Gate.io, in partnership with Aramanino LLP, has made its Merkle Tree Proof of Reserves solution, this being the second successful audit. The two firms conducted the first audit in 2020, which saw Gate.io become the first exchange to perform PoR worldwide.
Aside from cryptographic Merkel Trees, the audit solution comprises certified third-party assessments, where Aramanino LLP comes to play. According to the just-released report, BTC accounts for 108% of collateral in reserve. On the other hand, the firm holds an excess of 104% ETH in reserves.
Gate.io is now an open source and, therefore, available for other exchanges to implement. More details can be accessed from the below URLs:
Second PoR audit report by Armanino LLP: https://proof-of-reserves.trustexplorer.io/clients/gate.io
100% By Solution: https://www.gate.io/proof_of_reserves
Open-Source on GitHub: https://github.com/gateio/proof-of-reserves
Further, Dr. Lin Han, the founder and CEO of Gate.io, has encouraged other blockchains to follow suit. Like with the previous PoR, he believes the decision will provide the much-needed transparency and overall health in the blockchain industry.
Since its inception in 2013, Gate.io has been a safe and secure exchange hosting a range of trading products, including spot, P2P, copy, margin, and leverage trading, to mention a few. The platform boasts over 1500 cryptocurrencies and more than 2800 trading pairs.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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