Bitget once again demonstrates its transparency by unveiling its latest proof of reserves, which reports a 223% collateralisation of 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 its monthly proof of reserves
Bitget, the cryptocurrency exchange specialising in copy trading, has just unveiled its monthly proof of reserves. The latter, published for the sake of transparency, shows a ratio of 223%, more than double the standard usually offered by exchanges.
Bitget shows collateralisation of 454% for Bitcoin (BTC), 135% for USDT, 171% for Ether (ETH) and 2,604% for USDC.
Every month, Bitget produces snapshots of its reserves, followed by a publication of all the platform’s asset portfolio addresses, which can be checked in real time from the dedicated page.
According to its latest report, Bitget’s reserves total more than $1.44 billion across more than thirty popular cryptocurrencies. What’s more, over the last 7 months, Bitget has permanently secured 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 is faced with a large number of simultaneous withdrawals, even in the event of major turmoil on the cryptocurrency market. A necessary token of trust to maintain user confidence, especially after cases like FTX, as Bitget CEO Gracy Chen explains:
“We will continue to publish consistent proofs of reserves as a cornerstone of trust on our platform. Bitget also continues to set ever-higher standards across the industry, working with exchange platforms to advocate for radical transparency throughout the evolution of the cryptocurrency universe. “
Total and verifiable transparency
Thanks to the use of the Merkle tree, a process used by cryptocurrency exchanges for transparency, users can verify for themselves the security of their funds, and in just a few minutes. Anyone can quickly check the integrity and consistency of the data provided by Bitget.
In addition, Bitget undertakes to carry out regular audits of its proof of reserves and to cooperate with recognised auditing companies in order to ensure that the balances and status of its users’ assets guaranteed in the reserves remain up to date.
In parallel with its proof of reserves and in order to guarantee maximum security, Bitget recently decided to set up a $300 million Protection Fund to cover any involuntary losses incurred by users. The fund is made up of a combination of BTC, USDC and USDT.
“In an ever-changing global and commercial landscape, it is vital to maintain the stability of financial transactions. At Bitget, we prioritise financial and technical security to inspire confidence in our users for the future.”
