Bitget Proof-of-Reserves August: Increase in Reserve Ratio and Users’ Asset in Ethereum (ETH)

Bitget Proof-of-Reserves August: Increase in Reserve Ratio and Users’ Asset in Ethereum (ETH)

VICTORIA, Seychelles, Aug. 29, 2024 (GLOBE NEWSWIRE) — Bitget, the world’s leading cryptocurrency exchange and Web3 company, has shared its monthly update for the transparent tracking of its proof-of-reserves (PoR) highlighting the reserve ratios of Bitcoin (BTC), Ethereum (ETH), USDT and USDC. This update shows the platform’s commitment to transparency and security, highlighting significant growth in both user assets and platform reserves.

In August 2024, Bitget’s Proof-of-Reserves data showed a significant positive shift, with users’ ETH assets increasing by 22%, marking the highest growth rate for ETH this year. BTC assets continued their upward trend with a 6% increase, while USDC saw a robust performance earlier in the period, highlighting user confidence in these key assets.
As of August 2024, Bitget’s total reserve ratio stands at an impressive 176% and an increase of 9% from July’s 167%. The latest reserve ratios for key assets are as follows:

  • BTC: Platform asset 18,905.85 BTC, Users’ assets 6,492.53 BTC, Reserve Ratio 291%
  • USDT: Platform asset 1,041,659,177.52 USDT, Users’ assets 858,766,618.14 USDT, Reserve Ratio 121%
  • ETH: Platform asset 123,686.9 ETH, Users’ assets 81,625.78 ETH, Reserve Ratio 152%
  • USDC: Platform asset 77,244,895.83 USDC, Users’ assets 13,633,360.87 USDC, Reserve Ratio 567%

Bitget Proof-of-Reserves August: Increase in Reserve Ratio and Users' Asset in Ethereum (ETH)

In August, Bitget’s reserves strengthened across all major assets. BTC and ETH user assets grew, with BTC’s reserve ratio rising to 291%. USDT and USDC reserve ratios improved significantly to 121% and 567%, respectively.
“Bitget’s strength and leadership in the Web3 space is anchored in providing the highest standards of security and transparency. Our focus on sharing clear proof-of-reserves updates every month guarantees the safety of our user assets. We remain dedicated to setting the benchmark for trust and reliability for CEXs and will continue to maintain this as a part of our user asset security,” said Gracy Chen, CEO at Bitget.

From January to August 2024, Bitget has observed substantial growth in user assets across all major cryptocurrencies. ETH has led the way with an impressive 200.88% increase, reflecting heightened user interest and confidence in the asset. BTC assets also saw a robust growth of 96.55%, nearly doubling over the eight-month period. USDT followed closely with a 69.89% increase, showing strong and steady user accumulation. Meanwhile, USDC assets grew by 30.17%, indicating consistent, though more modest, user engagement. Overall, this period highlights significant and diversified growth in user assets on Bitget.

The updated PoR showcases Bitget’s efforts in maintaining more than industry standard 100% reserves, which effectively guarantees that users’ assets are safe. The platform is capable of covering user withdrawals, even if all user assets are withdrawn.
In addition to maintaining a higher than industry standard PoR, Bitget insures its users further with a $300M Protection Fund, now valued over $400 million according to its latest protection fund report. This gives the platform an extra layer of resilience against cybersecurity threats. Users who have their accounts compromised in unfortunate incidents not attributed to their own actions or trading behavior can make a claim through the Bitget Protection Fund.

For real-time PoR tracking, please visit – https://www.bitget.com/proof-of-reserves

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: [email protected]

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Nikkiso Clean Energy & Industrial Gases Group Announces It Will Double Manufacturing Capacity in Europe

Nikkiso CE&IG Expanded Facility
Nikksio in Wurzen Germany

Graphic representation of Nikkiso’s expanded facility in Wurzen, Saxony, Germany.

