Maintain user assets with a minimum 1:1 savings rate

Seychelles, December 5, 2022 - Bitget, the world's leading cryptocurrency trading center, announced today that it has launched its reserve certification webpage, which will show users that we are a trading center with complete reserves, applicable to its reserve certification ("PoR"), and using the crypto audited Merkle tree mode, the assets stored in the platform by users are maintained.

The reserve certificate web page brings users a lot of information about the subject, including many key elements, such as "Merkle verifier", indicating the update of monthly summary snapshot of reserve pool balance, user culture education on reserve certificate and the necessity of adequate preservation, and how Merkle tree strongly supports and proves the authenticity and consistency of information given by Bitget. The snapshot update of the stored wallet and user assets on the software can be used as relevant evidence to prove that his assets are at least owned in 1:1 ratio.

In order to further improve the clarity and ensure the accuracy of web page data, Bitget also launched a tool "Merkle Validator" for users to use their own accounts for proper financial audit. This feature allows users to authenticate their assets in several simple processes. Users can also authenticate their asset "Merkle leaf" status under Merkle tree algorithm design. Bitget is also committed to conducting necessary financial audits on PoR to ensure that the account balance and user assets in its reserves remain brand new.

Gracy Chen, CEO of Bitget, commented:

"Bitget responded positively to the concerns of the sales market. Even before FTX declared bankruptcy on November 9, we promised to release our Merkle tree reserve certificate within one month. Today, we are very proud to fulfill our commitment according to law. The release of the reserve certificate and Merkle tree database brought users the latest news and views on Bitget and enhan's business." CED also controls the assets stored in the platform, which corresponds to the main clarity of users and the commitment of the top to maintain current policies. "

"After the scandal and bankruptcy of some large and medium-sized encryption enterprises, the encryption field is receiving high attention. With the recent increase in the number of users of Bitget, users' desire to invest in and store assets on the security education platform is growing. With the release of the reserve certification interface, Bitget not only demonstrates the all-round maintenance of users, but will continue to advocate a large number of measures dedicated to the international security selection of cryptocurrencies , and building a sustainable and trustworthy natural environment in the crypto world, "

– Gracy added.

In addition to the POR announcement, Bitget also launched various measures to help rebuild market confidence, such as releasing a $5 million builder's stock fund for users affected by FTX events, increasing the maintenance stock fund to $300 million, and recently organized a series of theme activities with a project investment of $20 million with Lionel Messi.

What is a reserve certificate?

Risk reserve certification refers to the audit evidence that verifies the ownership of the trading center through encryption certification, regular inspection of the right to use public wallet and timely financial audit. The custodian shall provide clear and direct evidence to prove that the emergence of reserves on the chain and the total output of coins efficiently processed by its service platform exceed or equal to the sum of coins owned by all users.

To achieve this, Bitget stores the hach of each user account asset in the leaf node of the Merkle tree. Each user can check whether his assets are included in the Merkle tree by checking the total output of user assets stored in the Merkle tree leaf node. The open source code of the website proving its 100% capital adequacy planning has also been published to GitHub.

About Bitget

Founded in 2018, Bitget is a leading cryptocurrency trading center in the world's five major industries. With the basic characteristics of scientific and technological innovation products and online entertainment transactions, it is now based on more than 8 million users in 100 countries and regions around the world.

The trading center aims to provide users with one-stop security transaction solutions, and hopes to improve the adoption rate of cryptocurrencies through cooperation with trustworthy partners (including Croatian legendary football star Lionel Messi, Spanish leading team Juve, PGL Major's official network crypto partners and their industry-leading e-sports organization team spirit).

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