Leading global cryptocurrency exchange and Web3 company Bitget recently released its latest Proof of Reserves (PoR) report, with a total reserve ratio of up to 169%, consistently upholding its commitment to full transparency. This Proof of Reserves report represents Bitget’s commitment to its users, ensuring that their funds are fully backed on a 1:1 basis and available for use as needed.
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 its users. In addition to its robust reserves, Bitget has established a Protection Fund and publishes its valuation monthly to further enhance user protection and mitigate potential risks.
Furthermore, according to Bitget’s monthly report for April 2024, the company 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 derivative exchanges, demonstrating continuous growth within the quarter.
Bitget continues to demonstrate its dominant position in the cryptocurrency contract market, with its Open Interest (OI) indicator surpassing 6 billion USD on May 4th, occupying 25% of the total market share. Currently, Bitget maintains a strong position with an OI of 6.22 billion USD. The exchange’s outstanding performance further indicates that its open contract volume exceeds the BTC market price level, suggesting that traders have a bullish sentiment towards Bitcoin’s price trend.
In April, Bitget experienced unprecedented growth in the number of new contract trading accounts, reaching a historical high of 23%. Notably, 82% of these accounts were opened for trading on the BTC-USDT trading pair. Impressively, BTC’s open position volume in Bitget’s contract market consistently maintains a leading share of over 60%.
Despite a general slowdown in cryptocurrency trading volume, Bitget’s spot trading volume increased by 34.8%, while contract trading volume rose by 61.9%. According to data from The Block, Bitget has become a leader in the share of Open Interest (OI), exceeding 6 billion USD and accounting for 25% of the total market.
By integrating 872 new tokens, Bitget has significantly expanded its asset selection, increasing interest and trading volume. The newly launched PoolX platform, a staking and mining service, has attracted 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-trading, allowing users to trade before new tokens are listed. This feature improves liquidity and provides early entry opportunities for promising projects such as EigenLayer (EIGEN) and Merlin Chain (MERL).
Bitget’s achievements are attributed to a series of innovative strategies, strong community expansion, cutting-edge product optimizations, 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 ever-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. The predecessor of Bitget Wallet, BitKeep, is a world-class multi-chain cryptocurrency wallet that provides a comprehensive range of Web3 solutions and features, including wallet functions, exchanges, NFT markets, and DApp browsers. By partnering with Argentine football legend Lionel Messi and official esports event organization PGL, Bitget encourages the adoption of cryptocurrencies.
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This article is provided by the official source and does not represent the stance or investment advice of this platform. Readers are advised to conduct their own thorough evaluations.
