Latest news with #ProofOfReserves
Globe and Mail
16-07-2025
- Business
- Globe and Mail
BTCC Exchange Reports 132% Total Reserve Ratio with Ethereum Leading at 170% in July 2025
A Media Snippet accompanying this announcement is available by clicking on this link. VILNIUS, Lithuania, July 16, 2025 (GLOBE NEWSWIRE) -- BTCC, the world's longest-serving cryptocurrency exchange since 2011, has released its July 2025 Proof of Reserves (PoR) report, demonstrating a total reserve ratio of 132%. This marks the fourth consecutive month of maintaining reserves well above 100% since launching monthly PoR reporting in April 2025. The comprehensive report reveals strong asset backing across all major cryptocurrencies, with Ethereum showing the highest reserve ratio: Bitcoin (BTC): 120% Ethereum (ETH): 170% XRP: 145% Tether (USDT): 143% USD Coin (USDC): 110% Cardano (ADA): 120% These ratios demonstrate BTCC's commitment to maintaining sufficient reserves to fully back all user deposits, with Ethereum's 170% ratio highlighting particularly strong backing for the second-largest cryptocurrency by market capitalization. "July has been a remarkable month for the cryptocurrency market," said Alex Hung, Head of Operations at BTCC Exchange. "Rising geopolitical tensions and new US tariff policies have driven increased safe-haven demand, with Bitcoin breaking through the historic $120,000 milestone for the first time. Throughout this period of market volatility, BTCC has maintained its strong financial position while continuing to grow both our asset base and user community." Since launching monthly PoR reporting in April, BTCC has consistently maintained reserves above 100%, with ratios of 161% in April, 152% in May, and 135% in June. BTCC's Proof of Reserves system utilizes Merkle tree technology to provide cryptographic verification of platform reserves and user asset proof reports. This enables users to independently verify their assets and ensures complete transparency. As cryptocurrency markets continue to evolve, BTCC remains focused on providing a secure, reliable, and trustworthy trading environment for its global user base. The consistent maintenance of reserves above 100% demonstrates BTCC's unwavering commitment to user fund security and financial transparency. To view the complete July 2025 Proof of Reserves report and verify individual assets, please visit BTCC's website. About BTCC Exchange Founded in 2011, BTCC is one of the world's longest-serving cryptocurrency exchanges, offering secure and user-friendly trading services to millions of users globally. With a commitment to security, innovation, and community building, BTCC continues to be a trusted platform in the evolving cryptocurrency landscape.
Yahoo
15-07-2025
- Business
- Yahoo
Bitwise Adds Proof of Reserves for Bitcoin, Ether ETFs
Crypto asset manager Bitwise said it is improving transparency for its spot bitcoin (BTC) and ether (ETH) exchange-traded funds, rolling out third-party proof-of-reserves verifications through U.S. accounting company The Network Firm. The process, which is already live, replaces Bitwise's prior practice of publicly listing nearly 90 wallet addresses on its websites. Instead, The Network Firm will confirm on-chain holdings daily for the Bitwise Bitcoin ETF (BITB) and Bitwise Ethereum ETF (ETHW), reconciling balances with the number of fund shares outstanding, Bitwise said in a post on X. In the coming weeks, the firm said, it plans to add a second layer of transparency. That layer will bring in daily CPA-attested reports verifying not just asset balances but also fund liabilities. 'Together, these features deliver a more comprehensive and easily readable approach to transparency,' the company wrote. The added layer is meant to assure investors that fund holdings match obligations. Proof-of-reserve audits have been a growing trend in the cryptocurrency industry, taking off after the collapse of FTX in November 2022. That collapse occurred after a leaked balance sheet triggered a bank run on the exchange, revealing it did not have customers' assets on hand to meet its obligations. Since then, platforms' reserves have been a major concern for investors. Bitwise's bitcoin exchange-traded fund currently has $4.9 billion in net assets, far below the market leader, BlackRock's iShares Bitcoin Trust (IBIT), which holds $85.9 billion, according to SoSoValue data. Similarly, its ether ETF holds $358 million in net assets, below the sector's leader's $6.28 billion. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
13-05-2025
- Business
- Globe and Mail
BTCC Exchange Announces Proof of Reserves in April 2025, Demonstrating Powerful 161% Asset Backing for Security
