Bitget Releases December 2024 Proof-of-Reserves Report with 134% Reserve Ratio
Press release
Victoria, Seychelles, 10th January, 2024 -
Bitget, the world's leading cryptocurrency exchange and Web3 company, has released their proof-of-reserves report for December 2024, providing a transparent overview of its asset holdings and user balances. The report highlights Bitget's focus on ensuring users can verify the safety and sufficiency of their funds.
The December audit shows a strong reserve position across key crypto assets. Bitcoin (BTC) reserves stand at 188%, with platform holdings exceeding 17,000 BTC and user assets totaling 9,047 BTC. Ethereum (ETH) reserves are at 108%, backed by over 141,000 ETH against user balances of 130,816 ETH. For stablecoins, USDT reserves are at 112%, while USDC showcases an impressive reserve ratio of 200%. These figures confirm that Bitget’s reserves not only meet but exceed the total user holdings across all major assets.
Bitget utilizes the Merkle tree verification system to guarantee the accuracy of its Proof-of-Reserves. This method securely hashes each user’s asset data into a tree structure, enabling individual users to verify their holdings while ensuring the integrity of the platform's overall reserves. Through this system, the platform proves that its total reserves surpass 100% of user balances, offering an extra layer of security and transparency.
The Proof-of-Reserves process is complemented by open-source tools available on
GitHub, allowing independent verification of the methodology and results. By making this data public, Bitget provides the crypto community with full visibility into its asset custody practices.
This initiative underscores the importance of clear and reliable reserve audits in the evolving crypto landscape. Transparent mechanisms like Proof-of-Reserves set benchmarks for exchanges and ensure user funds are appropriately protected, even during unpredictable market conditions.
For more insights on Bitget's Proof-of-reserves, please visit
here.
About Bitget
Established in 2018, Bitget is the world's leading
cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to
Bitcoin price,
Ethereum price, and other cryptocurrency prices. 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, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League,
LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes
Buse Tosun Çavuşoğlu (Wrestling world champion),
Samet Gümüş (Boxing gold medalist) and
İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
For media inquiries, please contact:
media@bitget.com
Risk Warning:
Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our
Terms of Use
.
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