Bitget has reported on its reserves
Bitget has reported on its reserves
The Bitget exchange has released its June data on cryptocurrency and fiat reserves, showing that the total reserve ratio for assets such as BTC, ETH, USDT, and USDC is 223%.
According to Bitget's monthly data, BTC reserves increased by 7% to 2,311 coins, ETH reserves increased by 9% to 11,200 coins, and USDT reserves increased by 4% to 346 million.
Bitget has opened access to the Proof of Reserve (PoR) to its clients so they can look at the reserve data themselves to see if the exchange is solvent, according to Coincu.
Reserve data can help determine the true state of an exchange, especially after the collapse of FTX.
In addition, Bitget's Merkle Tree system stores user account information online, allowing clients to track it at any time, from anywhere.
To enable this, Bitget has stored a hash of each user's account assets in the Merkle Tree endpoint node. A user can verify the inclusion of their assets in the Merkle Tree by simply examining the total number of user assets stored in the Merkle Tree leaf nodes.
We previously wrote that Bitget has launched a cryptocurrency lending service.
