The crypto exchange has released its latest Proof-of-Reserves (PoR) report for June 2024, underscoring its commitment to clear operations and user trust.
The report reveals that Bitget holds more than 100% of the reserves required to cover user deposits, an important assurance in the volatile crypto market.
In June, the amount of BTC, USDT and ETH held by users increased by 9%, 10% and 46% respectively compared to May. The latest PoR report underscores Bitget's reliability, with a reserve ratio of more than 163% across all assets. The ratios for BTC, ETH and USDT are 294%, 169% and 103% respectively, with USDC covered by more than 662%, according to the report data.
At the time of reporting, Bitget's reserve fund has over 5,714 BTC, 68,674 ETH, 935 million USDT, and 60 million USDC. The total reserves are $2.9 billion, which reflects Bitget's efforts to maintain a safe and secure exchange.
It's worth noting that Bitget keeps the hash of each user account's assets in a leaf node of the Merkle tree. Any user can confirm that their assets are present in the Merkle tree by examining the total number of user assets stored in leaf nodes.
"As Bitget grows to become one of the largest WEB3 companies, it's important to emphasize that this growth has been achieved by continually building an ecosystem of products that users truly trust and feel secure and easy to use. As the very first adopter of transparent PoR, we believe that user security is our priority," said Gracy Chen, CEO of Bitget.
The exchange's transparency initiatives are likely to have a positive impact on its market reputation and user acquisition.
As the crypto industry navigates regulatory challenges and market volatility, such measures may become a standard among users and regulators alike.
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