Bitcoin News Today: Bitget Sets New Trust Standard with Verifiable BGBTC Backing

Bitget, a global cryptocurrency exchange, has recently adopted the Chainlink Proof of Reserve scheme to enhance the transparency of its Bitcoin-backed stablecoin, BGBTC. This move is part of the platform’s ongoing efforts to reinforce trust among its user base, which now exceeds 120 million across 150 countries. By implementing the Chainlink Proof of Reserve protocol, Bitget aims to provide real-time verification of its asset reserves, ensuring that every BGBTC token is fully backed by Bitcoin, thus reducing counterparty risk and fostering confidence in the stablecoin’s value.

According to the latest report, the second inflow of Chainlink reserve LINK funds has been completed, bringing the total reserves to 109,662 LINK, valued at approximately $2.6 million. The average cost per LINK token stands at $19.65, with 44,109.76 LINK acquired in this latest round. Around 90% of these LINK tokens were obtained by swapping USDC for LINK via Uniswap, while the remaining 10% were sourced from user payments. These reserve funds, which are jointly funded by on-chain revenue from Chainlink services and off-chain revenue from enterprise partnerships, are intended to support the long-term growth and sustainability of the network.

The Chainlink Proof of Reserve scheme employs cryptographic proofs to confirm that a platform holds sufficient reserves to back its issued tokens. For Bitget, this means that every BGBTC in circulation is cryptographically verifiable to be fully backed by Bitcoin. This initiative aligns with broader industry trends toward transparency, especially in the wake of recent market volatility and increased scrutiny of stablecoin reserves. By adopting the protocol, Bitget joins a growing number of exchanges and financial institutions seeking to reassure users through transparent and auditable asset management.

The decision to adopt the Chainlink Proof of Reserve scheme also reflects a strategic move by Bitget to differentiate itself in a competitive crypto market. As of 2025, over 1,500 crypto exchanges are active globally, and user trust is a critical factor in retaining and expanding a user base. Bitget’s adoption of this scheme is expected to appeal particularly to investors who prioritize security and transparency in their trading activities. The platform’s ongoing commitment to innovation, including recent forays into Web3 and motorsports sponsorships such as the MotoGP collaboration, further positions it as a versatile and forward-thinking exchange.

Critically, Bitget’s implementation of the Chainlink Proof of Reserve scheme is not a standalone initiative. It is part of a broader strategy that includes partnerships with leading blockchain infrastructure providers and a focus on user-centric innovation. For example, Bitget’s Smarter Speed Challenge, a Web3-based racing game tied to the MotoGP season, demonstrates the exchange’s ability to integrate gamification and real-world rewards into its ecosystem. This multifaceted approach not only enhances user engagement but also underscores the platform’s adaptability in evolving market conditions.

While Bitget’s move to adopt the Chainlink Proof of Reserve scheme is primarily seen as a measure to enhance transparency, it also carries implications for broader industry practices. The success of such initiatives could influence other platforms to adopt similar protocols, further normalizing transparent asset management in the crypto sector. As users become more discerning about the security and stability of their holdings, the demand for verifiable reserve systems is likely to increase, potentially setting a new standard for asset-backed tokens.

Source: [1] The second inflow of Chainlink reserve LINK funds has been completed (https://www.bitget.com/news/detail/12560604912259)