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Gate.io Announces to Make Its Merkle Tree Proof of Reserves Solution Open-Source

The cryptocurrency exchange Gate.io has made its Merkle Tree Proof of Reserves solution open-source. Announced on Twitter by Gate.io’s Founder and CEO, Dr. Lin Han, the exchange hopes other platforms can use its open-source solution to increase transparency and industry health and welcomes other exchanges to receive consultancy and advisory support.

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In cooperation with leading U.S. firm Armanino LLP, Gate.io was the first to conduct Proof of Reserves audits in this manner back in 2020. Recently, the pair completed another audit. As outlined in a report from Armanino LLP, Gate.io holds an excess of BTC and ETH reserves at 108% and 104%, respectively.

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Gate.io has been vocal about its commitment to enhancing confidence in the market since announcing the new audit this year and hopes that other exchanges will follow suit. Gate.io’s audit solution combines certified third-party assessments with cryptographic Merkle Trees, one of the core components of blockchain technology. It allows users to openly and independently verify their assets are included in the audit and increases the transparency of users’ balances on exchanges. Following the announcement, it is now open-source and publicly available for any exchange to implement.

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Established in 2013, Gate.io has consistently ranked among the top 10 exchanges. It is a full-service digital asset exchange platform covering millions of users around the world.
The company prides itself on providing industry-leading security in addition to having been audited to show 100% proof of reserves.Gate.io operates in most countries across the world, and is always committed to complying with the applicable laws where it operates.

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