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Bitget Proof-of-Reserves (PoR) in June portrays a 46% increase in user assets for Ethereum (ETH)

Business

Bitget Proof-of-Reserves (PoR) in June portrays a 46% increase in user assets for Ethereum (ETH)
Business

Business

Bitget Proof-of-Reserves (PoR) in June portrays a 46% increase in user assets for Ethereum (ETH)

2024-06-25 22:07 Last Updated At:22:25

VICTORIA, Seychelles, June 25, 2024 /PRNewswire/ -- Bitget, the world's leading cryptocurrency exchange and Web3 company, has shared its monthly update for the transparent tracking of its proof-of-reserves (PoR) highlighting the reserve ratios of Bitcoin (BTC), Ethereum (ETH), USDT and USDC. As compared to May, the amount of users' BTC, USDT, ETH surged by 9%, 10% and 46% in June. The recent POR report emphasizes Bitget's security with over 163% of reserve ratio accounting for all assets. The BTC, ETH and USDT ratios stand at 294%, 169%, and 103% respectively, while USDC is covered by over 662%.

At the time of publishing, the Bitget PoR holds over 5,714 BTC, 68,674 ETH, 935M USDT and 60M USDC. The total reserves stand at $2.9B, which symbolizes Bitget's efforts in maintaining a safe and secure exchange.

The updated PoR showcases Bitget's dedication to maintaining more than industry standard 100% reserves, which effectively guarantees that users' assets are safe. The platform is capable of covering user withdrawals, even if all user assets are withdrawn.

Bitget's PoR in June verifies its user holdings through cryptographic proofs, public wallet ownership, and recurring audits. The custodian provides transparency and proof of the existence of liquid on-chain reserves that exceed or equal the sum of all user holdings. To achieve this, Bitget stores the hash of each user account's assets in a leaf node on the Merkle tree. Each user can verify that their assets exist in the Merkle tree by checking the total amount of user assets stored in the Merkle tree leaf nodes.

"As Bitget ascends into becoming one of the largest WEB3 companies, it's important to highlight that this growth has been achieved by constantly building an ecosystem of products that users genuinely trust and feel safe and easy to use. Being the very first adopters of transparent PoR, we believe users' security is our priority," said Gracy Chen, CEO at Bitget

In addition to maintaining a higher than industry standard PoR, Bitget insures its users further with a $300M Protection Fund, now valued over $400 million according to its latest protection fund report. This gives the platform an extra layer of resilience against cybersecurity threats. Users who have their accounts compromised in unfortunate incidents not attributed to their own actions or trading behavior can make a claim through the Bitget Protection Fund.

Bitget continues to lead in the crypto derivatives market, with its Open Interest (OI) indicator surging past $6 billion last month, securing a substantial 25% share of the total market. In the past 30 days, Bitget recorded the highest monthly inflow among all centralized exchanges, with $1.3 billion in new capital, strengthening its position as industry leader.

For real-time PoR tracking, please visit - https://www.bitget.com/proof-of-reserves 

About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun ÇavuÅŸoÄŸlu (Wrestling world champion), Samet GümüÅŸ (Boxing gold medalist) and Ä°lkin Aydın (Volleyball national team).

For more information, visit: Website  | Twitter  | Telegram  | LinkedIn  | Discord | Bitget Wallet

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Bitget Proof-of-Reserves (PoR) in June portrays a 46% increase in user assets for Ethereum (ETH)

Bitget Proof-of-Reserves (PoR) in June portrays a 46% increase in user assets for Ethereum (ETH)

Over 50,000 SHEIN Campus Ambassadors Embrace Community, Networking, and Financial Opportunities Through Fashion

LOS ANGELES, July 22, 2024 /PRNewswire/ -- SHEIN, a global fashion and lifestyle online retailer, hosted its second annual Campus Retreat in Los Angeles on Friday, July 19th and Saturday, July 20th. The event commenced with a Friday evening reception at the Mondrian Hotel in Los Angeles, welcoming over 150 of the nation's top SHEIN campus ambassadors.

On Saturday morning, the retreat continued at the SHEIN Summer House with fun-filled activations including a clothing suite featuring brands such as GLOWMODE, evoluSHEIN and an exclusive sneak peek at SHEIN's latest clothing brand, WESTFADE, now sold on SHEIN. Activities included a yoga session, a permanent jewelry station, a SHEIN Studio offering full-glam makeovers and more.

Ambassadors also participated in SHEIN's circular fashion movement, the SHEIN Exchange program. Participants brought in gently used clothing to exchange for pre-loved items from peers in order to extend the life of the items as long as possible. The initiative served as an opportunity to continue to inspire the SHEIN community to give their pre-owned clothes a new life while promoting the environmental benefits of swapping clothing over buying new.

Saturday evening, the students gathered at One Hotel in Los Angeles for the SHEIN Campus Gala, where top ambassadors were honored with awards in categories including Most Influential, Above & Beyond, Best State Chapter, Most Creative and Ambassador of the Year.

The SHEIN Campus Ambassador Program has more than 50,000 participants from across the United States. The program supports its fashion-loving community by organizing various live and virtual events featuring engaging discussions about the fashion industry, career mentoring and networking opportunities that can open doors to future professional connections. Ambassadors also receive benefits, including commissions and rewards, special giveaways, access to internship opportunities and mentorship programs.

To become a SHEIN Campus Ambassador, applicants must be at least 18 years old, currently enrolled in a university or college in the United States and authorized to work in the United States.

To learn more about the SHEIN Campus Ambassador program, visit: https://us.shein.com/campaigns/campus.

About SHEIN:
SHEIN is a global online fashion and lifestyle retailer, offering SHEIN branded apparel and products from a global network of vendors, all at affordable prices. Headquartered in Singapore, SHEIN is committed to making the beauty of fashion accessible to all, promoting its industry-leading, on-demand production methodology, for a smarter, future-ready industry. To learn more about SHEIN, visit www.sheingroup.com.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

SHEIN Hosts Second Campus Ambassador Retreat in Los Angeles for More Than 150 U.S. Participants

SHEIN Hosts Second Campus Ambassador Retreat in Los Angeles for More Than 150 U.S. Participants

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