Bitget’s monthly proof of reserves showed that it had a reserve ratio of a whopping 223%.
The crypto exchange claimed that it had no outstanding debts or liabilities and had a reserve of $1.4 billion.
The exchange’s reserve ratios have reportedly exceeded 200% for the past seven months.
Singapore-based Bitget recently published its proof of reserves (PoR) which showed a total reserve ratio of 223%. The crypto exchange claimed that this was a new industry benchmark, with the current industry standard at 100%. The exchange also highlighted its debt-free status, claiming that its operations did not rely on loans or users’ funds.
Bitget’s Reserve Ratio Exceeded 200% For Seven Months
According to a press release by Bitget, the latest proof of reserves reflected its commitment to “radical transparency”. The crypto exchange further revealed that it was proudly debt-free and didn’t have to rely on debt or users’ funds for the platform’s transactions or investments. As per the PoR breakdown, the reserve ratio for USD Coin (USDC) was a whopping 2604%. Bitcoin (BTC), Tether USD (USDT), and Ether (ETH) had reserve ratios of 454%, 135%, and 171%, respectively. The exchange claimed to have consistently maintained a reserve ratio of over 200% for seven months.
Bitget has no outstanding debts or liabilities and is not listed as a creditor for any recently bankrupt companies. This enables us to efficiently cover users’ assets without depending on external bureaucracy or policy changes.”
Bitget clarified that the high collateralization of certain crypto assets was due to the profit from transaction fees as well as returns on investments and acquisitions. The crypto exchange completed its registration in Lithuania in April this year. In the interest of transparency and consumer protection, the exchange plans to tap multiple audit firms to maintain the integrity of its reserves.
Bitget also has a $300 million user protection fund, which makes up for the lack of external insurance for the platform’s users. Managing Director Gracy Chen stated that the exchange would continue to release proof of reserves and prioritize financial and technical stability to set higher standards for the crypto industry.