The cryptocurrency exchange Bitget has launched a solution Proof-of-Reserves for transparent wallet verification. According to the snapshot dated December 2, 2022, the platform’s backing stands at 244% of its liabilities to users.
To prove its reserves, Bitget uses Merkle Tree — a cryptographic data structure that enables verifying the validity of a specific record with minimal disclosure of information.
On the main Proof-of-Reserves page, Bitget’s reserves are displayed in Bitcoin (BTC), Ethereum (ETH) and Tether (USDT), as well as the addresses and balances of individual exchange wallets. The platform updates the information on the page monthly.
Proof-of-Reserves allows users to verify the backing of their deposits. To do so, open a wallet and go to the ‘Asset Confirmation’ tab.
The source code of Proof-of-Reserves is published on GitHub. Bitget commits to regularly auditing assets with the involvement of an external auditor.
Bitget is a cryptocurrency exchange offering spot and futures trading, OTC- and P2P-transactions. The platform was founded in 2018. It currently serves eight million users in more than 100 countries.
In November 2022, Bitget created the Builder’s Fund of $5 million to help FTX-affected users and increased the Trader Protection Fund to $300 million. Earlier, Bitget launched an advertising campaign with Lionel Messi.
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