Media
Bitcoin.com is the premier source for all things crypto. Contact the media team at [email protected] to discuss press releases, sponsored posts, podcasts and other options.
Bitget Shares Merkle Tree Proof of Reserves to Increase Transparency Users’ Assets Secured with at Least 1:1 Reserve Ratio – Sponsored Bitcoin News
sponsored
The leading global cryptocurrency exchange, Bitget, today announces the launch of its Proof of Reserves page, which will demonstrate to users that we are a full reserve exchange, backed by Proof of Reserves (“PoR”), using cryptographically audited Merkle tree method, and that the users’ assets stored on the platform are safeguarded.
The Proof of Reserves page provides users with a wealth of information on the topic, including several core elements such as the “Merkle Validator”, the monthly snapshots that present the balance of reserve pools, user education on Proof of Reserves and the importance of being fully reserved, as well as how the Merkle Tree supports and proves the authenticity and consistency of the data presented by Bitget. Snapshots of backup wallets on the platform and user’s assets act as reassuring evidence and demonstrate that their assets are held at least in a 1:1 ratio.
To further improve transparency and ensure the accuracy of the information on the site, Bitget is also launching a new tool, “Merkle Validator”, for users to perform self-audits with their own accounts. The feature allows users to verify the safety of their money in a few simple steps. Users can verify the status of the assets’ “Merkle leaf” under the Merkle tree data structure. Bitget is also obliged to carry out regular audits of the PoRs to ensure that the balances and status of user assets in the reserves are kept up to date.
Gracy Chen, CEO of Bitget, comments: “Bitget is actively responding to market concerns, and even before FTX filed for bankruptcy on November 9, we had already promised to publish our Merkle-tree Proof-of-Reserves within a month. Today, we are proud to fulfill our promise. The release of the Proof of Reserves and the Merkle tree data equips users with updated and informative insights into the financial status of Bitget and improved control over their assets stored on the platform, which is reflected in our commitment to maximum transparency and first-class protection guidelines for users.”
“The crypto industry is under close scrutiny following the scandals and collapses of some giant crypto firms. The desire of users to invest and store assets on a secure platform has seen its height, as Bitget has seen an increase in users recently. With the rollout of Proof of Reserves- Since then, Bitget not only demonstrates well-rounded protection for users, but will also continue to advocate for several initiatives aimed at providing safe adoption of cryptocurrency worldwide and a sustainable and trusted environment in the crypto universe, adds Gracy.
Aside from the POR release, Bitget has launched various initiatives to help rebuild market confidence, such as launching a US$5 million Builders Fund for users affected by the FTX incident, increasing its protection fund to US$300 million, and most recently investing 20 million in a series of campaigns with Lionel Messi.
What is proof of reserves?
Proof of Reserves refers to an audit procedure that can be verified through cryptographic evidence, public wallet ownership checks, and recurring audits to verify the holdings of an exchange. The custodian provides transparency and proof of the existence of reserves in the chain and that the total amounts of these coins held and actually available to the platform exceed or equal the sum of all users’ holdings of these coins.
To achieve this, Bitget stores the hash of each user’s account assets in a leaf node of the Merkle tree. Each user can verify that their funds are included in the Merkle tree by checking the total amount of users’ assets stored in the leaf nodes of the Merkle tree. The open source code of the platform’s Proof of 100% Solvency program has also been published to GitHub.
About Bitget
Established in 2018, Bitget is the world’s top five leading cryptocurrency exchange with innovative products and social trading services as key features, currently serving over 8 million users in more than 100 countries around the world.
Committed to providing one-stop and secure trading solutions to users, the exchange aims to increase crypto adoption by partnering with credit-worthy partners, including Argentine legendary soccer player Lionel Messi, Italy’s leading soccer team Juventus, PGL Major’s official esports crypto partner, and the leading esports organization Team Spirit.
For media inquiries, please contact:
This is a sponsored post. Find out how to reach our audience here. Read disclaimer below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
