Bitget Expands Proof of Reserves Coverage to 19 Assets on Eighth Anniversary
Bitget, a leading cryptocurrency exchange, has reached its eighth anniversary and marked the milestone by expanding its Proof of Reserves coverage to 19 assets. This significant development comes after four years of providing transparency through regular reports.
The move was announced in a letter from Bitget's chief legal officer, Hon Ng, who stated that each expansion increases the need for stronger safeguards. The company is now working with BlockSec to develop a security standard for multi-asset trading.
Bitget has maintained an average reserve ratio above 120% since December 2022, when it began publishing Proof of Reserves. The exchange's Protection Fund, established in the same year with an initial $300 million commitment, serves as a backstop for users in extreme circumstances.
The company lists registrations or licenses in 10 jurisdictions, including the U.K., and has grown its user base to over 125 million individuals. Bitget's recent report showed a total reserve ratio of 135% and an average Protection Fund balance of $382 million in August.