Bitget's Proof of Reserves for July shows strong 167% ratio
Bitget's Proof of Reserves for July shows strong 167% ratio
Bitget, a major player in the cryptocurrency exchange market, announced its latest Proof of Reserves (PoR) report, showcasing an impressive reserve ratio of 167% for July 2024.
The report demonstrates a strong commitment to the exchange's transparency and security. This update underscores significant growth in both user assets and platform reserves, highlighting Bitget’s efforts to maintain user trust.
The breakdown of reserve ratios for key assets includes:
- Bitcoin (BTC): Platform reserves of 17,600.81 BTC against user assets of 6,145.72 BTC, achieving a 286% reserve ratio.
- Tether (USDT): Platform reserves of 996,825,706.06 USDT against user assets of 919,528,487.16 USDT, resulting in a 108% reserve ratio.
- Ethereum (ETH): Platform reserves of 109,040.86 ETH against user assets of 66,970.39 ETH, with a 163% reserve ratio.
- USD Coin (USDC): Platform reserves of 68,997,170.93 USDC against user assets of 14,275,191 USDC, achieving an impressive 483% reserve ratio.
The report indicates substantial growth compared to earlier this year. Bitcoin holders' assets have grown by 86.1%, and Ethereum users' assets have surged by 146.8% since January 2024. Platform reserves have also seen a remarkable increase, with overall reserves up by 208% and Ethereum reserves specifically growing by 58.8% from the previous month.
Bitget’s reserve ratios consistently exceed the industry standard of 100%, ensuring the platform can cover user withdrawals even if all user assets are withdrawn simultaneously.
Gracy Chen, CEO of Bitget, remarked, "Our commitment to transparent proof-of-reserves ensures that user assets are safeguarded and insured. We will continue to maintain the highest standards of integrity and reliability."
In addition to maintaining high reserve ratios, Bitget provides an added layer of security through its $300 million Protection Fund, now valued at over $400 million. This fund offers coverage against cybersecurity threats.
For real-time tracking of reserves, users can visit Bitget’s official page to verify the status of their assets independently.
Bitget’s ongoing commitment to transparency and robust reserve management sets a high standard in the cryptocurrency industry, fostering trust and reliability among its users.
See also: Crypto exchange Gate.io to support Hydra mainnet upgrade
