BlockBeats News, August 20, Bitget announced the adoption of a Chainlink-supported Proof of Reserve solution, providing real-time transparency and verifiable reserve guarantees for its Bitcoin-pegged asset BGBTC.
According to reports, the Chainlink Proof of Reserve solution autonomously validates the reserve balance behind tokenized assets through a decentralized oracle network, bringing real-world asset reserve data on-chain. This ensures that the reserve backing BGBTC does not rely on manual disclosure and can undergo independent audits at any time. This mechanism will also further support the use of BGBTC in BitVault Finance's DeFi yield strategies and lending products, allowing retail and institutional users to confirm that the reserve behind the asset is under continuous monitoring.
Bitget CEO Gracy Chen stated: "Transparency is crucial in the digital asset industry. By adopting Chainlink's Proof of Reserve solution, we have provided greater trust assurances to retail users and institutional partners, ensuring that BGBTC always has verifiable asset backing."
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.