Bitget Exchange: An example of how CEX should be?
Bitget exchange is a global centralized crypto exchange renowned for copy-trading and derivative trading. Let’s not forget that trading is better done on CEXes unlike HODL or staking that’s better done on wallets. But there’s something that struck me while looking at Bitget’s features recently and that has made me to share it here.
They recently acquired BitKeep wallet and integrated it to enable users store their assets with their private keys without hassle and security. That has made BitKeep nomenclature changed to Bitget wallet. Now they are partnering with Cobo.
What is Cobo?
Cobo is a crypto custodian and asset management company offering a wallet, DeFi services, NFT minting, and crypto staking. It is a crypto storage and staking platform that allows investors to store and earn interest on their cryptocurrency, the platform is designed for large investors and institutions, and has more than $1.5 billion of assets under management. It offers crypto custodian services with military grade security features, along with decentralised financial services and tools to help institutions build their own DeFi services.
Cobo is not a crypto exchange, but rather a crypto custodian, it does not offer any derivative trading services at this time, but it does offer crypto staking across 3 cryptocurrencies: Bitcoin, Ethereum, and Tether. The relevance of this collabo is that users can now trade on the exchange while securely holding their assets off-exchange protected by Cobo’s advanced wallet technologies. So, it operates on 2 core features:
- Military grade security
Cobo offers a virtually unbreakable wallet with self-destruct features. Some of its security features include 3-tier key storage architecture, HSM (Hardware Security Modules) signing, multi-signature access, Key Sharding, and Global Key Distribution.
- Security and regulation
Cobo is a safe and secure platform, its services are geared towards institutions and hence designed to be highly secure, Gracy Chen, Managing Director at Bitget said and I quote "Our partnership with Cobo is a testament to our unwavering commitment to providing the highest level of security and efficiency to our users. By joining forces with Cobo's SuperLoop, we are empowering our institutional clients with a seamless and secure trading experience."
Dr Changhao Jiang, CTO and co-founder of Cobo, commented, "Cobo is delighted to integrate Bitget into SuperLoop as one of the supported exchanges and bring our institutional-grade solutions to their platform. We believe this integration will set new benchmarks in the industry, offering investors unparalleled peace of mind while trading on exchanges.
So, beside their stride in copy-trading where it’s reported that the product launch on spot market is responsible for over $40 million in profit in the Q1 of 2023 as per “Cointelegraph”, they now have a non-custodial wallet and the Cobo collabo where investors and DeFi users can HODL and earn passive income. Also, a visit to their app/website shows the integration of a new feature called Bitget swap, a replica of DEXes version of token swap and liquidity provision together with DeFi lending.
Sure, that’s more than just a CEX with all these products and features.
I also did a background check on the exchange on Nansen.ai and found out the following:
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REMEMBER TO ALWAYS DO YOUR RESEARCH
This article has sources from: Cointelegraph and Nansen
After FTX incident, am still finding it difficult to believe in any CEX. I have read some articles about Binance and Bitget having users protection fund for their customers but I still have my reservations. Do you also have first hand experience of the Bitget wallet? If yes, how effective is it compared to either trust wallet or metamask.
I guess this type of collaboration is what is needed in crypto exchanges to further provide transparency and commitment to security by exchanges. I have once been a victim of a wallet hack in the past and I guess it's because I couldn't handle my wallet well. If Bitget could collaborate with Cobo to facilitate transactions and security and others do the same, users will have more confidence in crypto trading and there will be more adoption, it could revive users confidence in crypto security especially after the FTX incidence.
Hmmm 🤔 made sense here. Anyways the partnership seems like a good one to me.
Yeah, if only we could see more commitment from these exchanges, I believe investors confidence might be restored in the crypto verse.
Btw, do you trade or you just HODL?
I haven't being opportuned to use it before but these sounds appealing and will wanna try the cex but how can I go about it? Do they have kyc and hope is stress free?
I also believe that, this partnership between Bitget and Cobo is a significant stride for both organizations, underscoring their shared vision for the cryptocurrency industry's long-term potential because, Cobo Wallet has the core of its security feature being developed with Hardware Security Modules which have been proven to be resist unauthorized temperance or any form of breach.
I am quite optimistic about this partnership as well, this is quite a remarkable milestone..