Bitget Releases Latest Proof-of-Reserves Report, Demonstrating Continued Growth and User Asset Security

Leading cryptocurrency exchange and Web3 company Bitget (https://partner.bitget.com/bg/P3Z8MR) has released its latest monthly Proof-of-Reserves (PoR) report (https://www.bitget.com/zh-TW/proof-of-reserves), highlighting the reserve ratios for Bitcoin (BTC), Ethereum (ETH), USDT, and USDC. This update demonstrates the platform's commitment to transparency and security, emphasizing the significant growth in user assets and platform reserves.

Bitget's PoR data for September 2024 revealed a notable increase in user ETH assets, surging by 30% compared to July. User BTC assets also grew by 8% during the same period, reflecting a strategic shift by investors towards major cryptocurrencies ahead of "Uptober," a traditionally bullish month for the crypto market.

As of September 2024, Bitget's total reserve ratio reached 166%. The latest reserve ratios for key assets are as follows:

• BTC: Platform Assets - 19,639.57 BTC, User Assets - 6,644.25 BTC, Reserve Ratio - 296%
• USDT: Platform Assets - 961,584,890.64 USDT, User Assets - 911,810,273.02 USDT, Reserve Ratio - 105%
• ETH: Platform Assets - 129,132.6 ETH, User Assets - 87,164.81 ETH, Reserve Ratio - 148%
• USDC: Platform Assets - 80,288,046.1 USDC, User Assets - 14,706,783.68 USDC, Reserve Ratio - 546%

Bitget experienced an overall increase in reserves for its key assets in September. User BTC and ETH assets grew, leading to a rise in BTC's reserve ratio to 296%. USDT and USDC reserve ratios remained stable at 105% and 546% respectively.

Gracy Chen, CEO of Bitget, stated, "Bitget has set the highest standards for user security. By leading the industry towards transparent and secure business practices, we instill confidence in our 45 million users worldwide regarding the safety of their assets, which reflects the strength of our community. The regular release of our PoR reports is part of our ongoing efforts to create a trustworthy environment for the digital asset ecosystem."

Since January 2024, user assets on the Bitget platform have experienced a consistent and healthy increase, showcasing high trust from the global community. User BTC assets have grown by over 100%, while user ETH assets have surged by 221% during the same period. USDT has also performed exceptionally well, with an 80% increase, and user USDC assets have grown by 40%.

The updated PoR highlights Bitget's commitment to maintaining reserves exceeding the industry standard of 100%, effectively guaranteeing the security of user assets. Even if all user assets were withdrawn, Bitget would still be able to manage.

Beyond maintaining a robust PoR, Bitget also established a $300 million Protection Fund (https://www.bitget.com/zh-TW/protection-fund) to provide further insurance for its users. The fund, according to the latest report, now exceeds $400 million. This offers the platform additional resilience against cybersecurity threats. Users can file claims through the Bitget Protection Fund if their accounts are compromised due to factors beyond their control or trading actions.

Track Bitget's PoR in real-time

About Bitget

Established in 2018, Bitget is a leading global cryptocurrency exchange and Web3 company. Currently serving over 100 countries and regions worldwide, Bitget empowers over 45 million users to trade intelligently through a range of trading solutions, including its leading copy trading service. Formerly known as BitKeep, Bitget Wallet (https://web3.bitget.com/en) is a world-class multi-chain crypto wallet offering a suite of Web3 solutions and interactive features, integrating a wallet, swap, NFT marketplace, DApp browser, and more. Bitget collaborates with Turkish national athletes, including women's wrestling world champion Buse Tosun Çavuşoğlu, European boxing champion Samet Gümüş, and women's volleyball world champion İlkin Aydın, along with a trusted network of partners, encouraging people to embrace crypto.

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