VILNIUS, Lithuania, May 13, 2025 (GLOBE NEWSWIRE) -- BTCC, the world's longest-serving cryptocurrency exchange, has recently released its Proof of Reserves (PoR) report for April 2025, demonstrating a robust 161% total reserve ratio. This step marks a significant advancement in BTCC's commitment to transparency and security of user funds. The PoR report dated April 15, 2025 reveals that BTCC maintains reserves well above the 100% threshold across all major cryptocurrencies: Bitcoin (BTC): 165% Ethereum (ETH): 160% Ripple (XRP): 135% Tether (USDT): 162% USD Coin (USDC): 142% Cardano (ADA): 166% "The release of our Proof of Reserves report is a natural extension of BTCC's foundational principles to being transparent," said Alex, Head of Operations at BTCC Exchange. "We're committed to increasing transparency around user assets and reinforcing our vision of making cryptocurrency trading reliable and accessible to everyone.' A reserve ratio exceeding 100% means users' assets are not only fully backed 1:1, but over-collateralized—the exchange holds more assets in custody than all users collectively own. Proof of Reserves is an audit procedure that verifies the assets held by exchanges to ensure a minimum 1:1 backing of all user funds. BTCC employs the widely recognized Merkle Tree cryptographic tool for its proof of reserves, and users can verify that their assets are securely backed in the exchange's reserves with the latest Merkle root hash available on the BTCC website. This release highlights BTCC's unwavering commitment to industry transparency and accountability. The exchange will publish PoR report monthly to provide users with continuous verification of their asset security. This regular reporting establishes a new standard of openness for the exchange and demonstrates BTCC's dedication to building lasting trust with its user community. BTCC has maintained an impeccable security record since its founding in 2011, operating for 14 years without a single security breach. As the exchange prepares to celebrate its 14th anniversary this year, this PoR release further solidifies its reputation as a trusted platform in secure cryptocurrency trading. About BTCC Founded in 2011, BTCC is one of the world's longest-serving cryptocurrency exchanges, offering secure and user-friendly trading services to millions of users globally. With a commitment to security, innovation, and community building, BTCC continues to be a trusted platform in the evolving cryptocurrency landscape.
Associated Press
13-05-2025
- Business
- Associated Press
BTCC Exchange Announces Proof of Reserves in April 2025, Demonstrating Powerful 161% Asset Backing for Security
VILNIUS, Lithuania, May 13, 2025 (GLOBE NEWSWIRE) -- BTCC, the world's longest-serving cryptocurrency exchange, has recently released its Proof of Reserves (PoR) report for April 2025, demonstrating a robust 161% total reserve ratio. This step marks a significant advancement in BTCC's commitment to transparency and security of user funds. The PoR report dated April 15, 2025 reveals that BTCC maintains reserves well above the 100% threshold across all major cryptocurrencies: 'The release of our Proof of Reserves report is a natural extension of BTCC's foundational principles to being transparent,' said Alex, Head of Operations at BTCC Exchange. 'We're committed to increasing transparency around user assets and reinforcing our vision of making cryptocurrency trading reliable and accessible to everyone.' A reserve ratio exceeding 100% means users' assets are not only fully backed 1:1, but over-collateralized—the exchange holds more assets in custody than all users collectively own. Proof of Reserves is an audit procedure that verifies the assets held by exchanges to ensure a minimum 1:1 backing of all user funds. BTCC employs the widely recognized Merkle Tree cryptographic tool for its proof of reserves, and users can verify that their assets are securely backed in the exchange's reserves with the latest Merkle root hash available on the BTCC website. This release highlights BTCC's unwavering commitment to industry transparency and accountability. The exchange will publish PoR report monthly to provide users with continuous verification of their asset security. This regular reporting establishes a new standard of openness for the exchange and demonstrates BTCC's dedication to building lasting trust with its user community. BTCC has maintained an impeccable security record since its founding in 2011, operating for 14 years without a single security breach. As the exchange prepares to celebrate its 14th anniversary this year, this PoR release further solidifies its reputation as a trusted platform in secure cryptocurrency trading. About BTCC Founded in 2011, BTCC is one of the world's longest-serving cryptocurrency exchanges, offering secure and user-friendly trading services to millions of users globally. With a commitment to security, innovation, and community building, BTCC continues to be a trusted platform in the evolving cryptocurrency landscape. Website: X: Contact: [email protected] A photo accompanying this announcement is available at
