In an era where exchange security is paramount, it's encouraging to see platforms making dedicated efforts to prioritize users and protect their assets through initiatives like Proof of Reserves (PoR). I've been following the monthly PoR updates from both Bitget and Binance for some time, and today I want to highlight the formers's September 2024 update. Bitget, for example, reported an impressive total reserve ratio of 166% for September.
https://www.bitget.site/support/articles/12560603816254
The platform introduced its Proof of Reserves back in December 2022, with regular monthly updates to ensure they maintain at least a 1:1 reserve ratio for users' assets. To increase transparency, users can verify their holdings using the open-source MerkleValidator tool available on GitHub. In addition to this, They've has set up a US$300 million Protection Fund as an extra layer of security for user assets.
These proactive steps are commendable in building trust with users and strengthening the overall security framework of the platform. What are your thoughts on such measures?