Bitget exchange introduced Proof of Reserves

Cryptocurrency exchange Bitget has published a new Proof of Reserves report with an overall reserve ratio of 208%.

According to the latest report, as of September 8, the exchange’s reserves in Bitcoin (BTC) are 416%, in Ether (ETH) – 159%. Reserves in stablecoins USDT and USDC are 132% and 1839% respectively.

As Bitget noted, such reserve ratios indicate the company’s intention to ensure the safety of user funds and the highest level of transparency in the cryptocurrency industry. It also states that the exchange conducts regular audits of PoRs, partnering with leading audit firms to ensure the accuracy and timeliness of user asset balances in reserves.

How Bitget’s reserves have changed

In July, Bitget’s reserve ratios were 223%. As of July 11, Bitget’s reserves amounted to $1.44 billion in 31 digital assets, the list of which is not specified.

The exchange team also emphasized that the company’s balance sheet always holds more than 200% of the total amount of users’ assets. This way the platform ensures that users’ money remains safe.

Proof of reserves

The collapse of the FTX cryptocurrency exchange in November 2022 raised concerns among users about the safety of their money. After the company’s bankruptcy, it turned out that its founder, Sam Bankman-Fried, arbitrarily disposed of clients’ money, covering the losses of his other companies.

As a result, many centralized platforms, one after another, began publishing Proof-of-Reserves. One of the first was the largest crypto exchange Binance – for this, the platform attracted a third-party auditor. Crypto exchanges OKX, Bybit, Bitget and Crypto.com also published their reports on reserves.