Bitget Releases Merkle Tree Proof of Reserves
Bitget, a prominent worldwide crypto exchange, declares releasing its proof of reserves on a separate page on its web portal. The respective page will display to the consumers that the company has sufficient reserves to support its assets. The crypto exchange mentioned that it has utilized the Merkle tree procedure for the auditing of the consumer assets existing on the platform to guarantee their safety.
Bitget Issues Merkle Tree Proof of Reserves for Transparency
The proof-of-reserves page offers the consumers complete information on the subject, taking into account the chief elements like “Merkle Validator” and the per-month snapshots displaying the reserve pools’ balance. In addition to this, it also guides about the consistency as well as the authenticity of the data offered by Bitget along with providing information on the compatibility of the platform with Merkle tree.
Bitget noted in its blog post that its reserve wallets and consumer assets’ snapshots provide proof that there is a 1:1 ratio between these two. To elevate the transparency and assure the information’s accuracy on that page, the platform is additionally releasing an exclusive tool known as Merkle Validator. With this, the customers can carry out a self-audit of their accounts. The service also permits the clients to verify their funds’ security in a few moves.
The consumers are additionally allowed to validate the status of the Merkle leaf of their assets in line with the data structure of the Merkle tree. Bitget also expresses its commitment to performing regular PoR audits to ensure updating the status of the balances as well as the consumer assets on regular basis. While remarking on this move, Gracy Chen (Bitget’s Managing Director) stated that the firm actively reacts to the apprehensions prevailing in the market.
Company Intends to Gain Consumer Trust after Distrust and Scrutiny Triggered by FTX Fiasco
The executive added that Bitget – before the bankruptcy filing of the crypto exchange FTX on the 9th of November – had already assured to offer the Merkle tree Proof-of-Reserves in thirty days. As per the executive, the release shows evidence that Bitget keeps its promise. In Chen’s words, the proof of reserves’ release provides the customers with informational and updated insights on the company’s financial status along with extra control over the assets.
Chen added that the crypto industry is going through enormous scrutiny following the scandals initiated by the collapse of FTX. Hence, Chen categorizes this step as an effort to let the users be confident in a trustworthy and sustainable environment.
