Bitget, the cryptocurrency exchange, has taken a significant stride towards enhancing the security of its platform wallets by implementing Multi-Party Computation (MPC) technology.
The aim of MPC is to fortify wallet protections through a combination of distributed computing, homomorphic encryption, and a Trusted Execution Environment (TEE).
Bitget’s implementation of this cutting-edge technology involves breaking down private keys into segments distributed across multiple servers.
This approach enables transactions to occur without exposing the keys in a single vulnerable location.
The added layer of security from the Trusted Execution Environment (TEE) further safeguards the wallet infrastructure.
Bitget’s commitment to security is evident in this upgrade, which follows the introduction of an MPC-enhanced wallet designed to safeguard users’ digital assets.
Gracy Chen, Managing Director at Bitget, emphasized the company’s dedication to providing a secure and reliable platform, stating, “The upgrade of MPC technology into our wallet is a testament to our commitment to providing a secure and reliable platform.”
Chen also expressed Bitget’s commitment to adopting innovative technologies to ensure the platform’s security and reliability.
Bitget has been actively enhancing its services, with notable updates in the past year.
In 2023, the exchange introduced “Smart Copy Mode,” an upgraded copy trading system that allows users to allocate investments and execute trades based on their total assets, simplifying the copy trading process for novice traders.
Furthermore, Bitget Wallet, formerly known as BitKeep, launched an artificial intelligence-powered “Smart Money” tool that tracks over 6,000 high-performing crypto addresses to identify potential signals and trends.
According to Alvin Kan, Bitget Wallet’s COO, the goal is to “empower users to preemptively discern market trends, promptly uncover investment opportunities, and consequently bridge the gap between ordinary investors and Smart Money.”
Bitget’s growth in 2023 was nothing short of transformative. The year saw a rebranding of Bitget Wallet, which now boasts over 12 million global users.
Bitget’s 2024 report revealed a staggering 94% increase in crypto spot trading volumes on the exchange, accompanied by a user base that more than doubled from 8 million to 20 million users.
With a current workforce of over 1,500 employees, Bitget has expanded its team significantly to support its remarkable growth.
In addition to these developments, Bitget encourages participation in a joint survey conducted by FXStreet and Finance Magnates Group, focusing on prevalent online financial fraud types, platforms used for fraudulent activities, the effectiveness of countermeasures, and challenges faced by companies in combating financial fraud.
This survey aims to gather valuable insights to inform future strategies and resource allocation for tackling financial fraud effectively.