Bitget Launches $100 Million EmpowerX Fund
Crypto exchange Bitget has announced the launch of a $100 million investment fund called the EmpowerX Fund. This fund aims to expand Bitget’s ecosystem and business prospects by investing in regional exchanges, data analytics firms, media organizations, and other entities. Bitget aims to meet the diverse needs of its users worldwide by creating an ecosystem that includes trading, investment, research, DeFi, media, and other functions. The Managing Director of Bitget, Gracy Chen, stated that the EmpowerX Fund will help the exchange adapt to the evolving cryptocurrency landscape. This initiative follows Bitget’s recent efforts to strengthen trust, including issuing regular Proof-of-Reserves reports and creating a protection fund.
Bitget’s Focus on Security
Following the collapse of FTX, Bitget has expressed a renewed commitment to transparency and security. The exchange has been issuing regular Proof-of-Reserves reports and has a protection fund. The August 2023 Proof-of-Reserves report states that Bitget holds a total reserve ratio of 208%. Additionally, the protection fund has grown from $200 million to $357 million as of August 2023. Bitget has also launched a crypto security education learning series to instill security consciousness in its users. The exchange is actively working towards strengthening its security practices and building trust among its customers.
Hot Take: Bitget’s Expansion and Security Measures Drive Growth
Bitget’s recent launch of the $100 million EmpowerX Fund and its focus on security measures demonstrate the exchange’s commitment to growth and customer trust. By investing in various entities and expanding its ecosystem, Bitget aims to meet the diverse needs of its users worldwide. The exchange’s emphasis on transparency and security through regular reports and a protection fund further strengthens its position in the market. Bitget’s initiatives to educate users on crypto security also contribute to building trust and awareness. With these strategies in place, Bitget is well-positioned to continue its growth trajectory and become a comprehensive platform for cryptocurrency users.
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