Bitget expanded its Proof of Reserves coverage from four assets to 19 as the crypto exchange marked its eighth anniversary, according to a letter from its chief legal officer.
Bitget Reserve Coverage
Hon Ng, Bitget's chief legal officer, described the change while reviewing the company's shift from a crypto derivatives exchange to a multi-asset trading platform. The company says it now serves more than 125 million users and is adding tokenized stocks, commodities and other markets. Merkle Tree checks let users confirm their assets are counted.
The September report, Bitget's 46th in a row, showed a total reserve ratio of 135%, while its Protection Fund averaged about $382 million in August. Both figures come from the company.
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Hon Ng On Safeguards
Ng argued that wider market access demands stronger safeguards, writing that each expansion "also expands what it needs to protect, verify and account for." It is developing a security standard for multi-asset trading with BlockSec. Bitget lists registrations or licenses in 10 jurisdictions, including the U.K.
Bitget began publishing Proof of Reserves in December 2022 and says its average reserve ratio has stayed above 120% since then. It set up the Protection Fund the same year with an initial $300 million commitment, describing it as a backstop for users in extreme circumstances.
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