Bitget Wallet Launches Bitget Swap and User Protection Fund

BitKeep Rebrands as Bitget Wallet and Launches Cross-Chain Swap Mechanism

BitKeep, a popular cross-chain wallet, has changed its name to Bitget Wallet after a crypto exchange acquired a controlling stake for $30 million in March. The name change coincides with the launch of Bitget Swap, a cross-chain swap mechanism that sources liquidity from approximately 100 decentralized exchanges across 20 chains. Here are the key points:

– Bitget Wallet users will share a $360 million Bitget User Protection Fund with exchange users to safeguard against security incidents.
– The Bitget User Protection Fund is composed of 6,500 Bitcoin (BTC), 120 million Tether (USDT), and 40 million USD Coin (USDC).
– The integration of Bitget Swap and the User Protection Fund aims to enhance security and protect user funds.
– Bitget Wallet has recently integrated five stable payment channels, allowing users to purchase cryptocurrencies within the wallet via credit cards, Google Pay, and Apple Pay.
– The wallet has also introduced a peer-to-peer marketplace with enhanced security measures.

Bitget Wallet Compensation and Integration of Payment Channels

Last December, BitKeep Wallet experienced a security exploit, resulting in around $8 million in losses for users. However, the firm fully compensated the victims who downloaded the malware. Additionally, Bitget Wallet has integrated five stable payment channels, including Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay, for seamless cryptocurrency purchases within the wallet.

Bitget Wallet’s Popularity and Industry Trends

Bitget Wallet boasts over 10 million users, making it one of the most popular wallets in the Asia Pacific region. This user count is approximately half of MetaMask’s user base. Other cryptocurrency exchanges, such as OKX, KuCoin, and Binance, have also expanded their operations to include self-custody wallets alongside their exchange services.

Hot Take

Bitget Wallet’s rebranding and launch of Bitget Swap demonstrate the company’s commitment to improving security and enhancing user experience. The integration of stable payment channels and the peer-to-peer marketplace further solidify Bitget Wallet’s position as a top choice for crypto users in the Asia Pacific region.