Gate.io, a leading cryptocurrency exchange with over 1,400 listed cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and many others, has provided proof that its reserve contains 108% of total user BTC assets.
This conclusion was arrived at from the data presented by an independent third-party firm known as Armanino LLP after completing a proof-of-reserve assessment.
More so, it was discovered that the users’ ETH-dominated assets held by Gate.io were 104%. In comparison to the standard reserve volume, Gate.io’s BTC and ETH reserves have surpassed the total volume of users’ assets.
Formally, such proof-of-reserve attestations are performed by crypto exchanges to ascertain that users’ assets are truly held and certainly exist on the exchange.
Therefore, it can be used by crypto exchanges to portray transparency and integrity. Most of the time, a third party like Armanino LLP in the case of Gate.io is used to ensure credibility and provide confidence when conducting a proof-of-reserve attestation.
Important to realize is that Armanino LLP holds a license from the California Board of Accountancy and belongs to the American Institute of Certified Public Accountants and the Center for Audit Quality.
Gate.io Introduces More Crypto Offerings
According to the published statement, Gate.io is the first to conduct this proof-of-reserve exercise with a high degree of transparency and in a user-verifiable and cryptographic manner using the Merkle Tree, a key component of BTC.
The Chief Executive Officer and Founder of Gate.io, Dr. Lin Han, said, “Security is our number one priority, specifically the security of users’ cryptocurrency. We remain committed to putting the safety of users first, and one way we accomplish this is through our proof-of-reserves model.”
Additionally, Gate.io announced the launch of a crypto-based payment service dubbed Gate Pay to unlock Web3.0 crypto payments.
Presently, the platform supports 21 crypto assets but plans to expand in the future to allow as many as 130 digital assets. Only in May had the crypto exchange launched Gate Institutional, a new product to serve institutional investors, particularly Market Makers and brokers.
It is believed that Gate Institutional holds the right tools that will help corporate entities to increase their exposure to the nascent crypto ecosystem.