TEMECULA, Calif., Aug. 29, 2024 (GLOBE NEWSWIRE) — Nikkiso Clean Energy & Industrial Gases (Group), part of Nikkiso Co. Ltd.’s Industrial Business segment, celebrated the expansion of its manufacturing operations in Wurzen, Saxony, Germany on Aug. 29 during a groundbreaking ceremony. The additional space will nearly double the Group’s manufacturing capacity in Europe.

With the additional space, the Group will build on its existing carbon capture business and bring new manufacturing capabilities for cryogenic pump assembly, heat exchangers and hydrogen fueling skids to meet market demand for cryogenic equipment and plant solutions used in clean energy projects like hydrogen fueling stations, LNG and ammonia terminals, and hydrogen production plants.

“Nikkiso is investing to meet clean energy market demand and growing our operations in Germany because of increasingly favorable market conditions for low-carbon energy solutions,” said Peter Wagner, Executive Chairman, Nikkiso CE&IG Board.

Expanding manufacturing space and capabilities in Europe will help the Group share knowledge and expertise between regions and provide good-paying jobs for local workers — approximately 20 percent growth in the near term with further growth expected longer term.

The first dig in Wurzen
Nikkiso CE&IG Groundbreaking in Wurzen

Nikkiso CE&IG leaders, the Prime Minister of Saxony and Japan Ambassador shovel the first ground at Nikkiso’s groundbreaking ceremony in Wurzen, Germany in Aug. 2024.

“Nikkiso brings a depth of experience in the cryogenics industry that few can match,” said Adrian Ridge, CEO, Nikkiso CE&IG. “The facility in Wurzen will be Nikkiso’s manufacturing hub in Europe and complement our customer center in Neuenburg.”

The Prime Minister of Saxony, Michael Kretschmer, added: “The facility expansion of Nikkiso in Wurzen is a far-sighted investment that shows how attractive Saxony is as a business location for international investors. The doubling of production capacity is a vote of confidence that we can be proud of. With this decision, Nikkiso will become an important part of the hydrogen economy that we in Saxony want to rely on in the coming decades. I am delighted that together we are strengthening this cooperation in the direction of clean energy and innovation. This is good news for Wurzen and for Saxony as a business location.”

Facility operations are and will continue to be fully powered by renewable solar energy when the expanded operation is complete in the first half of 2025.

About Nikkiso Clean Energy & Industrial Gases Group

The Nikkiso Clean Energy & Industrial Gases Group is a leading provider of cryogenic equipment, technologies and applications for clean energy and industrial gas market segments. The Group employs more than 1,700 people in 22 countries and is headed by Cryogenic Industries, Inc. in Southern California, U.S., which is a wholly owned subsidiary of Nikkiso Co., Ltd. (TSE: 6376).

Media contact

[email protected]

About Nikkiso Co. Ltd.

Since its establishment in 1953, Nikkiso has contributed to solving social issues by anticipating the changing times with world-first and Japan-first technologies and products. In the industrial business, Nikkiso has created new markets by developing products in the energy field, hemodialysis-related products in the medical business, and CFRP (carbon fiber reinforced plastic) aerostructures in the aerospace business.

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Lagos begins ‘Ounje Eko’ second phase Sept. 1


The Lagos State Government says it will begin the Phase II of its ‘Ounje Eko’ Food Discount Market on Sept. 1.

The state Commissioner for Agriculture and Food Systems, Ms Abisola Olusanya, disclosed this during a news conference on Wednesday in Alausa.

The News Agency of Nigeria (NAN) reports that in March, the state government implemented Phase I of the Ounje Eko Food Discount Market across its 57 Local Government Areas (LGAs) and Local Council Development Areas (LCDAs).

The temporary markets, which also took place at the Alausa, Secretariat and Lekki Phase I, operated on Sundays to provide selected food items at a 25 per cent discount.

Residents across Lagos enjoyed 25 per cent discount on a variety of food items, including rice, beans, garri, bread, eggs, tomatoes, pepper and onions.

