Exclusive: Bitget’s proof of reserves sets record with a total reserve ratio of 223%
- Bitget has been publishing verifiable data since December 2022.
- The recent proof of reserves shows USDC at a reserve ratio of 2604%
- The exchange’s reserve ratios have consistently exceeded 200% in the past seven months.
Coinjounal can exclusively reveal that Bitget, a leading platform for copy trading and crypto derivatives, has released 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
According to the proof of reserves, the reserve ratios pit Bitcoin (BTC) at 454%, Tether (USDT) at 135%, Ethereum (ETH) at 171%, and USD Coin (USDC) at 2604%.
On July 11th, data from Coinmarketcap showed that there were over $1.44 billion in reserves spread across 31 well-known digital assets. With reserve ratios consistently exceeding 200% over the previous seven months, Bitget’s comprehensive report exemplifies its unwavering commitment to transparency. The addition of USDC reserves in March 2023 adds another level of transparency to the situation of Bitget funds.
Bitget guarantees that it holds all of the assets belonging to users in reserves by regularly publishing the Merkle Tree proof, platform reserves, and platform reserve ratio.
Increasing transparency for Bitget users
The exchange recently introduced 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 ultimate accuracy.
Users can use the feature to quickly and easily check the security of their money. Under the Merkle tree data structure, users can check the status of their assets’ “Merkle leaf.”
Bitget has shown its commitment to conducting routine audits of its PoRs and collaborating with top audit firms for the purpose of ensuring that the balances and the status of user assets within its reserves remain up to date. The exchange has also established a $300 million Protection Fund as an additional layer of user protection. The fund aims to cover users’ losses in the event that their accounts are compromised or their assets are lost as a result of circumstances beyond their control or unfavourable trading behaviour.
