VICTORIA, Seychelles, June 25,
2024 /PRNewswire/ -- 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withdrawn.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, please 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, visit: Website
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