Bitget has released its latest
Proof of Reserves (PoR) report for April 2024, highlighting a Bitcoin reserve
ratio of more than 335%. The cryptocurrency exchange also indicated significant growth in USDT
and ETH user assets since January 2024. The latest report arrived more than a week after the Bitcoin halving event.
Bitget’s PoR report revealed a total reserve ratio of
176%, with that of ether reaching 229%. According to the crypto exchange, this
update is important in strengthening commitment to transparency and financial
stability. The exchange has implemented additional measures such as a
protection fund and monthly valuations to mitigate risks.
Gracy Chen, the Managing Director at Bitget,
mentioned: “Bitget is unwavering in its commitment to transparency and
financial stability. Our latest PoR update reinforces our dedication to
safeguarding user assets and upholding the highest accountability standards.
With a total reserve ratio of 176%, Bitget continues to lead by example in the
cryptocurrency exchange industry.”
Currently, Bitget’s total reserves exceeded $2.7
billion as of April 22, 2024. The company plans to conduct routine audits to
ensure continuous visibility into Bitget’s reserves. The latest update
highlighted a significant upsurge in USDT and ETH user assets by 51% and 46%
since January 2024, respectively.
Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
