According to Deep Tide TechFlow, on August 20, Bitget announced that it has adopted the Proof of Reserve solution supported by Chainlink technology, providing real-time transparency and verifiable reserve assurance for its Bitcoin-pegged asset BGBTC.
According to reports, the Chainlink Proof of Reserve solution autonomously verifies the reserve balances behind tokenized assets through a decentralized oracle network, bringing real-world asset reserve data on-chain, ensuring that the reserve backing of BGBTC does not rely on manual disclosures and can be independently audited at any time. Additionally, this mechanism will further support the application of BGBTC in BitVault Finance's DeFi yield strategies and lending products, allowing retail and institutional users to confirm that the reserves backing the assets are 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 provide stronger trust assurances for retail users and institutional partners, ensuring that BGBTC is always backed by verifiable assets."
