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Bitget Crypto Exchange Boasts 223% Proof-of-Reserves Ratio with $1.44 Billion in Total Reserve Across 31 Assets

Bitget, a cryptocurrency exchange, has announced that its total proof-of-reserves ratio has reached 223%. The exchange currently holds $1.44 billion in reserves across 31 different crypto assets, with reserve ratios for Bitcoin, Tether, Ether, and USD Coin standing at 454%, 135%, 171%, and 2,604%, respectively.

Bitget claims to operate without relying on debt or users' funds for its transactions or investments and has no outstanding debts or liabilities. The exchange operates a $300 million User Protection Fund that executives claim functions better than third-party insurance. While proof-of-reserves has become popular, experts have cautioned on its effectiveness.

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