Bidget Creates USD 5 Million ‘Builders Fund’ to Help Affected Users

Bidget Creates USD 5 Million ‘Builders Fund’ to Help Affected Users

Leading global cryptocurrency exchange Bitget creates a USD 5 million ‘Builders Fund’ to help affiliates, influencers, and professional traders who are distressed by the FTX collapse. Following the collapse of cryptocurrency exchange FTX, Binance announced that it is forming a recovery fund for the crypto industry.

Fund to Support Affected Affiliates, Influencers, and Traders

Bitget, which was established in 2018, is one of the world’s top five leading cryptocurrency exchanges, with innovative products and social trading services as its key features. It currently serves over 8 million users in more than 100 countries around the world.

Bidget has stepped forward to help the crumbling market and the distressed players. The market has witnessed the collapse of FTX, and the exchange announced their wallet was hacked after filing for bankruptcy protection in the US. The remaining funds in the company have been wiped out completely. The sudden collapse of the world’s second-largest crypto exchange has deeply dented the credibility of the whole industry.

Due to the wide range of business offerings, the decline of FTX has inevitably had a huge impact on the whole Web3 industry, and users of the platform are most affected by the crisis. FTX's past glory is also attributed to the excellent talents and contributors on the platform, including influencers, affiliates, and professional traders. However, they are also the ones who have been impacted by the chaos, with a huge amount of their assets locked on the platform.

As a leading and reliable cryptocurrency exchange, Bitget had always strived to build a healthy environment for builders to develop a better version of the crypto world. In line with the vision, Bitget has set aside a 5 million USD Builders’ Fund to support affiliates, influencers, and professional traders who have suffered from the FTX implosion. The affiliates could apply for financial aid from the Builders’ Fund with the required credentials. For more details on the application criteria and related terms and conditions, they can refer to the announcement.

Gracy Chen, Managing Director of Bitget, shared earlier on Twitter: "We have prepared a 5 million "Builders Fund" to help innocent victims with different types of assistance. Moreover, we would like to take this initiative to deliver a message to the fearful market. Bitget and many other active builders are still working hard to cultivate the crypto world. During this dark time, we should join forces, help each other, and wait for the dawn."

Bitget Creditable Connections

The exchange is committed to providing one-stop and secure trading solutions to users and aims to increase crypto adoption through collaborations with creditable partners, including Argentinian legend Lionel Messi, leading Italian football team Juventus, PGL Major’s official esports crypto partner, and leading esports organization Team Spirit.

Following the collapse of cryptocurrency exchange FTX, Binance announced that it is forming a recovery fund for the crypto industry. CEO Changpeng Zhao (CZ) tweeted early on Monday morning:

"To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund to help projects that are otherwise strong but in a liquidity crisis."

"We also welcome other industry players with cash who want to co-invest," the Binance boss added. "Crypto is not going away. We are still here. Let’s rebuild."

So now users have two funds to choose from, the Binance ‘Industry Recovery Fund and the Bidget ‘Builders Fund.’ Hopefully, the funds will be utilized to bail out the players in distress.