Highlights from Bitrue Community Talks “Ask Me Anything” Session
Bitrue held its first ever Bitrue Community Talks AMA session on Twitter Space. In light of recent market events, Bitrue felt it was high time that an AMA session dedicated to the Bitrue community was launched. With the recent collapse of competitor FTX, the crypto community has been shaken to the bone.
However, it is essential to remember that it is more important to come together as a community to uplift and support each other during this time. While trust has been broken by major exchanges such as FTX, many exchanges and projects are committed to growing and building in the space. Furthermore, the community that crypto is built upon continues to show solidarity in times like these.
For the first Bitrue Community Talks AMA session, Bitrue invited Shruti Kohli, Senior Manager of Global Business Development & Partnership, to discuss a few topics. Ms Shruti touched on how Bitrue has been committed to prioritizing users’ safety and security since the exchange’s early days, how the FTX incident has changed the crypto landscape for better or worse, and what lies ahead for Bitrue and crypto.
Check Out The Q&A Session Below!
The past week has been a little more hectic with everything happening in the crypto space than usual. What happened at FTX certainly affected a lot of people. How something like this could happen at such a widespread scale is undoubtedly alarming and raising concerns, making this a difficult and stressful time for all involved. As an industry, all players and participants need to do better. There are many important lessons to be learnt from everything that has transpired so far. Bitrue thought it was time to reiterate the importance of being there for their community by uplifting and helping each other as the space continues to grow.
What has Bitrue been working on that can show others their commitment to prioritizing customer security and safety?
Bitrue must lead by example. Three years ago, Bitrue established an insurance fund to safeguard user assets. To improve Bitrue’s operations’ transparency and increase the trust in Bitrue’s exchange, Bitrue is currently building a new multi-sig secure wallet containing the said insurance fund. This insurance fund will hold an amount of assets that exceed the value of the coins that remain in our hot wallets at any time. In the unlikely event of a security breach resulting in user funds being taken from Bitrue’s hot wallets, users will be reimbursed using the mentioned insurance fund. As part of Bitrue’s bid to increase transparency, Bitrue provided a link to the contract addresses of these insurance funds for public viewing.
How does Bitrue differentiate itself from others as a conservative exchange?
What makes Bitrue unique is its conservative and user-first approach when running its exchange. Unlike many other exchanges, Bitrue never had and would never engage in risky business practices such as leveraged investments or redirecting business funds for investments. Bitrue will never do appropriate or use user funds unless directed by the user to do so.
For further clarity and transparency, how much is the insurance fund valued?
Bitrue now holds over 41M XRP. On top of that, Bitrue also holds 40M Bitrue Coin, its native BTR Coin (BTR), as insurance funds to safeguard users’ assets in the unlikely event of a security breach. Reiterating, Bitrue’s decision to reserve these assets as insurance funds indicate our commitment to customer protection. In fact, Bitrue is glad that Binance, too, has covered our insurance funds on Binance Feed. It is also imperative to note that these insurance funds had started almost three years ago.
Are there any other aspects of security that Bitrue is currently working on?
One of the steps moving forward for most crypto exchanges in the space is the implementation of proof-of-reserves (PoR). Bitrue has been working closely with partners and related authorities to provide their audited proof-of-reserves (PoR). A third party will conduct an independent audit to ensure Bitrue has ownership of all said assets. Moving forward, Bitrue is committed to doing so annually to ensure that Bitrue can meet the strictest standards for all related responsibilities.
How has the collapse of FTX affected the landscape of crypto?
After the past week, the crypto community has lost trust in exchanges and projects. Not only has the collapse of FTX affected hundreds of thousands of users globally, but it has also impacted those heavily involved in building in the space. Being closely linked to FTX, Solana was a project impacted significantly by the FTX saga. Moving forward, it is important to continue to work towards restoring trust and stability within the community through security and transparency.
Would you say there’s a massive opportunity for building better in crypto?
Despite what has happened in the space, there is a massive opportunity for more ideas and concepts that will revolutionize crypto and potentially change how we work, think and play. Crypto continues to be one of the most innovative technologies, and a few bad actors in the crypto space will not change that. There is nothing like crypto in the financial industry, especially with all the community and ideas from this space.
What do you think lies ahead for the future of Bitrue?
As the space continues to grow, exchanges such as Bitrue will play an essential role in getting projects listed, bringing in the platform for new projects to land on our launchpads, expanding our partnerships and so on. As such, Bitrue must stay grounded and in touch with its community. One reason why Bitrue hosts these AMAs is because Bitrue wants to spend time educating and sharing with its community about the projects it has listed. Bitrue wants to show that they are here, they are here to stay, and they are here to show support.
That wraps up the AMA session. Bitrue is positive that the community appreciates AMAs as such and wanted to let the Bitrue community know that Bitrue is dedicated to providing the best for them. Bitrue has a highly dedicated team of experts working around the clock to bring you the best project listings in the space. That said, Bitrue would also like to reiterate that now is the time to continue building in the space.