The commissioner said in a bid to further reduce the impact of high prices, the governor had approved commencement of Phase II of the ‘Ounje Eko’ market.

‘On behalf of the Lagos state government, we announce the commenc
ement of the ‘Ounje Eko’ Food Discount Market Phase II, an initiative aimed at alleviating the impact of rising food prices on our citizens.

‘This programme aligns with Gov. Babajide Sanwo-Olu’s commitment to supporting Lagos residents through innovative and impactful initiatives.

‘The success and wide acclaim of the first phase of the project have shown us the substantial impact such initiatives can have on improving the lives of our citizens.

‘In response to numerous requests from the public, the governor has decided to expand and enhance this initiative,’ the commissioner said.

Olusanya noted that the programme became more pertinent with food inflation reaching 40.9 per cent, placing the price of staple food items beyond the reach of many households, and its attendant social implications.

‘This second phase will commence on Sept. 1, 2024 and will run for 8 weeks across 64 locations, including the 57 LGAs/LCDAs, Alausa Secretariat, Lekki Phase 1, University of Lagos (UNILAG), and Lagos State University
(LASU).

‘It will also take place at Lagos State University of Science and Technology (LASUSTECH), Lagos State University of Education (LASUED), and Lagos State University Teaching Hospital (LASUTH).

‘The markets will operate from 10:00a.m. to 5:00pm. Markets at the Alausa Secretariat and the institutions, such as UNILAG, LASU, LASUSTECH, LASUED, and LASUTH, will take place on Fridays.

‘However, the market for Mushin LGA will operate on Wednesdays and Saturdays at the Fresh Food Hub in Idi-Oro.

‘The food items available at the markets will include a maximum cap purchasable of 5kg each for rice, beans, and garri, two loaves of bread, one crate of eggs, 2kg of tomatoes, and 1kg each for Pepper and onion per individual.

‘It is important to note that the prices of these food items have increased over the past few months, varying from one location to another,’ Olusanya said.

She also promised that the markets would operate seamlessly in collaboration with the necessary agencies.

‘To ensure smooth operations,
each market will be managed by a market leader, supported by eight ministry staff, four representatives of the National Youth Council of Nigeria (NYCN), Lagos chapter.

‘There will also be two representatives from the LGAs/LCDAs, typically the Head of Department for Agriculture and the supervisor. We will also receive support from volunteers and local government chairmen.

‘In collaboration with Payment Service Providers such as Money Master PSB by GLO, MoMo PSB by MTN, Smartcash PSB by Airtel, Palmpay, Hydrogen by Access Bank, and Traction, all transactions will be digitalised.

‘No cash transactions will occur at any market location, enhancing accountability and convenience. For any transaction issues, such as declined but debited transactions, citizens are advised to contact their respective banks.

‘We have made provisions to ensure a comfortable and hassle-free experience at all market locations. Adequate seating, canopies, and convenience facilities will be available.

‘For any issues or complaints, cit
izens should approach the market leader, who will be wearing a branded red reflective jacket, or other staff officials in branded lemon reflective jackets.

‘To guarantee safety and orderliness, we are engaging security and support personnel, including the Mobile Police, Rapid Response Squad (RRS) and the Lagos State Neighborhood Safety Corps (LNSC).

‘The Lagos State Traffic Management Agency (LASTMA) for traffic management, Civil Defense will also be represented and the Lagos State Ambulance Service (LASAMBUS) for medical emergencies.

‘Also, Lagos State Waste Management Authority (LAWMA) for cleanliness during and after the market hours,’ she said.

Source: News Agency of Nigeria

Hajj: Gbajabiamila canvasses better treatment for pilgrims


Hon. Femi Gbajabiamila, the Chief of Staff to the President, has empahaised the need for reforms within the National Hajj Commission (NAHCON) to curb financial mismanagement, negligence and maltreatment of pilgrims.

Gbajabiamila made the call on Wednesday during a fact-finding visit to NAHCON headquarters in Abuja.

