Gate Io Announces Second Audit, After Being First Exchange to Provide Proof-of-Reserves

[PRESS RELEASE- Majuro Marshall Islands, 6th Jul 2022]

Gate.io announced that it will conduct another proof-of reserves audit in order to provide users with verifiable reserves data via a Merkle tree implementation audited and certified by a top third-party firm. This follows several high-profile bankruptcy filings in the sector.

In 2020, as the first cryptocurrency exchange in the world to commit to providing 100% collateral, Gate.io has worked closely with Armanino LLP, a leading US audit firm, to successfully provide users with professional and credible asset verification services in an open-source, transparent, and cryptographically-verifiable Merkle tree. Gate.io patented the asset verification model in 2020. This model allows exchanges to perform PoR audits. Gate.io is the industry standard in asset security verification.

To prove that the platform holds 100% of users funds, exchanges conduct proof-of-reserves audits. Gate.io has shown that it is stable despite volatility in the market and that it has enough capital to continue operating and serve its users.

In a Nutshell: Proof-of-reserves Audits

Users’ cryptocurrency balances are stored in centralized exchanges. We’ll call this “effective user reserves” and “exchange reserves”.

Gate.io is an example. It proves that its exchange reserves are equal or greater to the effective user reserves by proving that it has 100% of its reserves.

After completion of the audit, users will be provided with a method to verify their funds using an open-source, transparent, and cryptographically-verifiable Merkle tree. The Merkle tree, in essence, is a method to encrypt data in a way that cannot easily be altered and can be verified. It also allows users to interact with auditors’ findings reliably without having to reveal the data.

Gate.io users can therefore rest assured that their assets will be safe and easily accessible at all times. Market volatility aside, they are actually held and are available on the exchange.

Tom Yang, Gate.io’s Executive Vice President, stated, “Gate.io protects users funds at multiple levels including legal, regulatory and platform security audits and proof-of reserve audits. Gate.io has spent millions on security measures and legal money to protect user assets.

Take the lead in user trust and platform transparency

These audits have been in existence since the beginning of crypto exchanges. However, they have not always been transparent and credible. It was not uncommon for exchanges to perform their own audits. They also lacked credible third-party auditors and did not provide users with a way to verify assets.

The market has deemed Gate.io’s third-party audit method and Merkle Tree verification system to be effective after they were developed and implemented by Gate.io. Exchanges can prove that the amount of user assets owned by the platform is not less than the total funds of the platform users. It eliminates doubts from users and increases user trust. Additionally, it promotes healthy and stable growth of the industry and the platform.

Do you want to provide proof of reserves now?

Gate.io has taken steps to increase the security of its users’ funds and boost confidence in the market and industry during market volatility and uncertainty. This exchange has a long history of safe and transparent operations and plans to continue its operation under these principles.

Gate.io is one of the most popular cryptocurrency exchanges. It has a long track record of providing secure services in the cryptocurrency industry. In nine years of operation, there have been zero asset compromises. The platform also adheres to transparent and ethical operations. This is evident by its security record and setting an industry standard for transparent, credible, and open proof-of-reserves audits. This all ties in to the exchange’s dedication to the blockchain industry and serves as a beacon for hope and trust. It also offers a top-tier platform on which crypto investors can count.

Gate.io

Gate.io was established in 2013 and is one of the most prominent cryptocurrency exchanges. Gate.io has more than 10 million users around the globe and offers the most popular digital assets. The Blockchain Transparency Institute (BTI) has consistently ranked it among the top 10 cryptocurrency exchanges on CoinGecko based on liquidity, trading volume and market capital. Forbes Advisor has given Gate.io a rating of 4. Gate.io offers more than just the main exchange. They also offer other services like research and analytics, decentralized finance and venture capital investments, wallet service and many others.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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