By Scott Galbraith
In the second week of December, well-known crypto trading company Bitget brought out a PoR protocol that uses the Merkle managing protocol – a technique to show its present reserves to get a greater level of transparency.
The release of new security documentation
In order to launch Proof of Reserve, the company increased the covering funding from one hundred million dollars to three hundred million and announced its plans about a month ago.
Following the collapse of crypto trader FTX, efforts are being made to regain the trust of users and investors in its system. The cryptocurrency that is kept in the user account, according to a press release from Bitget, is fully secured.
In order to increase its transparency, Bitget is releasing a brand-new method named “Merkle”. Users yet will have a chance to check their personal pages and guarantee the safety of the money they store.
As stated by Bitget’s managing director, Gracy Chen, the company is seeking to respond to the marketplace fears, and even prior to FTX declaring its shutdown, the authorities of Bitget had committed to producing their Proof of Reserves protocol.
User evaluation of specific exchange trading deals is made possible by Merkle Tree. To allay the worries of their clientele, crypto trading services have begun to offer this sort of method to implement Proof-of-Reserve.
After the FTX collapse, some clients started getting their possessions back and moving their money to self-regulated accounts.
The platform for social trading and new ambassadors
In addition to reducing the effects of the failure of the cryptocurrency exchange FTX, Bitget keeps up its development and marketing initiatives.
The business revealed this Fall that Lionel is among the most well-known football players in the world. A social trading platform called Insights, which is connected to Bitget’s 2020 One-Click Copy Trade service, was introduced in the same month.
The company makes efforts to draw cryptocurrency traders to better revenue levels while giving new entrants a way to enter the market and make money.
This is done by lowering transaction costs and developing various transactions to get better margins and increase the trading levels on the platform.