Bitget Announces Total Proof-of-Reserves Ratio of 223%
Cryptocurrency exchange Bitget has revealed that its total proof-of-reserves ratio has reached 223%. This means that the exchange’s total reserve currently stands at $1.44 billion, spread across 31 different crypto assets. Bitget has high collateral ratios for select coins, with ratios for Bitcoin, Tether, Ether, and USD Coin standing at 454%, 135%, 171%, and 2,604% respectively.
Key Points:
- Bitget’s total proof-of-reserves ratio is 223%, with $1.44 billion in reserves.
- Collateral ratios for Bitcoin, Tether, Ether, and USD Coin are 454%, 135%, 171%, and 2,604% respectively.
- The exchange uses profits from transaction fees, investments, and acquisitions to fund the high collateral for select coins.
- Bitget operates a $300 million User Protection Fund, which is claimed to function better than third-party insurance.
- The exchange plans to increase partnerships with third-party auditors to examine its assets and reserves.
Bitget has no outstanding debts or liabilities and is not listed as a creditor for any bankrupt companies. The exchange funds the high collateral for select coins through its profits from transaction fees, investments, and acquisitions. It does not have external insurance for its users but operates a $300 million User Protection Fund that executives claim functions better than third-party insurance. In the future, Bitget aims to increase partnerships with third-party auditors to examine its assets and reserves. Regular updates on proof-of-reserves are provided every month.
Hot Take:
Bitget’s impressive proof-of-reserves ratio and the diversification of its reserves across multiple crypto assets showcase the exchange’s commitment to transparency and the security of users’ assets. While some experts have cautioned on the effectiveness of proof-of-reserves, Bitget’s proactive approach in seeking partnerships with auditors demonstrates its dedication to providing reliable and trustworthy services.
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