Gate.io’s New ‘Proof Of Reserves Report’ Reveals Total Reserves Exceed $6B, While Excess Reserves Surge By 26.6%
In Brief
Gate.io’s total reserves reached $6.499 billion, including a reserve ratio of 120.22% and excess reserves of $1.093 billion.
Cryptocurrency exchange Gate.io announced the release of its October 2024 Proof of Reserves Report, revealing that its total reserves have reached $6.499 billion. This total includes a reserve ratio of 120.22% and excess reserves of $1.093 billion, indicating a 26.6% increase since May.
The reserve data for mainstream cryptocurrencies is increasingly viewed as an essential metric for evaluating a trading platform’s stability in the face of market fluctuations. Sufficient reserves are vital for a platform to endure market volatility and demonstrate effective fund management.
According to the report, Gate.io’s reserves encompass 209 different digital assets, with notable performance in reserves for major cryptocurrencies such as BTC and ETH.
Specifically, BTC reserves a total of 20,070 units, reflecting a 9% increase since May and a reserve ratio of 119.54%. Meanwhile, ETH reserves amount to 275,530 units, with a reserve ratio of 125.84%, representing a 16.7% increase since May.
Gate.io Facilitates Reserve Audits To Enhance Transparency
In recent years, the global digital asset market has been increasingly moving towards standardization, with transparency and the security of fund reserves becoming essential for the stable operation of trading platforms.
Gate.io launched its Proof of Reserves initiative in 2020 and has since made continuous improvements to its fund security mechanisms. The exchange has completed an audit conducted by the independent blockchain security firm Hacken. Users can access the latest audit report on the platform’s public page, allowing them to gain detailed insights into the reserve status and verify their personal account asset reserves at any time.
The platform functions as a centralized cryptocurrency exchange that offers access to a wide range of digital assets. It supports over 1,400 cryptocurrencies and more than 2,500 trading pairs, positioning it among the top exchanges in the industry. As of the current writing, Gate.io’s daily trading volume exceeds $1,5 billion, according to CoinMarketCap.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
