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Sandeep Kumar Mishra
Jan 11, 2023
by Sandeep Kumar Mishra

Bitget Dishes Out Fund Custody Service With Dedicated Wallet for Heightened Safety

Bitget Fund Custody Service

Table of contents

  1. How to Qualify for Bitget Fund Custody Service
  2. The Need for Storing Assets in Separate Wallets
Crypto exchange Bitget has launched the Fund Custody service for professional investors and institutions. The service is aimed at providing dedicated wallets to qualified accounts to ensure maximum protection for customers' funds on the exchange. Bitget had also released recently the latest snapshot of its Merkle tree Proof of Reserves to reassure its customers that their assets were held in 1:1 reserves.

How to Qualify for Bitget Fund Custody Service

To qualify for the Fund Custody Service, users will be required to store more than or equal to 100,000 USDT worth of assets (including spot, futures, Bitget Earn, fiat currency, and leverage) on the exchange. Upon the approval of the application, users will be given a separate custodial wallet with its own dedicated address to check and withdraw funds separated from the main reserve.

The Need for Storing Assets in Separate Wallets

Storing the asset in a separate wallet protects customers' funds from cybersecurity threats and also prevents them from being affected in case of emergencies such as an exchange run. The wallet assets will be rounded to ensure that the user meets the required conditions. With Bitget updating its Merkle tree snapshot, the latest reserve ratio of the most popular tokens like BTC, USDT, and ETH stand st 650%, 185%, and 237%, respectively.

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Bitget Dishes Out Fund Custody Service With Dedicated Wallet for Heightened Safety
Sandeep Kumar Mishra
Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.

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