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Cross-chain wallet BitKeep has officially changed its name to Bitget Wallet following the crypto exchange‘s acquisition of a controlling stake for $30 million in March.
In an announcement on August 10, the rebranding coincided with the launch of Bitget Swap, a cross-chain swap feature within the wallet. Developers state that this mechanism aggregates liquidity from approximately 100 decentralized exchanges across 20 different blockchain networks.
Through this integration, Bitget Wallet users will now have access to the same $360 million Bitget User Protection Fund available to exchange users. This fund, designed to safeguard against security incidents, comprises 6,500 Bitcoin (BTC), 120 million Tether (USDT), and 40 million USD Coin (USDC). The exchange originally established a $300 million fund following the collapse of the FTX exchange last November. According to the firm, a subsequent recovery in Bitcoin prices has resulted in a $60 million capital appreciation for the fund.
The BitKeep wallet experienced a security breach last December when its Android Package Kit (APK) was hijacked with malware. This incident resulted in approximately $8 million in losses for users who installed the compromised package and subsequently had their wallets drained. On March 29, the company announced that it had fully compensated the $8 million to the affected victims.
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Speaking to Cointelegraph regarding user protection, Moka Han, chief operating officer of Bitget Wallet, stated that cross-chain bridges undergo “rigorous third-party security audits” from firms such as SlowMist and CertiK before being deployed on the software. These bridges are also closely monitored post-deployment.
Looking ahead, Han noted that Bitget Wallet has recently integrated five stable payment channels: Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay. These integrations allow users to purchase cryptocurrencies directly within the wallet using credit cards, Google Pay, and Apple Pay. Additionally, the firm has launched a peer-to-peer marketplace where “security measures are enforced to safeguard from both ends.”
Bitget Wallet is currently one of the most popular wallets in the Asia Pacific region. The company claims the software has over 10 million users, which represents roughly half the user base of MetaMask. Other cryptocurrency exchanges, including OKX, KuCoin, and Binance, have also expanded into self-custody wallets in recent years, operating them parallel to their exchange services.
BitKeep has completed the upgrade to @BitgetWallet!https://t.co/0pHOz993Nn
— Gracy Chen @Bitget (@GracyBitget) August 10, 2023
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