Bitget Sets Record with Unmatched Total Reserve Ratio of 223%
In a groundbreaking move towards transparency, Bitget, a prominent platform for copy trading and crypto derivatives, has released its monthly Proof of Reserves (PoR) showcasing an unprecedented total reserve ratio of 223%. This ratio surpasses the industry average of 100% by more than double, solidifying Bitget’s commitment to radical transparency.
Since December 2022, Bitget has been at the forefront of publishing verifiable data, aiming to build trust and establish a new standard for the crypto sector. The recent proof of reserves reveals impressive reserve ratios for various assets, with Bitcoin (BTC) at 454%, Tether (USDT) at 135%, Ethereum (ETH) at 171%, and USD Coin (USDC) at a staggering 2604%.
With over $1.44 billion in reserves spread across 31 well-known digital assets as of July 11th, Bitget’s consistent reserve ratios exceeding 200% over the past seven months underscore the platform’s unwavering dedication to transparency. The addition of USDC reserves in March 2023 further enhances the transparency of Bitget’s funds.
To enhance transparency for users, Bitget has introduced the “Merkle Validator,” a new tool that enables users to conduct self-audits with their accounts, ensuring the accuracy of information. Additionally, the exchange conducts routine audits of its PoRs and collaborates with top audit firms to maintain up-to-date balances and user asset statuses within its reserves.
In a move to provide an extra layer of protection for users, Bitget has established a $300 million Protection Fund to cover losses in the event of compromised accounts or asset loss due to unforeseen circumstances or unfavorable trading behavior.
Bitget’s commitment to transparency and user protection sets a new standard in the crypto industry, showcasing the platform’s dedication to fostering trust and accountability. For more information, you can visit the original article here.
