Bitget Exchange has released its latest Proof of Reserves (PoR) report, revealing a total reserve ratio of 169%. It has also announced the establishment of a Protection Fund, which will publish valuations monthly to further enhance user protection and reduce potential risks.
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This article is a sponsored post written and provided by Bitget and does not represent the views of the platform or provide investment advice, buy or sell recommendations. Please see the disclaimer at the end of the article for more details.
Bitget, a leading global cryptocurrency exchange and Web3 company, recently released its latest Proof of Reserves (PoR) report, showing a high total reserve ratio of 169%, demonstrating its commitment to full transparency. The PoR report represents Bitget’s commitment to users, ensuring that their funds are fully supported on a 1:1 basis and available on demand.
The reserve ratios for cryptocurrencies such as BTC, ETH, USDT, and USDC are regularly updated, highlighting Bitget’s commitment to providing a secure and transparent trading environment for users. In addition to a robust reserve, Bitget has established a Protection Fund and will publish valuations monthly to further strengthen user protection and reduce potential risks.
(Bitget Image)
According to Bitget’s monthly report for April 2024, the exchange has made significant progress in various aspects. Bitget’s contract trading volume increased by 146% in the first quarter of 2024, reaching 1.4 trillion USD. Data from CCdata shows that Bitget achieved the highest growth rate of 1.39% among the top 14 derivatives exchanges, demonstrating continuous growth within the quarter.
(Bitget Image)
Bitget continues to demonstrate its dominance in the cryptocurrency futures market, with its Open Interest (OI) indicator surpassing 6 billion USD on May 4th, capturing a 25% market share. Currently, Bitget maintains a strong position with an OI of 6.22 billion USD. The exchange’s outstanding performance further demonstrates its open contracts exceeding the BTC market price level, indicating traders’ bullish sentiment towards Bitcoin’s price trend.
(Bitget Image)
In April, Bitget experienced an unprecedented growth in the number of new contract trading accounts, reaching a historical high of 23%. Notably, 82% of these accounts opened positions in the BTC-USDT trading pair. Impressively, BTC maintains a leading position in Bitget’s contract market, with a position volume exceeding 60%.
While cryptocurrency trading volumes are generally slowing down, Bitget’s spot trading volume increased by 34.8%, and its contract trading volume increased by 61.9%. According to data from The Block, Bitget has become the leader in Open Interest (OI) share, exceeding 6 billion USD and capturing 25% of the total market.
Bitget has expanded its asset selection by integrating 872 new tokens, which has increased interest and trading volume. The newly launched PoolX platform offers staking and mining services, attracting a large number of participants with high Annual Percentage Rates (APR). Tokens such as Kitten Haimer (KHAI), Dimitra (DMTR), Roost Coin (ROOST), and Nettensor (NAO) have performed well, enhancing the popularity of PoolX.
Another new product in Bitget’s ecosystem is pre-market trading, allowing users to trade before the listing of new tokens. This feature improves liquidity and provides early entry opportunities for promising projects such as EigenLayer (EIGEN) and Merlin Chain (MERL).
Bitget’s achievements can be attributed to a series of innovative strategies, strong community expansion, cutting-edge product optimization, and significant market share growth in the cryptocurrency industry. The company’s pursuit of ecosystem expansion and introduction of new features solidify its leadership position in the evolving cryptocurrency field.
About Bitget:
Founded in 2018, Bitget is a leading global cryptocurrency exchange and Web3 company, serving over 25 million users in more than 100 countries worldwide. It is committed to helping users trade more intelligently through its innovative copy trading feature and other trading solutions.
(Bitget Wallet)
Bitget Wallet, formerly known as BitKeep, is a world-class multi-chain cryptocurrency wallet that offers a comprehensive range of Web3 solutions and features, including wallet functionality, exchange, NFT marketplace, DApp browser, and more. Bitget encourages mass adoption of cryptocurrencies through collaborations with Argentine football legend Lionel Messi and official esports organization PGL.
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Disclaimer: This article is a promotional piece provided by the contributor and is not affiliated with the platform. It does not provide any investment, asset advice, or legal opinions and should not be construed as an offer to buy, sell, or hold assets. Any services, programs, or tools mentioned in the promotional content are for reference only, and the actual content or rules are subject to the contributor’s publication or explanation. Bitget is not responsible for any potential risks or losses. Readers are reminded to conduct their own careful verification before making any decisions or taking any actions.
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