The News Agency of Nigeria (NAN) reports that the visit was part of efforts to engage with government agencies under the supervision of State House.

He said NAHCON should not be involved in any controversy because of its mandate and what it represented.

‘It’s a religious commission. It’s a commission that was set up to fulfill religious and spiritual obligations for men and women of faith.

‘Pilgrims travel every year to fulfill an Islamic obligation. Not only that, when they’re there, they’re there as ambassadors of Nigeria.

‘As ambassadors of Nigeria, it is expected that they will carry the emblem and the flag of Nigeria on their full chest to represent, and to show both in demeanour and co
nduct, who and what we are.

‘We regret the fact that quite often pilgrims are maltreated due to improper organisation by NAHCON during hajj operations,’ he said.

According to him, pilgrims end up sometimes not conducting themselves appropriately, and that the Commission must accept responsibility for the the conduct of pilgrims both in Nigeria and Saudi Arabia.

He urged the management and staff of the Commission to work closely with the Office of the Vice-President, which oversees the agency, to identify past mistakes, make corrections and ensure seamless operations for pilgrims.

‘What happened has happened and we are here to chart a way forward.

‘It is time that the system of the commission is reformed in such a way that it aligns with President Bola Tinubu’s Renewed Hope Agenda,’ he said.

Also, Sen. Ibrahim Hadejia, the Deputy Chief of Staff to the President, echoed the Chief of Staff’s position, emphasising the need for early preparation for Hajj.

‘Hajj is essentially a big-logistics operation. I wa
s involved in the 2024 operation, and one of the key lessons learnt is the need for early preparation.

‘Nigeria has the largest quota of pilgrims from Africa, and we have countries whose quota is less than the number from a state in Nigeria.

‘The Hajj Commission also needs to be more transparent in informing pilgrims what they are paying for,’ Hadeija said.

Responding, Prince Aliu Abdulrazak, NAHCON’s Executive Commissioner, Policy, Personnel Management and Finance, called for an overhaul of the commission’s accounting system.

He also called for an improvement of federal character representation within the organisation.

‘The Commission is described as a national entity, but federal character is not fully represented.

‘If you go through the nominal roll, it is dominated by a particular region,’ Abdulrazak said.

Similarly, the Chief of Staff visited the National Emergency Management Agency (NEMA) and stressed the need to shift disaster management from a reactive to a proactive approach.

He emphasised th
e importance of prevention over mitigation, and noted that many disasters in the country could be avoided with better preparation and early warnings.

‘The mandate NEMA has is two pronged: prevention of disaster and mitigation of disaster.

‘But it appears that we concentrate more on mitigation and leave the other side of the mandate, which is prevention.

‘We must look more closely at the area of prevention because a lot of these disasters can be prevented,’ he said.

Source: News Agency of Nigeria

Members of now-defunct APC women campaign council seek recognition in Tinubu’s government


Members of the now-defunct All Progressives Congress (APC) Women Campaign Council want President Bola Tinubu to appoint some of them into positions of authority to ensure inclusivity in his government.

Elizabeth Otunbalogun, spokesperson of the group, told newsmen in Abuja that their being given appointment was necessary as a matter of fairness and also to foster trust in the people.

‘The 2023 elections may have come and gone and we in the APC are beneficiaries as a party, but as women of the defunct Campaign Council, we are not beneficiaries.

‘We are very sad with the shift in appointments by President Tinubu which has ignored us.

‘We demand that the President look into the defunct APC Campaign Council and pick women to fill the 18 per cent deficit in the appointments made so far.

‘This will ensure a correction of the anomaly in future appointments for women participation in governance in Nigeria,’ she said.

Otunbalogun further said the defunct APC Women Campaign Council had pivotal persons that worke
d for the emergence of the President in 2023.

She said the women made themselves available through various groups and associations to galvanise support for the actualisation of the aspirations of President Tinubu and Vice-President Kashim Shettima.

The group spokesperson also wondered why their members were not appointed, in spite of their efforts to ensure victory for the APC.

