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Bitget Report: Proof of Reserves Ratio Consistent at 199%

Photo for the Article - Bitget Report: Proof of Reserves Ratio Consistent at 199%

Bitget, a cryptocurrency platform, has released its latest monthly Proof of Reserves (PoR) report, which it noted demonstrates its commitment to comprehensive transparency by maintaining a total reserve ratio of 199%. 

Bitget PoR Report

According to a press release, PoR report reinforces Bitget’s promise to its users that their funds are fully backed 1:1 and available on demand. The firm emphasized that, with reserve ratios nearing 200%, Bitget exceeds the industry standard of 100% by doubling it.

The exchange points out that its PoR figures from October 2023 highlight Bitget’s commitment to upholding strong financial health and technical safety. 

“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,” the firm shared.

Photo for the Article - Bitget Report: Proof of Reserves Ratio Consistent at 199%

Gracy Chen, Managing Director at Bitget, emphasized the importance of security and transparency to its users noting that platform prioritize financial stability and technical robustness to ensure unwavering confidence.

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“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,” Chen stated.

In May, Bitget co-presented an episode of Bitcoin, Beer, and Bitstories; the focus was on crypto trading strategies. The panel explored the current state of the crypto industry, emphasizing its resilience amid the bear market. Topics covered encompassed factors affecting trading and investment strategies, such as policy impacts, the role of institutions in fund flows, and the importance of risk mitigation.

What is Proof of Reserves?

Proof of Reserves (PoR) is a method that enables customers of custodial institutions to verify the custody of their assets. It is an approach to ensure the safety of customer deposits. PoR allows customers of custodial institutions to verify that their assets are being held in custody and that the institution has the necessary reserves to back the deposits. This is done by providing a statement outlining the holdings of a custodial financial institution.

Other validation process includes Proof of Work, Proof of Stake, and Delegated Proof of Stake.

This article is published on BitPinas: Bitget Report: Proof of Reserves Ratio Consistent at 199%


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