Bitget Shares Merkle tree Proof of Reserves to Enhance the Assets of Transparency Users
Leading global cryptocurrency exchange, Bitget, announces today that it is launching its Proof of Reserves Page, which will demonstrate to users that we are a full-reserve exchange, as supported by its Proof of Reserves (“PoR”), using the cryptographic-audited Merkle tree method, and that users’ assets stored on the platform are safeguarded.
The Proof of Reserves page offers a wealth of information to users. It includes core elements such “Merkle Validator”, monthly snapshots that show the balance of reserve pools, user education about Proof of Reserves, the importance of being fully-reserved, and how the Merkle tree supports, proves, and supports the authenticity and consistency of data presented by Bitget. As reassuring evidence, snapshots of the reserve wallets and assets on the platform are shown to show that the assets are at least at a 1:1 ratio.
Bitget has launched a new tool called “Merkle Validator” to help users perform self-audits with their accounts in order to improve transparency and ensure accuracy. This feature allows users to quickly verify the security of their funds. Users can check the status of their assets’ Merkle leaf under the Merkle tree data model. Bitget will also conduct regular audits of its PoRs to ensure that the status and balances of user assets within its reserves are up-to-date.
Gracy Chen, Bitget’s Managing Director, says, “Bitget actively addresses market concerns and even before FTX filed bankruptcy on Nov 9th. We had already committed to publishing our Merkle tree proof-of-reserves within a month. Today, we are proud of fulfilling our promise. The Proof of Reserves data and Merkle tree data are now available to provide users with up-to-date and informative insights on Bitget’s financial status and enhanced control over their assets stored on the platform. This commitment to maximum transparency and top-notch protection policies is also reflected in our promise to users.
After the collapses of several large crypto companies, the crypto industry is being closely examined. Bitget has seen a rise in users who want to store and invest on a secure platform. Gracy says that Bitget’s Proof of Reserves page not only provides users with comprehensive protection, but will also continue to advocate for more initiatives that aim to provide safe adoption of cryptocurrency around the world and a trustworthy and sustainable environment in the crypto universe.”
Apart from the POR release Bitget has launched several initiatives to rebuild the market’s trust, such as the USD 5,000,000 Builders Fund for users who were affected by the FTX Incident, raising the Protection Fund to USD 300,000,000, and most recently, 20 million in a series campaign with Lionel Messi.
What is Proof of Reserves?
The proof of reserves refers to an auditing process that can be verified through cryptographic proofs, checks on public wallet ownership, and regular audits to certify an exchange’s holdings. The custodian gives transparency and evidence of the existence and effective disposal of on-chain coins and that the sum of all coins held by the platform is greater than or equal to the sum of its users’ holdings.
Bitget stores the hash for each user’s account assets in a leaf on the Merkle tree. Each user can check the Merkle Tree leaf nodes to see if their funds are included. The platform’s open-source code has been made available to GitHub.
Bitget was established in 2018 and is one of the top five most popular cryptocurrency exchanges in the world. It offers innovative products and social trading services, and currently serves over 8 million users in over 100 countries.
The exchange is committed providing users with one-stop, secure trading solutions. It also aims to increase cryptocurrency adoption through collaborations with creditable partners such as Lionel Messi (Argentinian legend footballer), Juventus, PGL Major’s official esports partner and Team Spirit, the most prominent esports organisation.
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