Bitget Reserves Top $1.44 bn
Bitget, a cryptocurrency exchange, reports that its entire proof-of-reserves ratio has hit 223%. Bitget announced on July 13 that their entire reserve currently amounts at $1.44 billion split over 31 different crypto assets. Bitcoin, Tether, Ether, and USD Coin have reserve ratios of 454%, 135%, 171%, and 2,604%, respectively.
Bitget, a cryptocurrency exchange, operates without relying on debt or users’ funds for transactions or investments. The company operates a $300 million User Protection Fund, which executives claim functions better than third-party insurance. Bitget seeks to increase partnerships with third-party auditors to examine its assets and reserves, and updates its proof-of-reserves every month. Despite its popularity, experts caution on its effectiveness, as it is difficult to determine the pledged collateral amount without access to the exchange’s financial services, books, and records.
(With inputs from Shikha Singh)
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