Bitget launches asset custody service on a dedicated wallet

The cryptocurrency exchange Bitget has launched Fund Custody — a service for storing assets on a dedicated wallet for professional traders and institutional clients. This was reported in the platform’s в блоге of the trading platform.

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The Fund Custody service is available to users with a total asset value above $100,000. Bitget takes into account:

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• funds on accounts for spot, futures and margin trading;
• assets in staking and other Bitget Earn products;
• fiat currencies.  

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To obtain a dedicated wallet, submit an application on the Fund Custody page. Upon approval, users will receive addresses for deposits, withdrawals of assets and monitoring of the account via blockchain explorers.

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As of publication, dedicated wallets are available in the Android app. In the near future Bitget will add Fund Custody to the platform’s web version.

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According to Bitget’s managing director Gracie Chen, the new service will increase the exchange’s transparency and also protect users from potential hacks of the platform’s hot wallets:

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“Customer funds safety is Bitget’s primary priority. The launch of Fund Custody is one of the initiatives aimed at these goals, alongside the establishment of the “Protection Fund” of $300 million and the implementation of a Proof-of-Reserves solution. On December 31, 2022 we once again подтвердили the exchange’s reserves: in Bitcoin — 650% of user deposits, in Ethereum — 237%, in Tether — 185%».

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Bitget — a cryptocurrency exchange with support for spot and futures trading, copy trading and passive earnings on the products Bitget Earn.

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In 2022 the platform actively developed tools for social trading: the automatic trading service “Market Strategies” and the Bitget Insights platform for publishing trading ideas. In January 2023 Bitget became the first among crypto exchanges to add the copy trading service for the spot market.

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Earlier, Bitget launched a poll for the best copy-trading deal providers in 2022.

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