Cross-chain wallet BitKeep changes name to Bitget Wallet after acquisition

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Cross-chain pockets BitKeep has modified its title to Bitget Pockets after the crypto alternate purchased a controlling stake for $30 million in March.

Based on the Aug. 10 announcement, the title change is coupled with the launch of Bitget Swap, a cross-chain swap mechanism inside the pockets that builders say sources liquidity from roughly 100 decentralized exchanges throughout 20 chains. 

With the mixing, Bitget Pockets customers will share, together with alternate customers, a $360 million Bitget Consumer Safety Fund composed of 6,500 Bitcoin (BTC), 120 million Tether (USDT) and 40 million USD Coin (USDC) to safeguard towards safety incidents. The alternate created the $300 million fund following the collapse of crypto alternate FTX final November. Since then, the agency mentioned a restoration in Bitcoin costs has led to a $60 million capital appreciation.

Final December, the BitKeep pockets suffered a safety exploit when its Android Bundle Equipment (APK) was hijacked with malware, resulting in round $8 million in losses from customers who put in the package deal and subsequently had their wallets drained. On March 29, the agency introduced it had fully compensated $8 million to victims who downloaded the malware. 

Chatting with Cointelegraph on person safety, Moka Han, chief working officer of Bitget Pockets, mentioned cross-chain bridges endure “rigorous third-party safety audits” from the likes of SlowMist and CertiK earlier than they’re deployed on the software program and are carefully monitored post-deployment.

In its subsequent steps, Han mentioned Bitget Pockets just lately built-in 5 steady cost channels — Banxa, Simplex, Alchemy Pay, MoonPay and FaTPay — that permit customers to buy cryptocurrencies inside the pockets by way of bank cards, Google Pay and Apple Pay. The agency has additionally rolled out a peer-to-peer market the place “safety measures are enforced to safeguard from each ends.”

The Bitget pockets is among the hottest wallets within the Asia Pacific area. The agency claims the software program has over 10 million customers, or roughly half of the person depend of MetaMask. Different cryptocurrency exchanges, similar to OKX, KuCoin and Binance, have additionally branched out to operating self-custody wallets parallel to alternate operations in recent times. 

Journal: Deposit risk: What do crypto exchanges really do with your money?