Bitget, a popular cryptocurrency platform, announced on Tuesday that it had increased the amount of the current Protection Fund to $300 million. After the FTX collapse, the crypto exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term wants to reassure investors and build better protection tools.
The Protection Fund was first introduced in July 2022 with a fund worth $200 million (6000 BTC and 80 million USDT). It is self-funded to better safeguard clients’ assets and efficiently cover users’ wealth. An additional $100 million will come from investments in highly liquid cryptocurrencies, like BTC, USDT and USDC.
All information about the fund and its wallet is transparent and can be found on a dedicated page.
“Expansion for Bitget Protection Fund is another move by Bitget to help enhance trust and confidence in the crypto space as a whole. Working as an emergency reserve and with additional capital, the fund would be able to offer top-notch safety and protection for users, especially in extreme and unpredictable situations in the crypto space. We believe that risk management policies such as protection funds would become the norm for prominent and reliable exchanges,” Gracy Chen, the Managing Director of Bitget, said.
After FTX Collapse, Crypto Exchanges Implement Proof-of-Reserves
According to the press release, Bitget announced two additional initiatives to safeguard its customers better. In a move to support FTX traders, the crypto exchange has started a 5 million USD Builders’ Fund. Bitget is also working on its own Merkle Tree Proof-of-Reserves and plans to release it within 30 days.
Merkle Trees allow users to efficiently and transparently certify individual transactions. In the wake of the FTX collapse, cryptocurrency exchanges began offering such a solution and pledging to Proof-of-Reserves to reassure users and rebuild their trust.
A Proof-of-Reserve (PoR) is an audit of a cryptocurrency exchange’s finances conducted by an independent entity to confirm that the platform is holding funds on behalf of its customers.
Many large exchanges have decided to implement PoR after the recent market turmoil, e.g., Binance, Crypto.com and Kraken.
Bitget, a popular cryptocurrency platform, announced on Tuesday that it had increased the amount of the current Protection Fund to $300 million. After the FTX collapse, the crypto exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term wants to reassure investors and build better protection tools.
The Protection Fund was first introduced in July 2022 with a fund worth $200 million (6000 BTC and 80 million USDT). It is self-funded to better safeguard clients’ assets and efficiently cover users’ wealth. An additional $100 million will come from investments in highly liquid cryptocurrencies, like BTC, USDT and USDC.
All information about the fund and its wallet is transparent and can be found on a dedicated page.
“Expansion for Bitget Protection Fund is another move by Bitget to help enhance trust and confidence in the crypto space as a whole. Working as an emergency reserve and with additional capital, the fund would be able to offer top-notch safety and protection for users, especially in extreme and unpredictable situations in the crypto space. We believe that risk management policies such as protection funds would become the norm for prominent and reliable exchanges,” Gracy Chen, the Managing Director of Bitget, said.
After FTX Collapse, Crypto Exchanges Implement Proof-of-Reserves
According to the press release, Bitget announced two additional initiatives to safeguard its customers better. In a move to support FTX traders, the crypto exchange has started a 5 million USD Builders’ Fund. Bitget is also working on its own Merkle Tree Proof-of-Reserves and plans to release it within 30 days.
Merkle Trees allow users to efficiently and transparently certify individual transactions. In the wake of the FTX collapse, cryptocurrency exchanges began offering such a solution and pledging to Proof-of-Reserves to reassure users and rebuild their trust.
A Proof-of-Reserve (PoR) is an audit of a cryptocurrency exchange’s finances conducted by an independent entity to confirm that the platform is holding funds on behalf of its customers.
Many large exchanges have decided to implement PoR after the recent market turmoil, e.g., Binance, Crypto.com and Kraken.