Bitget once again demonstrates its transparency by unveiling its latest proof of reserves, which reports collateralization of up to 223% of the cryptocurrencies hosted on its platform. Each month, Bitget publishes its reserves via a Merkle tree, allowing anyone to check the platform’s reserves in real time.
Bitget Unveils Monthly Proof of Reserves
Bitget, the cryptocurrency exchange specializing in copy trading, has just unveiled its monthly proof of reserves. The latter, published for the purpose of transparency, reports a ratio of 223%, more than double the standard usually offered by exchanges.
Thus, Bitget presents collateralization up to 454% for Bitcoin (BTC), 135% for USDT, 171% for Ether (ETH) and finally 2,604% for USDC.
Every month, Bitget makes snapshots of its reserves which are followed by a publication of all the addresses of the platform’s asset portfolioswhich can be checked in real time from the dedicated page.
According to his latest report, Bitget’s reserves total over $1.44 billion across more than 30 popular cryptocurrencies. In addition, over the last 7 months, Bitget has permanently insured its reserves at a minimum ratio of 200%.
A good reserve ratio ensures that users can withdraw their funds from Bitget in the event that the platform experiences a large number of simultaneous withdrawals, even in the event of significant unrest in the cryptocurrency market. A token of trust needed to maintain user trust, especially after deals like FTX, as Bitget CEO Gracy Chen explains:
“We will continue to publish evidence of consistent reserves, pillars of the trust that reigns on our platform. Bitget also continues to set ever-higher standards industry-wide, working with exchanges to advocate for radical transparency as the cryptocurrency universe evolves. . »
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Through the use of Merkle’s tree, a process used by cryptocurrency exchanges for transparency, users can self-check the security of their funds within minutes. Everyone can quickly check the integrity and consistency of the data provided by Bitget.
Furthermore, Bitget undertakes to carry out regular audits of its proof of reservations as well as to cooperate with recognized auditing companies in order to ensure that the balances and status of its users’ assets secured in the reserves remain up to date.
In parallel with its proof of reserves and in order to guarantee maximum security, Bitget has recently decided to set up a Protection Fund of 300 million dollars aimed at covering possible involuntary losses of users. This is made up of both BTC, USDC and USDT.
“In an ever-changing global and business landscape, maintaining the stability of financial transactions is paramount. At Bitget, we prioritize financial and technical security to inspire confidence in our users for the future. »
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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