BitMEX has published a report that reflects a total Bitcoin fund of 33,449 BTC, whose estimated value is USD $243 million.
The controversial international exchange that records one of the largest daily trading volumes in the world said it currently manages 0.18% of all Bitcoin (BTC) in the market.
According to the BitMEX report, the exchange reported on December 26 that it had a total of 33,449 BTC in its client insurance fund, whose estimated value is USD $243.6 million at the time of issue.
The exchange fund, better known as BitMEX Insurance Fund, has as its main objective to liquidate the commercial operations without waiting for the network to process the direct exchange with the client, thereby managing to automate the process and avoid possible delays in operations , especially when the user sets limits for their orders.
This fund also serves as a backup in case there is any irregularity with the clients’ assets, so the exchange will respond pertinently to the affected people in case of any inconvenience that merits some type of compensation due to the loss of the money.
BitMEX constantly accumulates Bitcoin
The reports submitted by BitMEX in which it claims to handle this amount of BTC are backed by the custody company Casa, since its CTO, James Lopp, recently confirmed that the exchange fund increased by 62% during 2019.
In more detail, the reports published by BitMEX indicate that the fund for the month of January of this year handled about 20,776 BTC (USD $78,200,000 at that time), and that over the months it experienced organic growth until it accumulated more than 33,000 BTC this month, which is much more positive in light of the increase seen in the price of the digital currency with respect to the levels seen in 2018.
Some analysts say that these figures reinforce the good reputation that the exchange has among its users despite the problems experienced throughout this year, among which the investigation carried out by the CFTC in the US and the security breach stand out. that compromised the private information of its customers.
With this data provided by BitMEX, the exchange becomes part of the group of platforms that currently manage large BTC reserves.
According to the Token Analyst service, exchanges such as Poloniex, Kraken, Bitstamp, Bittrex, Bitfinex, Binance and Huobi made significant efforts to accumulate cryptocurrencies during 2019, in order to consolidate their operations and offer many more guarantees to customers regarding The security of your assets.
These actions also provide the aforementioned exchanges with greater legitimacy vis-à-vis the regulatory frameworks managed by various countries, whose main focus of interest has to do with the support of the funds of the clients that operate through these platforms.