Bitget Outperforms Industry with Strong Proof of Reserves Ratio of 199% - Chainwire

03Nov

Bitget Outperforms Industry with Strong Proof of Reserves Ratio of 199%

Victoria, Seychelles, November 3rd, 2023, Chainwire

Bitget, top crypto derivatives and copy trading platform, has unveiled its latest monthly Proof of Reserves (PoR) report, continuing its commitment to comprehensive transparency with its total reserve ratio of 199%. This POR report upholds Bitget’s pledge to users that their funds are fully backed 1:1 and available on demand. With reserve ratios nearing 200%, Bitget surpasses the industry standard of 100% by doubling it.

Bitget’s PoR figures from October 2023 highlight its commitment to upholding strong financial health and technical safety. These notable reserve ratios reinforce Bitget’s unwavering pledge to protect user assets and guarantee top-tier transparency in the cryptocurrency realm. Based on the data gathered from Coinmarketcap on November 3, Bitget’s cumulative reserves surpassed $1.54 billion, covering a range of significant digital assets such as BTC, ETH, USDT, USDC, and more. This report provides evidence of Bitget’s unwavering dedication to transparency.

Bitget’s latest reserve ratios are as follows:

Gracy Chen, Managing Director at Bitget, highlighted the significance of transparency: “Bitget remains committed to providing the highest level of security and transparency to its users. We prioritize financial stability and technical robustness to ensure unwavering confidence in their platform. As a cornerstone of trust, Bitget has published Proof of Reserves reports for 12 consecutive months. We take immense pride in maintaining the highest reserve ratio among all major exchanges. With a robust reserve ratio of 200%, it means that for every dollar our user deposits on our platform, we allocate an additional dollar to ensure absolute solvency and security of their assets. This unwavering dedication to financial stability reinforces our users’ confidence in Bitget as a trusted and reliable crypto exchange.”

In addition, Bitget’s commitment to transparency aligns with its focus on user asset security. The exchange conducts regular audits of Proof of Reserves, working with leading audit firms to guarantee the precision of user asset balances. To further protect its users, Bitget has established a $300 Million Protection Fund. This fund is designed to cover any losses incurred by users in case of compromised accounts, lost assets, or unforeseen events beyond their control. Bitget is dedicated to increasing the Protection Fund continuously to maintain its value, underscoring its commitment to customer asset security.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.