Crypto exchange bitgetglobal says it's operating without debt, with a proof-of-reserves ratio at 223%. While this is a step towards transparency, auditing off-chain assets remains a complex task.
In an interview, Bitget executives told Cointelegraph that the exchange “operates without relying on debt or users’ funds for its transactions or investments,” and that the company is “proud to be debt free.“ The firm wrote:
When asked about the high collateral for select coins, the exchange explained that the money comes from profit through transaction fees, and returns through investments and acquisitions. The exchange does not have external insurance for its users; however, it does operate a“This enables us to efficiently cover users’ assets without depending on external bureaucracy or policy changes.“
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