Bitget Celebrates Eight Years with Emphasis on Enhanced Transparency and Security
Bitget, a leading cryptocurrency derivatives exchange, has marked its eighth anniversary. The company's expansion into various markets through its Universal Exchange (UEX) strategy has increased its responsibilities, according to Hon Ng, Bitget's Chief Legal Officer.
In eight years, Bitget has grown from primarily operating as a crypto derivatives exchange to serving over 125 million users. It is now expanding into global markets, including crypto, tokenized equities, commodities, and more.
As the platform expands, Ng emphasizes that stronger transparency, security, and compliance standards are essential. To address these needs, Bitget has implemented its Proof of Reserves system, which has been publishing reserve data every month since December 2022.
The exchange reports a total reserve ratio of 135% in its latest report, with an average reserve ratio above 120%. It has also expanded the number of assets covered by its PoR system from four to 19. In addition to transparency measures, Bitget has established its Protection Fund with an initial commitment of $300 million and has a security framework that includes user-facing tools and behind-the-scenes safeguards.
The company's UEX model brings various assets into a common trading environment, requiring infrastructure for stronger standards in each area. Ng stresses that these standards cannot remain static as the platform expands, emphasizing the need for ongoing transparency, adapting security measures, and evolving compliance systems to account for changing markets and regulations.