Exclusive: Proof of Bitget holdings, total retention rate reached 223%

adminDecember 4, 2023

Bitget has been releasing verifiable data since December 2022.
According to the latest reserve proof, USDC’s reserve ratio is 2604%.
The exchange’s reserve ratio has consistently exceeded 200% over the past seven months.

CoinJournal reports Bitget, a leading platform for copy trading and cryptocurrency derivatives, launches monthly Proof of Reserves (PoR) with an unrivaled Gross Reserve Ratio of 223%, more than double the industry average of 100%. It was exclusively revealed that this was done.

Proof of Reserves demonstrates Bitget’s commitment to radical transparency. The exchange has been publishing verifiable data since December 2022, with the goal of fostering trust and creating new standards for the sector.

USDC and BTC top the Bitget holdings list.

According to the proof of holding, the holding rate is 454% for Bitcoin (BTC), 135% for Tether (USDT), 171% for Ethereum (ETH), and 2,604% for USD Coin (USDC).

Data from Coinmarketcap as of July 11 showed more than $1.44 billion in reserves across 31 well-known digital assets. With reserve ratios consistently exceeding 200% for the past seven months, Bitget’s comprehensive reports demonstrate its unwavering commitment to transparency. The addition of USDC reserves in March 2023 adds another level of transparency to the Bitget fund situation.

Bitget regularly discloses Merkle Tree proofs, platform holdings, and platform holding rates to ensure that it holds all assets belonging to users.

Improved transparency for Bitget users

The exchange recently introduced “Merkle Validator”, a new tool that allows users to perform self-audits with their accounts to further increase transparency and ensure the ultimate accuracy of information.

Users can use this feature to quickly and easily check the security of their funds. The Merkle tree data structure allows users to check the “Merkle leaf” status of their assets.

Bitget has demonstrated its commitment to working with leading auditing firms to conduct regular audits of PoR and keep the balance and status of user assets in its reserves up to date. The exchange has also established a $300 million protection fund as an additional layer of user protection. The fund aims to compensate users for their losses if their account is damaged or their assets are lost due to circumstances beyond their control or adverse trading actions.