‘We went all out for the party and the presidential and vice-presidential candidates.

‘What is our sin? What did we do wrong to warrant this level of ignominy?

‘We are asking these questions because our research team has made scary findings on the level of abandonment suffered by members of the defunct Campaign Council,’ she said.

Otunbalogun noted that President Tinubu had raised the hopes of women on May 29 in 2023.

‘This was when he promised to increase our participation in governance to at least 35 per cent of all governmental positions.

‘That promise as we expected was in line with the National Gender Policy (NGP) of 2006.

‘This statement peaked the various assurances which the President and his wife, Sen. Oluremi Tinubu, gave to the group before the elections.

‘So, for him to commit to it in his inaugural speech was indeed pleasing to us as Nigerian women who worked for the party,’ she said.

Otunbalogun pointed out that the appointment so far made by the President appeared not to represent this goal.

She said the cumulative appointments by the President since May 2023 stood at 12 per cent.

This, Otunbalogun said, does not reflect 50 per cent of the 35 per cent of the NGP of 2006 on inclusion.

‘It fell flat of the expectations from us all.’

She then appealed to the President to reconsider his appointments to ensure that members of the defunct APC Women Campaign Council were adequately rewarded for their efforts.

Source: News Agency of Nigeria

Tinubu harps on air service agreement with Brazil


President Bola Tinubu on Thursday in Abuja urged Mr Carlos Areias, the newly appointed Brazilian Ambassador to Nigeria, to prioritise the establishment of direct flights between Nigeria and Brazil.

Receiving a Letter of Credence from the Brazilian Ambassador, Tinubu reiterated his discussions with President Luiz da Silva of Brazil on the matter on the sidelines of the African Union Summit, in Addis Ababa, Ethiopia, in February.

The President said Nigeria was committed to working closely with Brazil to strengthen bilateral relations and advance shared priorities, welcoming the country’s presidency of the G20 in 2024.

‘We have a long history of bilateral and cultural relations with Brazil. You must see Nigeria as your second home and explore the abundant economic opportunities in the country.

‘I have been talking to some of my Brazilian friends concerning the prospects of investing in dairy farming in Nigeria. We are eager to push these investments forward.

‘In my recent discussions with President Lula, w
e agreed to energise the economic development of our two countries, and I look forward to continuing that collaboration,’ the President said.

In his remarks, Areias said President Lula was looking forward to welcoming President Tinubu to the G20 Leaders’ Summit scheduled for Nov. 18 and 19, in Rio de Janeiro.

He also conveyed President Lula’s invitation to Nigeria to join the Global Alliance against Hunger and Poverty.

He explained that the initiative, based on the value of food security, was the main proposal of the Brazilian presidency at the G20 to eliminate extreme poverty by 2030.

‘I am in a country similar to Brazil, and I feel very much at home here with the culture, music and people of Nigeria.

‘I will do whatever I can to improve Brazil-Nigeria relations. Ten years ago, the volume of trade between our two countries was in the region of 10 billion dollars, and I will work hard to improve on the number.

‘Africa is top priority for President Lula and Nigeria is the most important country for us,’
the Brazilian ambassador said.

President Tinubu also received Letter of Credence from Ghana’s High Commissioner to Nigeria, Vice-Admiral Seth Amoama (Rtd).

He commended Ghana’s active participation in ECOWAS and reaffirmed Nigeria’s commitment to strengthening relations with its West African ally.

‘You must feel at home in Nigeria. Our doors are always open and I wish you a pleasant stay in the country,’ said Tinubu.

Amoama, a former Chief of the Defence Staff (CDS) of Ghana, is an alumnus of the University of Ibadan and fellow of the National Defence College, Abuja.

Amoama expressed Ghana’s support to Nigeria’s leadership of ECOWAS Authority of Heads of State and Government.

‘We will continue to support the able leadership of President Tinubu in every way possible,’ he said.

Source: News Agency of Nigeria