ChainCatcher Message: Bitget has announced that it has adopted the Chainlink technology-supported Proof of Reserve scheme to provide real-time transparency and verifiable reserve assurance for its Bitcoin-pegged asset BGBTC.
According to reports, the Chainlink Proof of Reserve scheme autonomously verifies the reserve balances behind tokenized assets through a decentralized oracle network, putting real-world asset reserve data on-chain. This allows the reserve backing of BGBTC to be independent of manual disclosures and open to independent audits at any time. Additionally, this mechanism will further support the application of BGBTC in BitVault Finance's DeFi yield strategies and lending products, enabling both retail and institutional users to confirm that the reserves behind 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 scheme, we provide stronger trust assurance to retail users and institutional partners, ensuring that BGBTC always has verifiable asset backing."
