Leading cryptocurrency exchange Bitget today announced the launch of its Proof of Reserves Page, which will show users that we are a full-reserve exchange and that users’ assets stored on the platform are secure. This is supported by our Proof of Reserves (“PoR”), which uses the cryptographically audited Merkle tree method.
The “Merkle Validator,” the monthly snapshots displaying the reserve pools’ balances, user education on Proof of Reserves and the significance of being fully reserved, as well as how the Merkle tree supports and demonstrates the reliability and consistency of the data presented by Bitget, are just a few of the key components of the page that users can access for a wealth of information on the subject.
In addition, Bitget is releasing a brand-new tool called “Merkle Validator” that allows users to conduct a self-audit with their own accounts in order to further increase transparency and guarantee the accuracy of the information on the website.
Under the Merkle tree data structure, users can check the state of the “Merkle leaf” of their assets.
In order to maintain accurate balances and information regarding the status of user assets within its reserves, Bitget is also committed to conducting periodic audits of the PoRs.
“Bitget actively responds to the market concerns,” says Gracy Chen, Managing Director of Bitget. “Even before FTX declared bankruptcy on November 9th, we had already committed to publishing our Merkle tree Proof-of-Reserves within a month.
The disclosure of the Proof of Reserves and the Merkle tree data provides users with up-to-date and informative insights on Bitget’s financial situation and enhanced control over the assets they store on the platform, which is consistent with our commitment to the highest levels of transparency and user protection.
As Bitget’s user base has grown recently, so has the desire of users to invest in and keep assets on a safe platform.
With the launch of the Proof of Reserves page, Bitget not only exhibits comprehensive user safety, but also pledges to support other initiatives aimed at providing secure cryptocurrency adoption globally and a sustainable and reliable environment in the crypto universe,” continues Gracy.
To do this, Bitget keeps a leaf node on the Merkle tree in which it maintains the hash of each user’s account assets.
By examining the total quantity of assets stored in the leaf nodes of the Merkle tree, each user may confirm that their monies are represented in the tree.