Bitget guarantees it will hold 100% of users' assets in reserves
Bitget
Bitget guarantees it will hold 100% of users' assets in reserves and will publish its Merkle Tree proof, platform reserves, and platform reserve ratio on a monthly basis
Reserve ratio = funds in the platform/funds of platform users. A reserve ratio greater than or equal to 100% means that the platform has sufficient funds.
What is proof of reserves?
'Proof of reserves' refers to an auditing procedure that is verifiable through cryptographic proofs, checks of public wallet ownerships, and recurring audits to certify the holdings of an exchange. The custodian provides transparency and proof of the existence of on-chain reserves and that the total amounts of those coins held and effectively at the disposal of the platform exceeds or is equal to the sum of all users' holdings of those coins.
To achieve this, Bitget stores the hash of each user's account assets in a leaf node on the Merkle tree. Each user can verify that their funds are included in the Merkle tree by checking the total amount of users' assets stored in the Merkle tree leaf nodes.
If the total amount verified is greater than or equal to 100%, then the platform has proven that users' funds are indeed intact.
The open source code of the platform's proof of its 100% solvency program has been published to GitHub.
See for yourself
We are committed to maximum transparency
Bitget's principles are meant to prioritize our users. To ensure the verifiable safety of our users' assets, we will be fully transparent with all our platform's assets.
1. Take snapshots monthly and publish all wallet assets of the platform.
2. Take snapshots of each user's assets monthly and desensitize for publication.
3. Users can verify their assets in a few simple steps.
2023-06-20
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