Bitget, the crypto-exchange famous for copy-trading, has published its monthly Proof of Reserve (PoR), which shows a total reserve ratio of 159%. This above-average figure serves to ensure the users’ funds.
Bitget: the crypto-exchange shows its monthly PoR with a total reserve ratio of 159%
Bitget has released its latest Proof of Reserve, or PoR, monthly, revealing that the crypto-exchange’s total reserve ratio is 159%.
This is a periodic information that Bitget intends to provide to show its transparency and commitment in guaranteeing more than 100% of its users’ funds.
In general, the total reserves of the crypto-exchange exceed $1.7 billion, including important cryptocurrencies such as BTC, ETH, USDT, and USDC.
The dedication of Bitget to transparency is in line with its focus on maximization
of user protection.
In this regard, Gracy Chen, Managing Director of Bitget, stated:
“Bitget is committed to providing maximum security and transparency to its users, emphasizing financial stability and technical resilience to establish unwavering trust in the platform. We are very proud to maintain the strongest reserve ratio among the top exchanges, solidifying Bitget’s position as a reliable and credible cryptocurrency exchange. This constant dedication to financial stability further strengthens the trust of Bitget users in the platform’s reliability.”
Bitget: the crypto-exchange remains above the 100% total reserve threshold
The current monthly total reserve ratio of 159% is yet another data point that shows how Bitget manages to stay above the 100% threshold required to ensure user funds.
That being said, there have been months in which the crypto-exchange, famous for copy-trading and other features, has more than doubled the threshold.
And indeed, it was July 2023, when his monthly PoR report demonstrated that Bitget held a total reserve of 223%.
In that case, it was a record of the reserves of the crypto-exchange, with a balance of reserves that was over 1.44 billion dollars in 31 popular digital assets.
To verify Bitget’s Proof-of-Reserve, the Merkle Tree proof is used, which ensures transparency and maximum accuracy of information.
The Protection Fund
Always in pursuit of its mission to protect its crypto-investors, Bitget had also established a $200 million Protection Fund in August 2022.
This fund aims to have funds to cover any force majeure incidents, such as hacker attacks or extreme market situations.
Here too, Bitget provides information on this fund monthly. So in November 2022, while FTX was crashing, Bitget had decided to increase this fund to over 300 million dollars, including a diversified portfolio of cryptocurrencies such as BTC, USDT, and USDC.
Still in July 2023, Bitget managed to increase the amount of this fund to over 368 million dollars.
The Protection Fund is insured against any decrease, for a period of three years without any withdrawal.
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