Since 2019, Gate.io has offered a dedicated Safe Asset Fund for Users (SAFU) to ensure the safety of user assets on the platform. With the recent turmoil in the market, the company has launched a dedicated page for the fund to educate users about its purpose.
What is Gate SAFU?
Gate SAFU is a user-asset security fund, focusing on protecting user assets while trading on the platform. Since its foundation in 2013, one of the company’s core focuses has been offering a secure trading platform for its users, leading to the establishment of the Gate Safe Asset Fund for Users or SAFU.
The Gate SAFU fund is valued at over $100 million and will continue to grow with the platform to ensure an additional layer of safety for assets stored on the platform. The fund was built using the revenue generated from trading fees on the platform and consists of a variety of stablecoins and other digital assets.
What problems does Gate SAFU solve?
The core focus of Gate.io’s SAFU is to protect user assets held on the platform and provides an all-around security solution. The purpose of the fund is to instill the trust of users that trade on Gate.io. It provides an extra layer of security for users while ensuring transparent operations on top of Gate.io’s Proof-of-Reserves audit, with Gate.io having been the first mainstream exchange to offer Proof-of-Reserves in 2020.
The Gate SAFU fund is meant to protect users from common asset security risks, such as cyber-attacks, liquidity crises, and other potential major security incidents. The fund is an additional capital reserve that was instituted to add an additional layer of safety to the platform, ensuring users can continue to trade uninterrupted on Gate.io.