- Bitget integrates Chainlink Proof of Reserve for BGBTC verification.
- Users gain real-time assurance that assets are fully backed.
- Integration strengthens trust after market volatility and reserve concerns.
Bitget has integrated Chainlink’s Proof of Reserve on Ethereum to provide continuous verification for its wrapped Bitcoin token, BGBTC. This adoption ensures that the asset remains fully backed, enabling users to confirm its integrity at any time without relying on manual disclosures.
The initiative is designed to strengthen confidence among both retail and institutional participants, particularly those using BGBTC in BitVault Finance’s decentralised finance (DeFi) lending and yield strategies.
Chainlink Proof of Reserve operates through decentralised oracle networks that automatically confirm reserve balances and make the data available onchain, offering real-time proof that every BGBTC is backed by Bitcoin.
Related: ICE Data Integration and Chainlink LINK Reserve Fuel Next Wave of Tokenised Market Growth
A Commitment to Transparency
Bitget’s CEO, Gracy Chen, emphasised the importance of transparency in digital finance, explaining that by adopting Chainlink’s system, the exchange provides users and partners with assurance that BGBTC is verifiably supported.
This is another step in our mission to deliver secure, transparent, and innovative products for the Web3 space.
Gracy Chen, Bitget CEOJohann Eid, Chief Business Officer at Chainlink Labs, said “Chainlink Proof of Reserve, the industry standard, offers real-time monitoring, enabling users to independently verify asset collateralisation, and bringing increased transparency and trust to onchain products.”
In addition to increasing BGBTC’s reliability, the adoption aligns with industry-wide moves to improve openness following market volatility and concerns around token collateralisation. The measure is part of Bitget’s broader security-focused strategy, which already includes its own Proof of Reserve framework and a user protection fund.
Bitget currently serves over 120 million users across more than 150 regions worldwide. Established in 2018, the company has expanded beyond trading services into broader Web3 initiatives, including non-custodial wallets, global sports sponsorships, and blockchain education projects.
The integration of Chainlink Proof of Reserve underscores Bitget’s efforts to build resilience and trust in its ecosystem, offering provable backing for BGBTC in real time and reinforcing its position as a security-first exchange.
Related: Grayscale Launches “Space and Time Trust” to Power Next-Gen Web3 and AI
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