December 6, 2022

Popular Crypto Exchange Reveals Plans of Making Its Proof of Reserves Solution Available to Others

On November 10, 2022, the CEO of popular cryptocurrency exchange, Gate.io revealed that the company has released its Merkle Tree Proof of Reserves solution publicly for the global community’s use. This was done via an open-source release of the code on Github.

Gate.io Wants to Use Their Technology to Improve the Crypto Exchange Industry

According to Dr. Lin Han, who is the CEO of Gate.io, the decision to make the solution was driven by a motive of improving transparency as well as ensure healthy development and competition in the industry. He also added that other exchanges who may seek to utilize the open-source solution are free to meet them for advice or consultancy.

Gate.io is the first cryptocurrency exchange to attain and make available a 100% Proof of Reserves solution via Merkle Tree verification, and have now taken another bold stride in making that solution open-source.

In 2020, seven years after Gate.io came onto the scene, they collaborated with Armanino LLP.

And it was during this period that they started out as the first group to audit their accounts with a Proof of Reserves solution. 

They have been clear about improving the confidence of users in the industry and exchanges being transparent about their finances. So having taken the lead with their recent Proof of Reserves audit, they are now expecting other exchanges to follow suit and assure their users of their finances.

Gate.IO Is Massively Pushing for Global Cryptocurrency Adoption

Earlier this week, Gate.io was in the news because they had just launched their new cryptocurrency payment channel, Gate Pay.

The CEO, Dr Lin Han mentioned that gate.io were massively interested in pushing cryptocurrency adoption to the ends of the globe and that Gate Pay was a massive step in the accomplishment of that plan.

Now, they have also released their Proof of Reserves solution for the use of other exchanges, thereby further solidifying their stand on global adoption of cryptocurrencies. If other exchanges adopt their PoR audit solution, users will be confident in the finances of such exchanges.

Consequently, the lack of trust which is prevalent in people who are not interested in crypto would be drastically reduced. Gate.io’s push for crypto adoption globally is getting massive with each passing day and with the moves they are making, things could get done before 2030.

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