Following the high-profile collapse of certain crypto exchanges few years ago, the Web3 landscape has overseen significant transformation to restore trust in the crypto ecosystem. One of such transformations, Proof of Reserves (PoR), has been introduced to encourage proactive transparency.
Since the introduction of the PoR, some of the very best exchanges have continuously grown theirs, indicating an increase in users' trust in the exchange. Bitget’s data for instance is updated every month to maintain a reserve ratio of at least 1:1 for the user's assets, with a latest reserve ratio of 166%, while ssets like BTC, USDT, ETH and USDC have 296%, 105% 148% and 546% respectively.
In addition to the Proof of Reserves, Bitget has secured a $300 million Protection Fund, another initiative designed to provide a reliable and transparent financial support that protects users' digital assets regardless of market movements.
Security remains paramount in the crypto ecosystem, the intentional efforts of top exchanges through transparent PoR and Protection Fund is a reminder that users' asset protection is prioritized, a win for the entire crypto landscape.