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

Cross-chain wallet BitKeep changed its name to Bitget Wallet after the cryptocurrency exchange acquired a controlling stake in March for $30 million.

According to the announcement on August 10, the content of the name change is Coupled With the launch of Bitget Swap, an in-wallet cross-chain swap mechanism that developers say draws liquidity from around 100 decentralized exchanges on 20 chains.

Through the integration, Bitget Wallet users will share the $360 million Bitget User Protection Fund consisting of 6,500 Bitcoin (BTC), 120 million Tether (USDT), and 40 million USD Coin (USDC) with exchange users to guard against security incident. After the collapse of cryptocurrency exchange FTX last November, the exchange created a $300 million fund. The company said the recovery in bitcoin prices has since resulted in $60 million in capital appreciation.

In December last year, the BitKeep wallet suffered a security breach, and its Android Package Kit (APK) was hijacked by malware, causing users who installed the package to lose about $8 million, and the wallet was subsequently emptied. On March 29, the company announced that it had paid $8 million in full to victims who downloaded the malware.

Speaking to Cointelegraph about user protection, Bitget Wallet COO Moka Han said the cross-chain bridge would go through “rigorous third-party security audits” from companies like SlowMist and CertiK before being deployed on software, and would be closely monitored after deployment . -deploy.

As a next step, Han said, Bitget Wallet recently integrated five stable payment channels — Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay — allowing users to purchase cryptocurrencies within the wallet via credit cards, Google Pay, and Apple Pay. The company also launched a peer-to-peer marketplace that “enforces security measures to protect both ends.”

Bitget Wallet is one of the most popular wallets in the Asia-Pacific region. The company claims the software has more than 10 million users, roughly half the number of MetaMask users. In recent years, other cryptocurrency exchanges such as OKX, KuCoin and Binance have also started operating self-custodial wallets alongside their exchanges.