Bitget Implements Chainlink Proof of Reserves Solution to Enhance BGBTC Asset Transparency

ChainCatcher reports that Bitget has announced the adoption of a Proof of Reserve solution powered by Chainlink technology, providing real-time transparency and verifiable reserve backing for its Bitcoin-pegged asset, BGBTC.

According to available information, the Chainlink Proof of Reserve solution autonomously verifies the reserve balances behind tokenized assets through a decentralized oracle network, bringing real-world reserve data on-chain. This allows BGBTC’s reserve backing to be independently audited at any time without relying on manual disclosures. Additionally, this mechanism will further support the use 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 asset 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.”