Keeping your crypto safe: Insights from Bitget on how to achieve growth throughout crypto winter

With 2022 prior to now now, many crypto customers hope the FTX disaster may also stay a mere bitter reminiscence from final 12 months. Whereas the consequences of the crash of one of many largest CEXs within the crypto business are nonetheless rippling by means of the area, 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 means 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 got 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 offer most transparency. Our POR web page reveals 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 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 far more to guard consumer belongings.

Q: What are customers’ foremost issues concerning safety in crypto proper now?

After the FTX incident, the market is actively searching for a clear and credible platform the place belongings will 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 instrument that’s accessible 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.

Then again, 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 test and withdraw funds separated from the primary reserve, avoiding funds from being affected in case of emergencies corresponding to loss, theft and different cybersecurity threats.

Q: What has been the largest aim that Bitget reached efficiently in 2022?

Final 12 months was one of the necessary within the historical past of Bitget. Our achievements for the 12 months are nothing wanting exceptional. Though a couple of detrimental incidents occurred within the business, Bitget remained regular in our development and took this as a possibility to strengthen {our capability} additional.

A few of Bitget’s key improvement areas included:

• Ranked because the top-3 change 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% improve in whole transaction quantity, with hovering recognition of copy-trading merchandise.
• Workforce development from barely 200 folks initially of 2022 to over 1,100 staff in January 2023.
• Grew to become an unique crypto change companion with Lionel Messi.

Bitget noticed a 300% improve in whole transaction quantity because of rising 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 will not be your first soccer partnership. What do you assume celeb 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 in the neighborhood. We’re glad to have witnessed our companion Lionel Messi’s victory.

I need to spotlight that Messi will not be solely an incredible soccer participant but in addition a participant who has targeting his abilities to beat his bodily hardships for a few years, with virtually zero detrimental incidents. He isn’t solely persevering however humble and devoted on the identical 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 creating the very best buying and selling merchandise.

Working with Messi reminded all of us that profitable and constructing an eternal enterprise requires ardour, perseverance and teamwork. The numerous development now we have achieved is a testomony to all the laborious work and immense efforts our workforce has devoted to the corporate.