Bitget Announces Updated Proof of Reserves for July 2024 with 167% Reserve Ratio

VICTORIA, Seychelles, July 29, 2024 /CNW/ -- Bitget, the world's leading cryptocurrency exchange and Web3 company, has shared its monthly update for the transparent tracking of its proof-of-reserves (PoR) highlighting the reserve ratios of Bitcoin (BTC), Ethereum (ETH), USDT and USDC. This update shows the platform's commitment to transparency and security, highlighting significant growth in both user assets and platform reserves.

As of July 2024, Bitget's total reserve ratio stands at an impressive 167%. The latest reserve ratios for key assets are as follows:

Bitget Announces Updated Proof of Reserves for July 2024 with 167% Reserve Ratio

• BTC: Platform asset 17,600.81 BTC, Users' assets 6,145.72 BTC, Reserve Ratio 286%
  
  
• USDT: Platform asset 996,825,706.06 USDT, Users' assets 919,528,487.16 USDT, Reserve Ratio 108%
  
  
• ETH: Platform asset 109,040.86 ETH, Users' assets 66,970.39 ETH, Reserve Ratio 163%
  
  
• USDC: Platform asset 68,997,170.93 USDC, Users' assets 14,275,191 USDC, Reserve Ratio 483%

Compared to January 2024, Bitget's user assets in BTC saw an impressive growth of 86.1%, and user assets in ETH increased by a whopping 146.8%. The platform reserves also soared by an astounding 208%, while ETH platform reserves saw an impressive 58.8% increase compared to last month's figure. This growth highlights Bitget's commitment to maintaining robust reserves and ensuring user confidence.

The updated PoR showcases Bitget's efforts in maintaining more than industry standard 100% reserves, which effectively guarantees that users' assets are safe. The platform is capable of covering user withdrawals, even if all user assets are withdrawn.

"Bitget's growth as a leading Web 3 company is built on a foundation of trust and security. Our commitment to transparent proof-of-reserves ensures that user assets are safeguarded and insured. We will continue to maintain the highest standards of integrity and reliability," said Gracy Chen, CEO at Bitget.

In addition to maintaining a higher than industry standard PoR, Bitget insures its users further with a $300M Protection Fund, now valued over $400 million according to its latest protection fund report. This gives the platform an extra layer of resilience against cybersecurity threats. Users who have their accounts compromised in unfortunate incidents not attributed to their own actions or trading behavior can make a claim through the Bitget Protection Fund.

For real-time PoR tracking, please visit - https://www.bitget.com/proof-of-reserves

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. 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, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

For more information, visit: Website  | Twitter  | Telegram  | LinkedIn  | Discord | Bitget Wallet

SOURCE Bitget

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