Coinjounal can exclusively reveal that Bitget, a leading platform for copy trading and crypto derivatives, has published its monthly Proof of Reserves (PoR), showing an unmatched total reserve ratio of 223%, more than twice the industry average of 100%.
The proof of reserves demonstrates Bitget’s dedication to radical transparency. The exchange has been publishing verifiable data since December 2022 with the goal of fostering trust and creating a new standard for the sector.
USDC and BTC top the list of assets in Bitget’s reserves, with the reserve ratios at 2604% and 454% respectively. Other digital assets included Tether (USDT) at 135%, Ethereum (ETH) at 171%. On July 11th, Coinmarketcap had reported that there were over $1.44 billion in reserves spread across 31 well-known digital assets. The exchange’s reserve ratios have consistently exceeded 200% in the past seven months.
Bitget has also set up the Merkle Validator, a new tool that allows users to conduct a self-audit with their own accounts in order to further increase transparency and guarantee the information’s accuracy. They can quickly and easily check the security of their money using the Merkle tree data structure.
Additionally, Bitget has taken measures to guarantee that it holds all of the assets belonging to users in reserves. The exchange regularly publishes the Merkle Tree proof, platform reserves, and platform reserve ratio. The exchange has also established a $300 million Protection Fund as an additional layer of user protection.
In conclusion, Bitget’s commitment to transparency and security is evident. The exchange’s latest Proof of Reserves report shows the dedication to providing an unparalleled level of trust and security to its users.
