{"id":35978,"date":"2023-07-15T05:25:59","date_gmt":"2023-07-15T09:25:59","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitget-crypto-exchange-announces-debt-free-status-and-1-44-billion-reserves-in-july-report\/"},"modified":"2023-07-15T05:26:01","modified_gmt":"2023-07-15T09:26:01","slug":"bitget-crypto-exchange-announces-debt-free-status-and-1-44-billion-reserves-in-july-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35978","title":{"rendered":"Bitget Crypto Exchange Announces Debt-Free Status and $1.44 Billion Reserves in July Report"},"content":{"rendered":"
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Bitget crypto exchange has announced that its reserves have reached a high of $1.44 billion, and that it is officially debt-free.<\/p>\n

As per Bitget\u2019s announcement, the exchange\u2019s overall reserve ratio now stands at 223%, more than twice the standard 100% (or 1-to-1) backing that is expected of all exchanges in the industry.<\/p>\n

Broken down into different digital assets, the exchange said it has a reserve ratio of 454% for Bitcoin (BTC), 135% for Tether (USDT) and 171% for Ether (ETH).<\/p>\n

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No debts<\/h2>\n

Notably, a representative for Bitget told Cointelegraph in an interview that the exchange has no debts not accounted for in the published reserve ratio.<\/p>\n

\u201cBitget has no outstanding debts or liabilities and is not listed as a creditor for any recently bankrupt companies,\u201d the exchange\u2019s representative said.<\/p>\n

The Bitget representative explained that the excess large reserves it holds in crypto, which far exceeds the normal 1-to-1 backing, comes from profits from transaction fees and returns from its own investments and acquisitions.<\/p>\n

The exchange did not reveal any plans about what it plans to do with its excess crypto reserves.<\/p>\n

Regular proof-of-reserve statements<\/h2>\n

In a media statement, Bitget\u2019s managing director Gracy Chen said that the company will continue to release monthly proof-of-reserve statements to build trust in their platform.<\/p>\n

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Bitget also endeavors to set higher standards industry-wide \u2014 collaborating across exchanges to advocate for radical transparency through crypto\u2019s evolution, Chen added.<\/p>\n<\/blockquote>\n

Earlier this month, Bitget launched a new crypto lending program that will let users stake their own coins in exchange for loans in another.<\/p>\n

\u201cUsers now have the opportunity to stake less-demanded coins, enabling them to obtain loans in more liquid assets for investment purposes,\u201d Bitget\u2019s Gracy Chen said at the time.<\/p>\n

In June, Bitget, along with rivals Kraken and Bybit, was mentioned by blockchain research firm Nansen as one of the\u00a0crypto exchanges that have gained ground\u00a0in the aftermath of the FTX collapse.<\/p>\n<\/p><\/div>\n