In the rapidly evolving world of cryptocurrency, trust and transparency are not just buzzwords; they are the pillars upon which the future of digital finance rests. For Canadians, who are increasingly embracing crypto, these principles are crucial in navigating the complexities of this new financial landscape.
Trust in traditional financial systems is built on centuries of regulations, established institutions, and government backing. In contrast, the decentralized nature of cryptocurrencies poses a unique challenge: How does one establish trust in a system inherently designed to operate without central oversight? This question is particularly pertinent in Canada, a country known for its stable financial environment and prudent regulatory framework.
In recent years, the Canadian crypto ecosystem has experienced a series of setbacks, underscoring the critical need for enhanced trust and transparency. These incidents have not only rattled investors but have also provided valuable lessons on the importance of these principles in the evolving world of digital finance.
Canada’s journey with cryptocurrencies has been marked by notable events that have shaken the confidence of investors. High-profile cases, such as the collapse of QuadrigaCX, once Canada’s largest cryptocurrency exchange, highlighted the vulnerabilities in the system. The mysterious circumstances surrounding the loss of funds due to the absence of regulatory oversight and operational transparency have led to a significant trust deficit among Canadian crypto users.
What is Bitget doing differently?
Established in 2018, Bitget is the world’s leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 20 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official e-sports events organizer PGL. According to Coingecko, Bitget is currently a top five futures trading platform and a top 10 spot trading platform.
With a mission to restore trust in crypto globally, Bitget is setting an example that the industry can emulate.
Proof of Reserves:
Bitget’s Proof of Reserves initiative ensures that 100% of users’ assets are backed with transparent monthly publications of its Merkle Tree proof, reserve ratios, and holdings in cryptocurrencies like BTC, ETH, USDT, and USDC. This is achieved by cryptographic verification methods and publicized wallet addresses, promoting transparency and security. Users can verify their holdings through an open-source code on GitHub, underscoring Bitget’s commitment to transparency and asset safety. A reserve ratio exceeding 100% indicates the platform’s capability to cover all user assets. Currently, the reserve ratio of 159%, and according to Coinmarketcap’s data on March 5, Bitget’s total reserves surpassed $2.244 billion consisting of major cryptocurrencies such as BTC, ETH, USDT, and USDC, among others. This routine audit provides clear visibility into Bitget’s ongoing commitment to openness and accountability.
“Bitget remains resolute in providing the highest level of security and transparency to its users. We prioritize financial stability and technical resilience to instill unwavering confidence in our platform. We take immense pride in maintaining the most robust reserve ratio among major exchanges. This unwavering commitment to financial stability reinforces our users’ trust in Bitget as a reliable and trustworthy crypto exchange.”
— Shaed Hashimkhial, GTM Lead at Bitget
Security Fund:
Currently standing at $580 million, Bitget stands as one of the largest self-insured funds in crypto. It builds trust amongst users with an extra layer of protection as it safeguards crypto assets against hacks, scams, and extreme market conditions. The Protection Fund is entirely self-funded, affording a high degree of operational flexibility and autonomy. It constitutes a robust financial shield intended to protect the financial interests of Bitget’s users. This approach enables swift and efficient asset coverage without external red tape or the need for policy adjustments. The platform maintains transparency by providing seven wallet addresses that hold these assets, allowing users to track funds in real-time. This initiative further solidifies the organizations commitment to financial security and user trust.
To further increase its stability and liquidity against external factors, the fund encompasses a diversified portfolio of high-liquidity cryptocurrencies such as BTC, USDT, and USDC. For the month of March, Bitget’s Protection Fund has maintained stable growth as per market movements and BTC price surge, reaching an all-time-high value of over $580 million.
The path forward for the Canadian crypto ecosystem involves learning from past mistakes and building a more secure and transparent environment. Emphasizing these values will not only help regain lost trust but will also ensure the sustainable growth of the crypto market in Canada. It’s about creating a digital financial space where Canadians can engage with confidence, backed by the assurance of safety and clarity.
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