Gate has released a new proof of reserves report, with a total value that reached $11.67 billion and a total reserve ratio reaching as high as 124% across 500 types of assets.
Summary
- Gate released its latest proof-of-reserves report showing total reserves of $11.67 billion and an overall reserve ratio of 124%, indicating strong liquidity and asset coverage across nearly 500 supported tokens.
- The exchange also announced its official expansion into Australia after registering with AUSTRAC, marking another step in Gate’s global compliance strategy.
On Nov. 3, the crypto exchange released its latest proof-of-reserves report that shows the platform’s reserves. As of Oct. 28, the total reserve value held on the exchange has reached $11.67 billion, with an overall reserve ratio of 124%. This means that the exchange holds significantly more assets in its reserves rather than the user balances on its platform.
According to the report, the platform’s reserves currently cover nearly 500 different types of user assets, marking one of the most diversified holdings among major crypto exchanges. The report highlights some of the significant reserves with growth in ratio for major cryptocurrencies.
In terms of Bitcoin (BTC), users on the platform collectively hold a total of 18,536 BTC. On the other hand, Gate maintains about 24,833 BTC in its reserves, which represents an excess reserve ratio of 33.96%. Compared to the previous month, the excess reserves have increased from 33.48%.
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Similarly for Ethereum (ETH), users holdings stand at 332,801 ETH. The platform’s reserve ratio stands slightly above its user holdings by more than 25%, reaching 419,096 ETH. Much like Bitcoin, the excess ratio has risen compared to the previous month, from 23.58% to 25.93%.
Meanwhile, USDT (USDT) holdings also saw a healthy surplus with user deposits amounting to 1.33 billion USDT and Gate’s reserves reaching 1.58 billion USDT, maintaining an excess ratio of 18.74%.
Beyond major assets, Gate’s reserves for other popular tokens continue to surpass its user holdings. The platform’s native token GT (GT) leads with a reserve ratio of 150.98%, while DOGE (DOGE) and XRP (XRP) maintain 108.12% and 116.66% respectively. Overall, all of the tokens held by the exchange have a surpassed the 100% reserve threshold.
These figures suggest that Gate’s financial standing remains resilient even amid broader market volatility, considering most of the assets have been on a downturn trend in the past few days. This means that Gate has a stronger liquidity position compared to the previous month and continues to maintain user trust by building up its reserves.
Gate expands into Australia
On Nov. 3 Gate Group, has officially registered its services with the Australian Transaction Reports and Analysis Centre as a digital currency exchange provider and is already launched. As part of the expansion, the platform offers localized products, websites and features that are meant for Australian users.
Gate Australia will be integrating multiple security measures, including SSL-encrypted connections, offline Bitcoin wallet technology, two-factor authentication, as well as instant deposit and withdrawal capabilities.
Founder and CEO of Gate Group, Dr. Han viewed the Australian regulatory framework for digital asset service providers as very robust, with the region having an “open financial environment.” Han emphasized the importance of compliance, transparency, and user protection for the company.
“The official launch of Gate Australia not only represents an important step in our global compliance strategy but also underscores our long-term commitment to providing secure and trusted services for users worldwide,” said Han in the latest statement.
At the moment, the crypto exchange holds registered licenses in several regions including Malta, the Bahamas, Hong Kong, Japan, Australia, and Dubai.
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