Victoria, Seychelles, 12 July 2023 — Bitget, the leading crypto derivatives exchange and copy trading platform, has revealed its monthly Proof of Reserves (PoR), reporting a record Total Reserves Ratio of 223%, double the industry standard of 100%. This latest proof of reserves confirms Bitget’s commitment to radical transparency, as the platform has been releasing verifiable data since December 2022 with the aim of building trust and setting a new benchmark for the entire industry.
Bitget’s latest reserve ratio is as follows:
According to data from CoinMarketCap as of As of July 11, the reserve balance is over $1.44 billion across 31 popular digital assets. The full report demonstrates Bitget’s unwavering commitment to transparency, with reserve ratios consistently exceeding 200% in the past seven months. In addition, the addition of USDC reserves in March 2023 provides additional transparency about the state of Bitget’s funds.
By publishing its Proof of Reserves as well as its reserve rate in the form of a Merkle tree every month, Bitget guarantees that it holds 100% of users’ assets in its reserves. To increase transparency and ensure the accuracy of information, the exchange has launched a new tool, “Merkle Validator”, which allows users to perform verification of their own account. They can verify the safety of their funds in a few steps and see the “Merkle sheet” status of their assets in the Merkle tree data structure.
“In an ever-changing global and business landscape, maintaining the stability of financial transactions is paramount. At Bitget, we prioritize financial and technical security to build confidence in our users for the future,” declared Gracy Chen, CEO of Bitget. “We will continue to publish consistent proof-of-reserve, which is the cornerstone of trust in our platform. Bitget also continues to set ever-higher standards across the industry and works with exchanges to advocate for radical transparency throughout the evolution of cryptocurrency- the universe.”
Bitget is committed to conducting regular audits of its proof of reserves as well as working with leading accounting firms to ensure that the balances and status of its users’ collateral in reserves remain current. To provide additional protection to users, Bitget has established a $300 million protection fund. The fund aims to cover users’ losses in the event of compromised accounts or lost assets due to events beyond their control or trading behavior. Bitget is committed to continuously increasing the protection fund to maintain its value, underscoring its dedication to the safety of its customers’ assets.
Established in 2018, Bitget is one of the largest cryptocurrency exchanges in the world, whose flagship features are Futures trading and copy trading services. Serving over 8 million users in over 100 countries and regions, the platform is committed to helping users trade smarter by providing them with a versatile and secure trading solution. Bitget also inspires the general public to adopt cryptocurrencies through collaborations with reputable partners, including legendary Argentine soccer player Lionel Messi and official eSports organizer PGL.
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