Bitget has released its latest
Proof of Reserves (PoR) report for April 2024, highlighting a Bitcoin reserve
ratio of more than 335%. The cryptocurrency exchange also indicated significant growth in USDT
and ETH user assets since January 2024. The latest report arrived more than a week after the Bitcoin halving event.
Exceeding $2.7B in Reserves
Bitget’s PoR report revealed a total reserve ratio of
176%, with that of ether reaching 229%. According to the crypto exchange, this
update is important in strengthening its commitment to transparency and financial stability. The exchange has implemented additional measures, such as a protection fund and monthly valuations, to mitigate risks.
Gracy Chen, the Managing Director at Bitget,
mentioned: “Bitget is unwavering in its commitment to transparency and
financial stability. Our latest PoR update reinforces our dedication to
safeguarding user assets and upholding the highest accountability standards.
With a total reserve ratio of 176%, Bitget continues to lead by example in the
cryptocurrency exchange industry.”
April 22, 2024, Bitget’s total reserves exceeded $2.7
billion. The company plans to conduct routine audits to
ensure continuous visibility into Bitget’s reserves. The latest update
highlighted a significant upsurge in USDT and ETH user assets by 51% and 46%
since January 2024, respectively.
Last month, Bitget recorded impressive growth in the
first quarter, with a significant increase in trading volumes and the value of
its native token, BGB. Bitget’s futures trading volume jumped to $1.4 trillion,
marking a remarkable 146% increase from the previous quarter.
Growth in Trading Volumes
The exchange experienced substantial growth in
derivatives market share, with a 2.4% surge in March alone. Concurrently, spot
trading volume surged by 113%, exceeding $60 billion during the same period.
The surge in Bitget’s trading volumes aligns with the
broader trend observed across the cryptocurrency industry. According to Finance Magnates Intelligence, spot volumes for major cryptocurrency exchanges surged
by 119% in March compared to the previous year and over 100% compared to
February.
Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
