Bitget Attains Debt-Free Status
In its July report, Bitget Crypto Exchange announces debt-free status and $1.44 billion in reserves. Bitget, a cryptocurrency exchange, has declared that its reserves have topped $1.44 billion and that it is officially debt-free.
According to Bitget’s release, the exchange’s entire reserve ratio is now 223%, which is more than double the industry benchmark of 100% backing.
The exchange stated that it has a reserve ratio of 454% for Bitcoin, 135% for Tether, and 171% for Ether when broken down into other digital assets.
Notably, in a conversation with Cointelegraph, a representative for Bitget stated that the exchange has no obligations that are not accounted for in the disclosed reserve ratio.
(With inputs from Shikha Singh)
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