Victoria, Seychelles, June 25th, 2024,
Chainwire
Bitget, the world's leading cryptocurrency exchange
and Web3 company, has shared its monthly update for the
transparent tracking of its proof-of-reserves (PoR) highlighting
the reserve ratios of Bitcoin (BTC), Ethereum (ETH), USDT and USDC.
As compared to May, the amount of users' BTC, USDT, ETH surged by
9%, 10% and 46% in June. The recent POR report emphasizes Bitget's
security with over 163% of reserve ratio accounting for all assets.
The BTC, ETH and USDT ratios stand at 294%, 169%, and 103%
respectively, while USDC is covered by over 662%.
At the time of publishing, the Bitget PoR holds over 5,714 BTC,
68,674 ETH, 935M USDT and 60M USDC. The total reserves stand at
$2.9B, which symbolizes Bitget's efforts in maintaining a safe and
secure exchange.
The updated PoR showcases Bitget's dedication to maintaining
more than industry standard 100% reserves, which effectively
guarantees that users' assets are safe. The platform is capable of
covering user withdrawals, even if all user assets are
withdrawn.
Bitget's PoR in June verifies its user holdings through
cryptographic proofs, public wallet ownership, and recurring
audits. The custodian provides transparency and proof of the
existence of liquid on-chain reserves that exceed or equal the sum
of all user holdings. To achieve this, Bitget stores the hash of
each user account's assets in a leaf node on the Merkle tree. Each
user can verify that their assets exist in the Merkle tree by
checking the total amount of user assets stored in the Merkle tree
leaf nodes.
"As Bitget ascends into becoming one of the largest
WEB3 companies, it's important to highlight that this growth has
been achieved by constantly building an ecosystem of products that
users genuinely trust and feel safe and easy to use. Being the very
first adopters of transparent PoR, we believe users' security is
our priority," said Gracy Chen, CEO at
Bitget
In addition to maintaining a higher than industry standard PoR,
Bitget insures its users further with a $300M Protection Fund, now
valued over $400 million according to its latest protection fund report. This gives the platform
an extra layer of resilience against cybersecurity threats. Users
who have their accounts compromised in unfortunate incidents not
attributed to their own actions or trading behavior can make a
claim through the Bitget Protection Fund.
Bitget continues to lead in the crypto derivatives market, with
its Open Interest (OI) indicator surging past $6 billion last
month, securing a substantial 25% share of the total market. In the
past 30 days, Bitget recorded the highest
monthly inflow among all centralized exchanges, with $1.3
billion in new capital, strengthening its position as
industry leader.
For real-time PoR tracking, users can visit - https://www.bitget.com/proof-of-reserves
About Bitget
Established in 2018, Bitget is the world's
leading cryptocurrency exchange and Web3 company.
Serving over 25 million users in 100+ countries and regions, the
Bitget exchange is committed to helping users trade smarter with
its pioneering copy trading feature and other trading solutions.
Formerly known as BitKeep, Bitget Wallet is a
world-class multi-chain crypto wallet that offers an array of
comprehensive Web3 solutions and features including wallet
functionality, swap, NFT Marketplace, DApp browser, and more.
Bitget inspires individuals to embrace crypto through
collaborations with credible partners, including legendary
Argentinian footballer Lionel Messi and Turkish National athletes
Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş
(Boxing gold medalist) and İlkin Aydın (Volleyball national
team).
For more information, users can visit: Website | Twitter | Telegram |
LinkedIn | Discord | Bitget Wallet
Contact
Public
Relations
Simran
A
Bitget
media@bitget.com