The globally leading cryptocurrency exchange and Web3 company Bitget has released its latest monthly Proof of Reserves (PoR), highlighting the reserve ratios of Bitcoin (BTC), Ethereum (ETH), USDT, and USDC. This update demonstrates the platform's commitment to transparency and security, emphasizing the significant growth of user assets and platform reserves.
In September 2024, Bitget's Proof of Reserves data showed a noticeable increase, with user ETH assets surging by 30% compared to July of this quarter. During the same period, user BTC assets grew by 8%, as investors strategically shifted towards mainstream cryptocurrencies ahead of October, known as "Uptober," a popular month in the crypto market.
As of September 2024, Bitget's total reserve ratio reached 166%, with the latest reserve ratios for major assets as follows:
BTC: Platform assets 19,639.57 BTC, user assets 6,644.25 BTC, reserve ratio 296%
USDT: Platform assets 961,584,890.64 USDT, user assets 911,810,273.02 USDT, reserve ratio 105%
ETH: Platform assets 129,132.6 ETH, user assets 87,164.81 ETH, reserve ratio 148%
USDC: Platform assets 80,288,046.1 USDC, user assets 14,706,783.68 USDC, reserve ratio 546%
In September, Bitget's major asset reserves all saw improvements. User BTC and ETH assets increased, with the BTC reserve ratio rising to 296%, while the reserve ratios for USDT and USDC remained at 105% and 546%, respectively.
Bitget CEO Gracy Chen stated, "Bitget has set the highest standards for user safety, leading the industry towards a transparent and secure business model, allowing our 45 million users on the platform to have confidence in the safety of their assets, which also proves the strength of our community. Regularly releasing Proof of Reserves reports is part of our ongoing efforts to create a trustworthy environment for the digital asset ecosystem."
Since January 2024, user assets on the Bitget platform have continued to grow healthily, reflecting high trust from the global community. User BTC assets have increased by over 100%, while user ETH assets surged by 221% during the same period. USDT also performed exceptionally well, growing by 80%, while user USDC assets increased by 40%.
The updated Proof of Reserves showcases Bitget's efforts to maintain reserves exceeding the industry standard of 100%, effectively ensuring the safety of user assets. Even if all user assets were withdrawn, Bitget would still be able to cope.
In addition to maintaining reserves above the industry standard, Bitget has also established a $300 million protection fund to further provide insurance for its users. According to the latest protection fund report, the fund has now exceeded $400 million. This provides the platform with additional capabilities to withstand cybersecurity threats. Users whose accounts are stolen due to actions not related to their own behavior or trading can file claims through the Bitget protection fund.
Track Bitget's Proof of Reserves in real-time
About Bitget
Founded in 2018, Bitget is a world-leading cryptocurrency trading platform and Web 3 company. Currently, Bitget serves over 100 countries and regions globally, helping over 45 million users achieve trading "intelligence" through various trading solutions, including leading copy trading services. The Bitget Wallet, formerly known as BitKeep, is a world-class multi-chain crypto wallet that offers a range of Web3 solutions and interactive features, integrating wallet, Swap, NFT marketplace, DApp browser, and more. Bitget collaborates with Turkish national athlete and women's wrestling world champion Buse Tosun Çavuşoğlu, European boxing champion Samet Gümüş, women's volleyball world champion İlkin Aydın, and a host of trusted partners to encourage people to embrace cryptocurrencies.