Ending the year with a bang, international crypto platform Bitget disclosed that for December 2024 alone, its proof-of-reserves reached a 134% reserve ratio and its protection fund reached $617 million.
What’s the Significance? The increasing number in the data shows that more crypto traders are using Bitget for their investing activities.
Zoom Out: In November 2024, Bitget’s protection fund peaked at $643 million, the highest in the company’s history.
- Moreover, in a report from information services company The Block about Asia-Pacific (APAC)-based crypto exchanges, Bitget recorded a trading volume of $178 billion in December 2024.
- However, in October 2024, Infrawatch PH, a public policy group, asked the Securities and Exchange Commission to take swift action against Bitget, alleging it operates illegally in the Philippines.
Bitget’s Proof-of-Reserves December
According to Bitget, the 134% reserve ratio of the crypto exchange shows its focus on ensuring users can verify the safety and sufficiency of their funds.
- How It Works: Bitget’s Proof-of-Reserves is an auditing process that guarantees the exchange holds 100% of users’ assets in reserve by using cryptographic proofs and public wallet ownership, verified through recurring audits.
- Why It Matters? The crypto exchange emphasized the need to publish a report about its reserve ratio to ensure that user funds are appropriately protected, even during unpredictable market conditions.
Key Quote:
“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.”
Bitget
The Numbers: Here are Bitget’s proof-or-reserves per asset, as of December 2024.
- $BTC reserves stand at 188%
- Platform Holdings: 17,000 $BTC
- User Assets: 9,047 $BTC
- $ETH reserves are at 108%
- Platform Holdings: 141,000 $ETH
- User Assets: 130,816 $ETH
- $USDT reserves are at 112%
- $USDC has a reserve ratio of 200%
Bitget’s Protection Fund December
According to Bitget, the $617 million valuation of the crypto exchange’s protection fund shows its commitment to user security and trust.
- How It Works: Bitget’s Protection Fund is a reserve that safeguards users’ assets against cybersecurity threats and theft and is regularly updated to ensure users can trade confidently.
- Why It Matters? The crypto exchange explained that the fund continues to act as a critical safeguard for Bitget’s global user base, reflecting the exchange’s robust risk management strategies during periods of heightened market activity.
Key Quote:
“The Protection Fund embodies Bitget’s mission to provide a secure environment for all users. Its consistent performance ensures that we uphold the highest standards of security and transparency, even during periods of market fluctuation. December’s valuation reaffirms our ongoing commitment to safeguarding user assets.”
Gracy Chen, Chief Executive Officer, Bitget
This article is published on BitPinas: Bitget Reports 134% Proof-of-Reserves Ratio, $617M Protection Fund for Dec 2024
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