Bitget shares Merkle Tree Proof of Reserves to enhance transparency
VICTORIA, Seychelles, Dec. 5, 2022 /PRNewswire/ -- Leading global cryptocurrency exchange, Bitget, announces today that it is launching its Proof of Reserves Page, which will demonstrate to users that we are a full-reserve exchange, as supported by its Proof of Reserves ("PoR"), using the cryptographic-audited Merkle tree method, and that users' assets stored on the platform are safeguarded.
- The Proof of Reserves page provides users with a wealth of information on the topic, including several core elements such as "Merkle Validator", the monthly snapshots presenting the balance of the reserve pools, user education on Proof of Reserves and the importance of being fully reserved, as well as how the Merkle tree supports and proves the authenticity and consistency of the data presented by Bitget.
- To further enhance transparency and ensure the accuracy of the information on the page, Bitget is also launching a new tool, "Merkle Validator", for users to perform self-audit with their own accounts.
- Users are able to verify the status of their assets' "Merkle leaf" under the Merkle tree data structure.
- 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."