency, spot futures, and leverage.
Once a user's application is approved, they will then be assigned a separate custodial wallet with a dedicated address for checking and withdrawing funds separated from the main reserve.
By storing an asset in a separate wallet, users’ funds are prevented from being affected by emergency circumstances or cybersecurity threats.
Alongside the Fund Custody service launch, as of December 31 2022, Bitget updated its Merkle tree snapshot. The most recent reserve ratio of the most popular tokens stands at 650% in BTC reserves, 237% in ETH and 185% in USDT.
Bitget managing director Gracy Chen said: “Protecting our customers' assets is, and always will be, our top priority at Bitget.
“In addition to the security offered with our US$300m Bitget Protection Fund and Merkle tree Proof of Reserves, we are proud to announce our Fund Custody service.
“The new service, equipped with industry-grade security systems and dedicated wallet addresses for qualified users, shall further foster transparency and elevate safety for our users and their funds.”
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