Bitget, a prominent cryptocurrency derivatives and copy trading platform, has set a new industry benchmark with its latest Proof of Reserves (PoR) report. The company unveiled a remarkable total reserve ratio of 223%, surpassing the industry standard of 100%. This achievement highlights Bitget’s commitment to transparency and trust, as it has been consistently publishing verifiable data since December 2022, aiming to establish a new industry benchmark.
The comprehensive PoR report reveals that Bitget holds over $1.44 billion in reserves across 31 popular digital assets, according to data from Coinmarketcap on July 11th. What sets Bitget apart is its consistent reserve ratio exceeding 200% for the past seven months. In March 2023, Bitget introduced USDC reserves, further enhancing transparency regarding the status of its funds.
Higher Standards of Transparency and Trust
Bitget ensures the integrity of users’ assets by publishing the Merkle Tree proof, platform reserves, and platform reserve ratio on a monthly basis. By guaranteeing that it holds 100% of users’ assets in reserves, Bitget aims to enhance transparency and build trust among its user base. To further validate the accuracy of the information, Bitget has launched the “Merkle Validator” tool, allowing users to perform self-audits and verify the security of their funds through a simple process.
Gracy Chen, Managing Director of Bitget, emphasized the company’s commitment to financial and technical security, stating that maintaining transaction stability is crucial in a constantly evolving global market landscape. Chen expressed Bitget’s dedication to releasing consistent Proof of Reserves as a foundation of trust and highlighted the company’s ambition to establish higher standards in the industry through collaborations with other exchanges to promote radical transparency.
Bitget remains proactive in conducting regular audits of its PoRs and partners with leading audit firms to ensure accurate and up-to-date information regarding user assets in reserves. As an additional safeguard, Bitget has established a $300 Million Protection Fund, covering users’ potential losses resulting from compromised accounts, lost assets due to uncontrollable events, or trading behavior. The company’s commitment to increasing the Protection Fund further demonstrates its dedication to maintaining the security of customer assets.
Founded in 2018, Bitget is a world-leading cryptocurrency exchange that offers Copy Trading services as a core feature. With over 8 million users in more than 100 countries and regions, Bitget provides a secure and comprehensive trading solution, encouraging individuals to embrace cryptocurrencies. The company has collaborated with reputable partners, including renowned Argentinian footballer Lionel Messi and official eSports events organizer PGL.
Overall, Bitget’s Proof of Reserves ratio of 223% sets a new industry standard for transparency and trust. With an unwavering commitment to publishing verifiable data, implementing innovative tools like the Merkle Validator, and establishing a substantial Protection Fund, Bitget ensures the integrity and security of user assets. As a leading cryptocurrency exchange, Bitget continues to redefine industry norms and encourage global adoption of cryptocurrencies through its comprehensive trading solutions and reputable partnerships.
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