Bitget Proof-of-Reserves August: Increase in Reserve Ratio and Users' Asset in Ethereum (ETH)
Bitget
Victoria, Seychelles, 29th August 2024 -
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.
In August 2024, Bitget's Proof-of-Reserves data shows a significant positive shift, with users' ETH assets increasing by 22%, marking the highest growth rate for ETH this year. BTC assets continued their upward trend with a 6% increase, while USDC saw a robust performance earlier in the period, highlighting user confidence in these key assets.
As of August 2024, Bitget’s total reserve ratio stands at an impressive 176% and increase of 9% from July's 167%. The latest reserve ratios for key assets are as follows:
-
BTC: Platform asset 18,905.85 BTC, Users' assets 6,492.53 BTC, Reserve Ratio 291%
-
USDT: Platform asset 1,041,659,177.52 USDT, Users' assets 858,766,618.14 USDT, Reserve Ratio 121%
-
ETH: Platform asset 123,686.9 ETH, Users' assets 81,625.78 ETH, Reserve Ratio 152%
-
USDC: Platform asset 77,244,895.83 USDC, Users' assets 13,633,360.87 USDC, Reserve Ratio 567%
In August, Bitget's reserves strengthened across all major assets. BTC and ETH user assets grew, with BTC's reserve ratio rising to 291%. USDT and USDC reserve ratios improved significantly to 121% and 567%, respectively.
"Bitget’s strength and leadership in the Web3 space is anchored in providing the highest standards of security and transparency. Our focus on sharing clear proof-of-reserves updates every month guarantees the safety of our user assets. We remain dedicated to setting the benchmark for trust and reliability for CEXs and will continue to maintain this as a part of our user asset security," said
Gracy Chen, CEO at Bitget.
From January to August 2024, Bitget has observed substantial growth in user assets across all major cryptocurrencies. ETH has led the way with an impressive 200.88% increase, reflecting heightened user interest and confidence in the asset. BTC assets also saw a robust growth of 96.55%, nearly doubling over the eight-month period. USDT followed closely with a 69.89% increase, showing strong and steady user accumulation. Meanwhile, USDC assets grew by 30.17%, indicating consistent, though more modest, user engagement. Overall, this period highlights significant and diversified growth in user assets on Bitget.
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.
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
here.
About Bitget
Established in 2018, Bitget is the world's leading
cryptocurrency exchange and Web3 company. Serving over 30 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 media inquiries, please contact:
media@bitget.com
2024-08-29
Become a trader now?A welcome pack worth 6200 USDT for new Bitgetters!
Sign up nowRecommended
- BitgetQ3 2024 Transparency Report: Bitget becomes 4th Largest Exchange by Volume TLDR; Bitget reached 45M users, ranking as the 4th largest crypto exchange globally, with a major focus on accelerating financial freedom. The exchange led in APAC trading, accounting for 31% of trading volume and 26% on weekends, driven by retail activity. Foresight Ventures and Bitget committed $30M to support TON blockchain development and Telegram-based projects. The company elaborated its token-discovery strategies through on-chain data and community insights with Nansen Research. Bitget2024-10-29
- BitgetBitget Hosts the Blockchain4Her South East Asia Awards “Shine Bright like a Woman” Victoria, Seychelles, Aug 22 2024 - Bitget, a leading cryptocurrency exchange and Web3 company, is proud to announce the launch of the South East Asia Blockchain4Her Award celebrating women’s role for driving innovation and gender inclusivity in the blockchain industry in the region. South East Asia's thriving blockchain landscape, where talented women have played an important role, has attracted investors and entrepreneurs looking to tap into this burgeoning hotspot. Nominations for the So2024-10-22
- BitgetBitget Report: Asia, Africa and Eastern Europe Are the Leading Sectors of New Crypto and Telegram User AcquisitionKey Takeaways The study underscores a significant correlation between cryptocurrency adoption and Telegram usage. Emerging Markets Growth: Africa saw a remarkable 189% increase in crypto-themed Telegram groups, driven by economic needs and a youthful demographic, with over 56.5% of the population under 25. Youth Engagement: Users aged 18-44 dominate both cryptocurrency and Telegram, highlighting the strong potential for decentralized finance among younger generations. Regional Variances: While A2024-10-30
We offer all of your favorite coins!
Buy, hold, and sell popular cryptocurrencies such as BTC, ETH, SOL, DOGE, SHIB, PEPE, the list goes on. Register and trade to receive a 6200 USDT new user gift package!
Trade nowBecome a trader now?A welcome pack worth 6200 USDT for new Bitgetters!
Sign up now