Gate.io, a prominent player in the crypto exchange and Web3 pioneer, has unveiled its Proof of Reserves (PoR) report for January 2024, revealing a robust $4.3 billion in total assets.
This report, showcasing a 115.47% reserve ratio, indicates that Gate.io holds over $584 million more than user deposits, ensuring financial stability and user trust.
The report not only reflects a $1.1 billion increase in asset value since November 2023 but also marks Gate.io's fourth consecutive year of providing user-verifiable PoR.
Covering an unprecedented 171 digital assets, Gate.io's PoR stands out for its comprehensive coverage, including an array of 59 newly added assets, among them 26 BRC-20 tokens like $SATS and $ORDI.
Dr. Lin Han, Founder and CEO of Gate.io, commented on importance of transparency.
"Our commitment to clear, transparent reserves reporting is vital for user confidence and industry integrity," he notes. "We'll keep evolving our practices in response to user and expert feedback to maintain security and privacy."
The report’s key highlights include:
- Total Reserve Value: $4,363,990,957 USD
- Extra Reserves: $584,704,086 USD
- Total Reserve Ratio: 115.47%
- BTC Reserve Ratio: 127.33%
- ETH Reserve Ratio: 120.54%
In late 2023, Gate.io introduced significant upgrades to its PoR, incorporating zero-knowledge verifiability and enhancing privacy.
These improvements, along with an expanded asset list, received acclaim from the blockchain security firm Hacken.
The firm hailed Gate.io's PoR method as a substantial contribution to cryptographic practices in the field.
Moreover, pioneering PoR since 2020, Gate.io was among the first to release third-party audited, user-verifiable PoR using a Merkle tree approach.
Following the collapse of FTX in 2022, Gate.io aims to set industry example by releasing its PoR methodology as open-source, encouraging transparency across exchanges.
Gate.io's PoR data for January 2024 is accessible on its portal, where users can independently verify their accounts and deposits, underscoring the exchange's commitment to transparency and user assurance.
Conclusion
Gate.io's recent PoR report underlines its leading role in crypto transparency, showcasing its dedication to a secure and reliable platform for users worldwide.
By continually enhancing its PoR processes, Gate.io sets a high standard for industry practices in reserve management and reporting.
