Bitget reports a total reserve ratio of 223% in latest Proof of Reserves
“We will continue releasing consistent Proof of Reserves as a pillar of trust in our platform. Bitget also endeavors to set higher standards industry-wide — collaborating across exchanges to advocate for radical transparency through crypto’s evolution.”
Bitget has published its latest monthly Proof of Reserves (PoR) as part of its commitment to “radical transparency” since December 2022, when it started publishing verifiable data in order to build trust within the crypto ecosystem.
The top crypto derivatives and copy trading platform’s PoR report points to a total reserve ratio of 223%, which twice exceeds the industry standard of 100%.
According to data on Coinmarketcap on July 11th, the balance of the reserves is over $1.44 billion in 31 popular digital assets.
Bitget launched Merkle Validor for users to self-audit
Gracy Chen, Managing Director of Bitget, said: “In an ever-evolving global and market landscape, maintaining the stability of financial transactions is of paramount importance. At Bitget, we prioritize both financial and technical security to instill confidence in our users for the future. We will continue releasing consistent Proof of Reserves as a pillar of trust in our platform. Bitget also endeavors to set higher standards industry-wide — collaborating across exchanges to advocate for radical transparency through crypto’s evolution.”
With reserve ratios consistently exceeding 200% for the past seven months, Bitget features USDC reserves since March 2023 to provide an extra layer of transparency into the status of Bitget funds.
Bitget publishes Merkle Tree proof, platform reserves, and platform reserve ratio every month and, to further enhance transparency, the crypto platform launched a new tool, “Merkle Validator”, for users to perform self-audit with their own accounts.
The feature allows users to verify the security of their funds in a few simple steps. Users can verify the status of their assets’ “Merkle leaf” under the Merkle tree data structure.
The company also established a $300 Million Protection Fund to provide an additional layer of safeguard for users.
Bitget leverages SxT’s Proof of SQL for tamperproof audit trail of data
In March 2023, Bitget partnered with decentralized data warehousing firm Space and Time (SxT) to enable the crypto platform to offer users further transparency of exchange operations with a verifiably tamperproof audit trail of data and computation.
The popular crypto copy trading platform now leverages the SxT data warehouse to run verifiable computations against verifiable on-chain and off-chain data in order to strengthen the trust it has built with its user base as it continues to expand its product offerings to become a one-stop investment solution.
SxT has developed a novel cryptography called Proof of SQL that cryptographically proves that query computations were done accurately and that both the query and the data are tamperproof.