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.

Le Web3 s'invite au cinéma : le nouvel Exorciste sort en partenariat avec la blockchain Aptos (APT)

Deloitte à la conquête du Web3 ? Marie-Line Ricard nous partage son expertise

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. . »

👉 Check out our complete Bitget platform tutorial

A multi-service platform for your cryptos

Buy cryptocurrencies free of charge via SEPA transfer?

Full and verifiable transparency

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. »

👉 Find our interview with Gracy Chen, General Manager of Bitget

A multi-service platform for your cryptos

Buy cryptocurrencies free of charge via SEPA transfer?

What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.

To go further, read our Financial Situation, Media Transparency and Legal Notices pages.

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

798 items