Bitunix exchange announced on October 14th that it has increased Bitcoin (BTC) and Tether (USDT) reserves. The exchange now holds as a reserve $8.3 million or 6.09% of the total token allocation value in Bitcoin and 92.7% or $122.23 million in USDT. The fastest-growing crypto derivatives exchange with this strategic move continues to improve its financial strength while prioritizing user security.
As Blockworks explains Bitcoin and USDT are among the safest options for reserve assets for a crypto exchange, because using them ensures that the exchange can handle large withdrawals, providing users with confidence that their funds are secure accessible at any time. Hence Bitunix’s decision to strengthen its Bitcoin and Tether reserves. Commenting on this, Bitunix’s co-founder Arron Lee said that safeguarding the interests of users is a priority for the platform.
“Our focus on holding reserves in stable assets like Bitcoin and USDT is a message to our users that their funds are secure. We are not only showing that the assets exist but we are also making sure that we provide full transparency through our Proof of Reserves audits,” said Lee.
Bitunix, to further increase the level of security and transparency, recently demonstrated its Proof of Reserves ensuring that user assets are fully backed with a 1:1 reserve ratio. This has also meant that Bitunix is now among the top exchanges in the world’s major rankings, such as Coinmarketcap and Coingecko.
Bitunix Offers Traders More Security by Using Safe Assets for Its Reserves
By increasing the value of Bitcoin reserves and USDT, Bitunix aims to offer traders greater trust when engaging with the platform. The exchange has over $132.7 million in total assets. As aforementioned, 6.09% or $8.3 million are in Bitcoin and 92.7% or $122.23 million are in USDT. The rest of reserves consists of 0.7% Solana or $802,905, and 0.6% Ethereum or $791,747.
This also reveals the more conservative nature of Bitunix, given that the reserves are concentrated on only 4 trustworthy assets, thus offering users security since they can withdraw their assets whenever they want. Furthermore, users can verify through Proof of Reserve that their assets are backed by funds which genuinely exist within the exchange.
Bitunix’s Token Allocation. Source: Coinmarketcap
Moreover, by using safe assets for its reserves, Bitunix has proven that it is financially healthy, and it has also proven its determination to offer qualitative services to users, particularly in periods of high demand or market turbulence. The platform has also recently launched a range of derivative products and advanced security features.
About Bitunix
Bitunix is a global cryptocurrency derivatives exchange founded in 2021, committed to offering simple, secure, transparent, and cost-effective trading services to its users. Bitunix specializes in both spot trading and perpetual futures, with over 250 trading pairs and leverage of up to 125x.
With features such as top-tier liquidity, 24/7 customer support, and a strong commitment to regulatory compliance, Bitunix remains at the forefront of providing a reliable trading experience for the global crypto community. Bitunix has attracted more than 1,000,000 users from over 100 countries, facilitating a daily trading volume exceeding $1 billion on its platform.
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