Bitget, a prominent player in the cryptocurrency exchange and Web3 industry has released its monthly update on the transparent tracking of its proof-of-reserves (PoR). This update sheds light on the reserve ratios of Bitcoin (BTC), Ethereum (ETH), USDT, and USDC. In June, there was a significant increase in the number of users’ BTC, USDT, and ETH compared to May. The surge was particularly notable, with a 9% rise in BTC, a 10% rise in USDT, and an impressive 46% rise in ETH. The recent POR report highlights Bitget’s strong focus on security, with a reserve ratio of over 163% covering all assets. BTC, ETH, and USDT ratios are 294%, 169%, and 103%, respectively, while USDC covers over 662%.
Since this was published, the Bitget PoR has accumulated substantial assets, including over 5,714 BTC, 68,674 ETH, 935M USDT, and 60M USDC. Bitget has a total reserve of $2.9B, demonstrating its commitment to ensuring a safe and secure exchange.
The latest PoR demonstrates Bitget’s commitment to exceeding industry standards by maintaining more than 100% reserves, ensuring the utmost safety of users’ assets. The platform can handle user withdrawals even if all user assets are withdrawn.
In June, Bitget’s Proof of Reserves (PoR) process ensures the verification of user holdings through cryptographic proofs, public wallet ownership, and recurring audits. The custodian ensures complete transparency and provides undeniable evidence of the presence of liquid on-chain reserves that are equal to or greater than the total holdings of all users. Bitget stores the hash of each user account’s assets in a leaf node on the Merkle tree as part of its process. Users can independently verify the existence of their assets in the Merkle tree. This can be done by cross-checking the total amount of assets stored in the leaf nodes of the Merkle tree.
Bitget maintains a higher-than-industry-standard PoR and provides additional security for its users through a $300M Protection Fund. According to the latest protection fund report, the fund is now valued at over $400 million. This adds strength to the platform’s defense against cybersecurity risks. Users who experience account compromises due to unforeseen circumstances can seek assistance from the Bitget Protection Fund.
Bitget remains at the forefront of the crypto derivatives market, as its Open Interest (OI) indicator skyrocketed to over $6 billion last month, solidifying an impressive 25% stake in the overall market. Bitget has emerged as the undisputed industry leader, with an impressive monthly inflow of $1.3 billion in new capital over the past 30 days. This record-breaking achievement solidifies their position among all centralized exchanges.
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
