Bitget Reveals Merkle Tree Proof of Reserves to Increase Transparency

Seychelles, December 2nd, 2022 – Bitget, the leading global cryptocurrency exchange, today announced the launch of its Proof of Reserves page, showing users that we It is a fully reserved exchange as verified by Proof of Reserves (“PoR”) using the cryptography-verified Merkle Tree methodology and demonstrates that we keep the assets of users on the platform securely. safe

Proof of Reserves page It gives users a lot of information on this topic. It includes several keynotes such as the “Merkle Validator”, monthly snapshots showing reserve fund balances, educating users on Proof of Reserves and the importance of having full reserves. and by Merkle Tree supporting and proving the accuracy and consistency of the data displayed by Bitget, a snapshot of the Reserve Wallet’s on-platform and user assets serves as reassuring evidence and demonstrates that We hold user assets at a minimum 1:1 ratio.

To further increase the transparency and authenticity of the information on the page, Bitget will launch a new tool, “Merkle Validator”, to allow users to verify their accounts themselves. This feature allows users to verify the safety of their assets in a few easy steps. Users will be able to check the “Merkle Leaf” status of their assets under the Merkle Tree data structure, and Bitget also commits to conducting regular PoR audits to ensure the balance and status of their assets. used in that reserve is always up-to-date

Bitget managing director Gracy Chen said, “Bitget proactively responded to market concerns even before FTX filed for bankruptcy. Ours within a month. Today, we are proud to deliver on that promise. The release of Proof of Reserves and Merkle Tree data will provide users with up-to-date insights into Bitget’s financial health and greater control over their assets stored on the platform. This reflects our commitment to the highest levels of transparency and strong user protection policies.”

“The crypto industry is being watched closely following the scandals and collapses of some major crypto companies. The demand to invest and store assets on the secured platform of users has skyrocketed, with Bitget seeing an increase in users recently. to the all-round customer protection only But we will continue to support initiatives aimed at safe adoption of cryptocurrencies globally and creating a sustainable and trustworthy environment in the crypto universe,” Gracy said. supplement

In addition to publishing POR, Bitget has also launched a variety of initiatives to help restore market sentiment, such as the launch of the $5 million Builders Fund. For users affected by the FTX event, increasing the Protection Fund to $300 million. And the latest is to invest 20 million in a series of campaigns with Lionel Messi.

What is Proof of Reserves?

Proof of Reserves is a verification process that can be verified through Cryptographic Proof, Public Wallet Ownership Verification, and Double Verification to Verify Exchange Platform Holdings The custodian of the asset will show transparency and proof of the existence of on-chain reserves, and show that the platform’s total holding and useable coins are greater than or equal to the sum of all users’ coin holdings.

To achieve this goal, Bitget will store a hash of assets in each user’s account in a Leaf Node on the Merkle Tree. Proof of the platform’s 100% liquidity is now available on GitHub.

About Bitget
Founded in 2018, Bitget is the world’s top five cryptocurrency exchange platform. With innovative products and services, Social Trading is a key feature. Bitget currently serves more than 8 million users from more than 100 countries around the world.

Our exchange platform is committed to providing users with a comprehensive and secure trading solution. and aims to increase crypto adoption by partnering with trusted partners. Including legendary Argentine footballer Lionel Messi, leading Italian football club Juventus, official crypto esports partner of PGL Major and leading esports organization Team Spirit.

Follow Bitget Official Channel at:
Twitter: @BitgetThailand
Telegram: https://t.me/BitgetThai
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