Bitget's Latest Proof of Reserves Sets New Industry Benchmark with 223% Ratio
VICTORIA, Seychelles, July 13, 2023 — Bitget, top crypto derivatives and copy trading platform, has unveiled its monthly Proof of Reserves (PoR), demonstrating an unparalleled total reserve ratio of 223%, which twice exceeds the industry standard of 100%. This latest proof of reserves continues Bitget's commitment to radical transparency, as the exchange has been publishing verifiable data since December 2022, aiming to build trust and set a new industry benchmark.
Bitget’s latest reserve ratios are as follows:
According to data on Coinmarketcap on July 11th, the balance of the reserves is over $1.44 billion in 31 popular digital assets. The comprehensive report showcases Bitget’s unwavering dedication to transparency, with reserve ratios consistently exceeding 200% for the past seven months. And, the addition of USDC reserves in March 2023 provides an extra layer of transparency into the status of Bitget funds.
Through publishing Merkle Tree proof, platform reserves, and platform reserve ratio every month, Bitget guarantees it holds 100% of users' assets in reserves. To further enhance transparency and ensure the ultimate accuracy of the information, the exchange launched a new tool, "Merkle Validator", for users to perform self-audit with their own accounts. The feature allows users to verify the security of their funds in a few simple steps. Users can verify the status of their assets' "Merkle leaf" under the Merkle tree data structure.
“In an ever-evolving global and market landscape, maintaining the stability of financial transactions is of paramount importance. At Bitget, we prioritize both financial and technical security to instill confidence in our users for the future,” said Gracy Chen, Managing Director of Bitget. “We will continue releasing consistent Proof of Reserves as a pillar of trust in our platform. Bitget also endeavors to set higher standards industry-wide — collaborating across exchanges to advocate for radical transparency through crypto’s evolution.”
Bitget is committed to carrying out regular audits of the PoRs and cooperating with leading audit firms to make sure the balances and the status of user assets within its reserves stay up-to-date. To provide an additional layer of safeguard for users, Bitget has established a $300 Million Protection Fund. The fund aims to cover users’ losses in the event of compromised accounts or lost assets due to events beyond their control or trading behavior. Bitget pledges to continually increase the Protection Fund to maintain its value, underscoring its dedication to customer asset security.
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord
For media inquiries, please contact: [email protected]
- Press releaseBitget Protection Fund Hits $424 Million Average, a 40% Increase from its Initial Commitment VICTORIA, Seychelles, 8th November, 2024 — Bitget, the leading cryptocurrency exchange and Web3 company, has released the latest valuation of its Protection Fund for October 2024. The fund, an essential safeguard for the exchange indicates the platform’s ongoing measures to secure user assets and uphold financial stability. Throughout October, the Protection Fund experienced notable resilience, with the highest recorded valuation reaching $473 million on October 30. The monthly average stood at2024-11-08
- Press releaseBitget lists Peanut the Squirrel (PNUT) on its Spot Corridor Victoria, Seychelles, 7th November, 2024 – Bitget, the leading cryptocurrency exchange and Web3 company has listed Peanut the Squirrel (PNUT) on its platform for Spot trading, offering users access to trending digital assets with significant market potential. The token will be available for trading starting November 7, 2024, at 20:00 (UTC+8), bringing an anticipated addition to the innovation-focused trading ecosystem. Peanut the Squirrel (PNUT) has drawn interest esp2024-11-07
- Press releaseBitget Opens Token Listing Applications with New Standard Procedure to Enhance Transparency and Integrity Victoria, Seychelles, 5th November, 2024 - Bitget, the world's leading crypto exchange and Web3 company, has opened up a new listing application portal on its platform, with enhanced due diligence for applications and rigid review process for token listings. The upgrade aims to enhance the transparency of the asset onboarding process, ensuring that crypto project teams have a better understanding of the procedures involved. Under the n2024-11-05