Bitget Enhances User Trust with Chainlink Proof of Reserve Integration for BGBTC

Bitget has integrated Chainlink’s Proof of Reserve (PoR) to provide real-time collateral verification for its wrapped Bitcoin token, BGBTC, on Ethereum. The move comes as DeFi volumes surge past $100 billion and scrutiny around asset backing intensifies.

Why It Matters

With over 120 million users and $8 billion in assets, Bitget is positioning itself as a security-first exchange. The integration eliminates reliance on manual disclosures by using Chainlink’s decentralized oracles, allowing users and auditors to verify reserves on-chain at any time.

Industry Impact

This upgrade holds major significance for BitVault Finance, which uses BGBTC as collateral in lending and yield strategies. Chainlink PoR ensures BitVault’s BTC-backed stablecoins remain fully verifiable, addressing long-standing trust concerns in DeFi.

Voices from the Industry

• Gracy Chen (Bitget CEO): “Transparency is essential in digital assets. With Chainlink PoR, our users know BGBTC is always verifiably backed.”
• Johann Eid (Chainlink Labs): “PoR is the industry standard for real-time monitoring, strengthening trust in onchain products.”

Institutional Confidence and DeFi Growth

The integration is particularly aimed at winning over institutional players who demand verifiable security before committing large capital. By ensuring that BGBTC is backed 1:1 and publicly auditable, Bitget positions itself as a bridge between traditional finance and the fast-evolving DeFi ecosystem. As more protocols build around wrapped assets, onchain solvency proofs are becoming a non-negotiable requirement for adoption.

The Bigger Picture

Following scandals like FTX in 2022, exchanges are under pressure to adopt verifiable systems. Bitget’s move could set a precedent for wrapped assets, bridging confidence between traditional finance and DeFi.

Did You Know?

Chainlink’s Proof of Reserve first gained traction after the 2020 boom in wrapped Bitcoin (WBTC), which highlighted the risks of opaque custodial reserves.