Bitget announced reserves for October 2023
Bitget announced reserves for October 2023
Bitget has released its cryptocurrency reserves data for October, underscoring the exchange's unwavering commitment to protecting user assets and providing a high level of digital asset transparency.
The Proof of Reserves (PoR) report revealed a reserve ratio of 199%, nearly double the industry standard of 100%, indicating that a cryptocurrency exchange's user funds are fully secured at 1:1 and available on demand.
According to the report, BTC reserves are 426%, USDT reserves are 117%, ETH reserves are 141%, and USDC reserves are 2,556%. Meanwhile, Bitget's total reserves exceeded $1.54 billion.
"Bitget remains committed to providing the highest level of security and transparency to its users. We prioritize financial stability and technical reliability to ensure unwavering trust in our platform. As a cornerstone of trust, Bitget has published Proof of Reserves reports for 12 consecutive months. We are proud to maintain the highest reserve ratio of any major exchange. Our reserve ratio is 200%, meaning that for every dollar a user deposits on our platform, we allocate another dollar to ensure the absolute solvency and safety of their assets. This unwavering commitment to financial stability strengthens our users' confidence in Bitget as a reliable and trustworthy cryptocurrency exchange," said Gracy Chen, Managing Director of Bitget.
It is worth noting that Bitget conducts regular Proof of Reserves audits and works with leading accounting firms to ensure the accuracy of its balance sheet calculations.
The cryptocurrency exchange has also established a $300 million protection fund to cover any losses incurred by users in the event of account hacking, loss of assets, or unforeseen events beyond their control.
All of this points to Bitget's commitment to maintaining a healthy financial position as well as technical security.
Read also: Coinbase reported revenue growth in the third quarter of 2023.
