With its total reserve ratio of 199%, Bitget, a leading cryptocurrency derivatives and copy trading platform, is maintaining its commitment to thorough transparency with the release of its latest monthly Proof of Reserves (PoR) report. Bitget assures consumers that their funds are completely backed 1:1 and available upon demand, and this POR report demonstrates this. Reserve ratios are getting close to 200% at Bitget, which doubles the industry average of 100%.
Bitget has demonstrated its dedication to maintaining excellent financial health and technical safety, as evidenced by its October 2023 PoR results. These noteworthy reserve ratios reaffirm Bitget’s steadfast commitment to safeguarding user funds and providing the highest level of transparency possible in the cryptocurrency space. Bitget’s total reserves exceeded $1.54 billion as of November 3, according to data collected from Coinmarketcap. These reserves included a variety of noteworthy digital assets, including BTC, ETH, USDT, USDC, and more. This report demonstrates Bitget’s steadfast commitment to openness.
Gracy Chen, Managing Director at Bitget, highlighted the significance of transparency: “Bitget remains committed to providing the highest level of security and transparency to its users. We prioritize financial stability and technical robustness to ensure unwavering confidence in their platform. As a cornerstone of trust, Bitget has published Proof of Reserves reports for 12 consecutive months. We take immense pride in maintaining the highest reserve ratio among all major exchanges. With a robust reserve ratio of 200%, it means that for every dollar our user deposits on our platform, we allocate an additional dollar to ensure absolute solvency and security of their assets. This unwavering dedication to financial stability reinforces our users’ confidence in Bitget as a trusted and reliable crypto exchange.”
Furthermore, Bitget’s emphasis on user asset protection and its dedication to transparency are complementary. The exchange works with top audit firms to ensure the accuracy of user asset balances through routine Proof of Reserves examinations. Bitget has launched a $300 million Protection Fund to help safeguard its consumers. This fund is intended to reimburse users for any damages they may sustain if their accounts are compromised, their assets are lost, or uncontrollable occurrences occur. To preserve its worth, Bitget is committed to steadily growing the Protection Fund, demonstrating its dedication to protecting client assets.