The exchange runs self-custody wallets alongside CeFi businesses like Binance, KuCoin, and OKX.
In March, the crypto exchange bought a controlling stake in cross-chain wallet BitKeep, renaming it Bitget Wallet.
Bitget Swap, a cross-chain swap mechanism within the wallet that creators believe sources liquidity from approximately 100 decentralized exchanges across 20 chains, was launched on Aug. 10.
With the connection, Bitget Wallet and exchange customers will share a $360 million Bitget User Protection Fund comprising 6,500 Bitcoin, 120 million Tether, and 40 million USD Coin to protect against security issues. After FTX collapsed in November, the exchange established the $300 million fund. The corporation reported a $60 million capital appreciation due to a Bitcoin price recovery.
When its Android Package Kit (APK) was hijacked with malware last December, BitKeep wallet customers lost $8 million when their wallets were drained. The firm paid victims $8 million on March 29.
Moka Han, Bitget Wallet’s COO, said that cross-chain bridges undergo “rigorous third-party security audits” from SlowMist and CertiK before being installed on the program and are constantly monitored afterward.
Han said Bitget Wallet just added five stable payment channels—Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay—that allow users to buy cryptocurrencies in the wallet using credit cards, Google Pay, and Apple Pay. The company’s peer-to-peer marketplace features “security measures to safeguard from both ends.”
Bitget is a popular Asia Pacific wallet. The company claims over 10 million users, half of MetaMask’s. In recent years, OKX, KuCoin, and Binance have also started self-custody wallets.
