Majuro, Marshall Islands, 9th November, 2022, Chainwire
The global cryptocurrency exchange Gate.io has proven that it holds 108% of total user BTC assets in its reserves, according to the independent third-party firm Armanino LLP, which released the findings in a report following the completion of a proof-of-reserves assessment. In addition, the report found that 104% of users’ ETH assets are also accounted for, meaning Gate.io’s BTC and ETH reserves exceed the total amount of user assets.
A unique approach to proof-of-reserves
Crypto exchanges initiate proof-of-reserves attestations to show that users’ asset balances are genuinely held and exist on the exchange. Although proof-of-reserves has been around for years, Gate.io was the first to conduct them with a high degree of transparency and in a user-verifiable and cryptographic manner.
Gate.io has patented a method that allows users to securely and privately verify their inclusion in the attestation through a cryptographic M
