- Gate.io, a leading crypto exchange and Web3 innovator, has published its 2024 Proof of Reserves (PoR) report.
- The report transparently demonstrates a reserve-deposit ratio of 115.34% and a total reserve value of $6.49 billion (USD).
- “We are pleased to share the publication of our May 2024 Proof of Reserves report, underscoring our unwavering dedication to transparency and accountability,” said Gate.io Founder and CEO Dr. Lin Han.
Gate.io’s latest PoR report reveals a robust reserve-deposit ratio, highlighting the exchange’s commitment to transparency and security in the crypto industry.
Gate.io’s Impressive Reserve-Deposit Ratio
Gate.io’s 2024 Proof of Reserves report showcases a reserve-deposit ratio of 115.34%, with total reserves amounting to $6.49 billion (USD). This is a significant indicator of the exchange’s financial health and its ability to cover user deposits comprehensively. The report covers over 209 digital assets, an increase of 20 since the previous report, making it the most extensive of any exchange.
Breakdown of Key Assets
The report provides a detailed breakdown of key assets, including Bitcoin (BTC) with a reserve ratio of 116.55%, Ethereum (ETH) at 113.43%, Tether (USDT) at 105.47%, and USD Coin (USDC) at 102.65%. These figures highlight Gate.io’s strong liquidity position and its capability to meet withdrawal demands even during market volatility.
Commitment to Transparency and Security
Gate.io was one of the first exchanges to commit to Proof of Reserves in 2020 and has consistently enhanced its reporting methods since. The exchange’s PoR method, praised by the leading blockchain security firm Hacken, has been released as open-source to encourage industry participation. Recent upgrades include increased reporting frequency, broader coverage, and the introduction of zero-knowledge technology for better privacy and security.
Industry Impact and User Confidence
Gate.io’s dedication to meticulous reporting and transparency not only strengthens its position in the industry but also boosts user confidence. By allowing users to independently verify their accounts and deposits, Gate.io ensures that its customers have full visibility into the exchange’s financial health. This level of transparency is crucial in an industry where trust and security are paramount.
Conclusion
Gate.io’s May 2024 Proof of Reserves report underscores the exchange’s unwavering commitment to transparency, security, and user confidence. With a robust reserve-deposit ratio and comprehensive asset coverage, Gate.io sets a high standard for financial integrity in the crypto industry. As the exchange continues to innovate and enhance its reporting methods, users can expect even greater transparency and security in the future.
