Gate Reports $8.688 Billion in Reserves, Coverage Ratio Nears 120%
Summary
- Global cryptocurrency exchange Gate said it reported total reserves of $8.688 billion and a coverage ratio of 118.49%.
- The reserve ratios for Bitcoin and Ether rose from earlier levels to 121.6% and 123.78%, respectively.
- Stablecoin reserves (USDT, USDC) were $1.746 billion, with a reserve ratio of 116.59%.
Forecast Trend Report by Period
Global cryptocurrency exchange Gate holds nearly $8.7 billion in reserves.
Odaily reported on Oct. 21 that Gate released a proof-of-reserves report showing total reserves of $8.688 billion. The report covered 500 cryptocurrencies held by the exchange as of Oct. 18.
The reserve ratio against customer assets stood at 118.49%. For Bitcoin, customer holdings totaled 21,156 BTC, while the exchange held 25,727 BTC in reserves. The Bitcoin reserve ratio rose to 121.6% from 120.32%.
For Ether, customer holdings came to 362,785 ETH and exchange reserves totaled 449,042 ETH. The reserve ratio edged up to 123.78% from 123.59%.
Stablecoins held by Gate users on the exchange, including Tether's USDT and Circle's USDC, totaled $1.497 billion. Gate's stablecoin reserves stood at $1.746 billion, putting the reserve ratio at 116.59%.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul