The cryptocurrency exchange Gate.io has made its Merkle Tree Proof of Reserves solution open-source. Announced by Gate.io‘s Founder and CEO, Dr. Lin Han , the exchange hopes other platforms can use its open-source solution to increase transparency and industry health and welcomes other exchanges to receive consultancy and advisory support.
In cooperation with leading U.S. firm Armanino LLP, Gate.io was the first to conduct Proof of Reserves audits in this manner back in 2020. Recently, the pair completed another audit. As outlined in a report from Armanino LLP, Gate.io holds an excess of BTC and ETH reserves at 108% and 104%, respectively.
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Gate.io has been vocal about its commitment to enhancing confidence in the market since announcing the new audit this year and hopes that other exchanges will follow suit. Gate.io’s audit solution combines certified third-party assessments with cryptographic Merkle Trees, one of the core components of blockchain technology. It allows users to openly and independently verify their assets are included in the audit and increases the transparency of users’ balances on exchanges. Following the announcement, it is now open-source and publicly available for any exchange to implement.