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Websea unveils Proof of Reserves mechanism and publishes reserve ratios

Websea unveils Proof of Reserves mechanism and publishes reserve ratios
Websea unveils new Proof of Reserves

Websea has launched its Proof of Reserves, publishing reserve ratios for assets such as USDT, BTC, ETH, and WBS, and providing full reserve data through a Merkle Tree and an open-source verification tool.

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Websea has implemented a Proof of Reserves (PoR) mechanism, stating that all user assets are backed 1:1 by real, verifiable holdings. The reported reserve ratios are USDT at 111%, BTC at 100%, ETH at 102%, and WBS at 174%. Full reserve data is made available using a Merkle Tree, and users have access to an open-source verification tool. The announcement did not provide additional detail beyond these disclosures.

Websea is a cryptocurrency exchange launched in August 2023, designed to serve young investors, crypto enthusiasts, and experienced traders. The platform supports spot and futures trading with up to 100x leverage, copy trading, P2P trading, and passive income opportunities through staking, all accessed via a user-friendly interface. For further details on features and account conditions, refer to the broker profile on Traders Union.

In an earlier news about Websea, the broker introduced the CL500USDT trading pair, a USDT-margined WTI crude oil contract with up to 500x leverage, expanding its range of tradable instruments. For more details, see the previous Websea update on Traders Union.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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