The company announced its intention to launch Proof of Reserve almost a month ago when it increased its Protection Fund by $100 million to $300 million. The move followed the collapse of the FTX cryptocurrency exchange and is aimed at rebuilding customer and trader confidence in the platform. According to the press release, Bitget claims that cryptocurrencies stored in its wallets are safe.
In order to increase its transparency, Bitget is launching the 'Merkle Validator' tool. With its help, users can audit their own accounts and check the safety of their funds.
"Bitget is actively responding to the market concerns, and even before FTX filed for bankruptcy on November 9th, we had already promised to publish our Merkle tree proof-of-reserves within a month's time. Today, we are proud to fulfill our promise. 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 over their assets stored on the platform, which is echoed in our commitment to maximum transparency and top-notch protection policies for users," Gracy Chen, the Managing Director of Bitget, said.
The Merkle Tree allows users to check individual transactions made by exchanges. Cryptocurrency platforms have begun to offer this type of solution and publish Proof of Reserve to alleviate customers' concerns. Some of these customers have already started withdrawing their funds on a massive scale after the FTX turmoil and are moving them to self-custody wallets.
New Trading Platform and New Ambassador
In addition to its efforts to mitigate the impact of the FTX cryptocurrency exchange
That same month, Bitget launched a social trading platform called 'Insights', which has been linked to the One-Click Copy Trade service that was started in 2020. Traders can benefit from analyses and trading ideas, while more experienced clients may monetize their experience by sharing their own transaction tips.
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