Bitget, a popular crypto trading platform , published its Proof of Reserve (PoR) on Monday, demonstrating current reserves by employing the Merkle tree method.
The company announced its intention to launch Proof of Reserve almost a month ago when it increased its Protection Fund by $100 million to $300 million. The move followed the collapse of the FTX cryptocurrency exchange and is aimed at rebuilding customer and trader confidence in the platform. According to the press release, Bitget claims that cryptocurrencies stored in its wallets are safe.
In order to increase its transparency, Bitget is launching the 'Merkle Validator' tool. With its help, users can audit their own accounts and check the safety of their funds.
"Bitget is actively responding to the market concerns, and even before FTX filed for bankruptcy, on Nov 9th, we had already promised to publish our Merkle tree Proof-of-Reserves within a month's time. Today, we are proud to fulfill our promise. The release of the Proof of Reserves and the Merkle tree data equips users with updated and informational insights on the financial status of Bitget and enhanced control on their assets stored on the platform, which is echoed in our commitment of maximum transparency and top-notch protection policies for users," Gracy Chen, the Managing Director of Bitget, said.
Merkle Tree allows users to check individual transactions made by exchanges. Cryptocurrency platforms have begun to offer this type of solution and publish Proof of Reserve to alleviate customers' concerns. Some of these customers have already started withdrawing their funds on a massive scale after the FTX turmoil and are moving them to self-custody wallets.
New Trading Platform and New Ambassador
In addition to its efforts to mitigate the impact of the FTX cryptocurrency exchange collapse, Bitget is investing in further development and brand awareness. In line with this, in October, the company announced that Lionel (Leo) Messi, one of the world's most famous soccer players, had become its ambassador.
That same month, Bitget launched a social trading platform called 'Insights', which has been linked to the One-Click Copy Trade service that was started in 2020. Traders can benefit from analyses and trading ideas, while more experienced clients may monetize their experience by sharing their own transaction tips.
