TechFlow news, August 20: Bitget announced the adoption of Chainlink Proof of Reserve to provide real-time transparency and verifiable reserve backing for its Bitcoin-pegged asset BGBTC.
According to sources, Chainlink's Proof of Reserve solution leverages a decentralized oracle network to autonomously verify reserve balances behind tokenized assets, bringing real-world asset reserve data on-chain. This enables BGBTC's reserve backing to be independently auditable at any time without relying on manual disclosures. Additionally, this mechanism will further support the use of BGBTC in BitVault Finance’s DeFi yield strategies and lending products, allowing retail and institutional users to confirm that underlying reserves are under continuous monitoring.
Bitget CEO Gracy Chen said: "Transparency is crucial in the digital asset industry. By adopting Chainlink's Proof of Reserve solution, we offer stronger trust assurances to both retail users and institutional partners, ensuring BGBTC is always backed by verifiable assets."
