Bitget, a leading platform for copy trading and crypto derivatives, has released its monthly Proof of Reserves (PoR), revealing a total reserve ratio of 223%, more than double the industry average of 100%. The exchange has been publishing verifiable data since December 2022, aiming to establish trust and set a new standard for transparency in the sector.

USDC and BTC Lead Bitget’s Reserves

The proof of reserves shows that Bitget’s reserve ratios include Bitcoin (BTC) at 454%, Tether (USDT) at 135%, Ethereum (ETH) at 171%, and USD Coin (USDC) at 2604%. Coinmarketcap data from July 11th indicates that Bitget holds over $1.44 billion in reserves across 31 well-known digital assets. The exchange’s reserve ratios have consistently exceeded 200% for the past seven months, demonstrating its commitment to transparency. The addition of USDC reserves in March 2023 further enhances transparency.

Increasing Transparency for Bitget Users

Bitget has introduced the “Merkle Validator,” a new tool that allows users to conduct self-audits with their own accounts to enhance transparency and ensure accurate information. With this feature, users can quickly and easily check the security of their funds using the Merkle tree data structure. Bitget also conducts routine audits of its PoRs and collaborates with top audit firms to ensure the accuracy of user asset balances within its reserves. Additionally, the exchange has established a $300 million Protection Fund to provide an extra layer of user protection in case of loss or compromised accounts.

Sources: Coinjournal

FAQ

What is Bitget?

Bitget is a leading platform for copy trading and crypto derivatives.

What is Proof of Reserves (PoR)?

Proof of Reserves (PoR) is a demonstration of an exchange’s dedication to transparency by publishing verifiable data regarding its reserves of digital assets.

What is a reserve ratio?

A reserve ratio is a measure of an exchange’s reserves in comparison to its liabilities. In this case, Bitget’s reserve ratio refers to the percentage of reserves it holds in relation to the total value of the digital assets it has in custody.

What is the purpose of the Merkle Validator?

The Merkle Validator is a tool introduced by Bitget that allows users to perform self-audits of their accounts to ensure transparency and accuracy of their funds. It utilizes the Merkle tree data structure to check the status of assets.

How does Bitget ensure user protection?

Bitget conducts routine audits of its Proof of Reserves and collaborates with top audit firms to ensure the accuracy and security of user asset balances. Additionally, the exchange has established a $300 million Protection Fund to cover users’ losses in case of compromised accounts or unfavorable trading behavior.