Gate Financial Reserves Report
In a recently published report on its financial reserves, Gate has announced that its total assets have reached an impressive $11.67 billion, with a reserve ratio exceeding 124% across a diverse portfolio of nearly 500 asset types. Released on November 3, the report reflects the exchange’s robust management of user funds as of October 28, indicating that Gate holds a considerable surplus above the user balances maintained on its platform.
Cryptocurrency Holdings Breakdown
Among the highlights of this report is the breakdown of holdings in major cryptocurrencies. Notably, the exchange currently possesses 24,833 Bitcoin (BTC) in reserves, while user-held BTC amounts to 18,536. This results in an excess reserve ratio of approximately 34%, up from 33.48% the previous month.
For Ethereum (ETH), user holdings total 332,801, whereas Gate boasts a reserve of 419,096 ETH, indicating a reserve ratio that exceeds user holdings by more than 25% and an increase in the excess ratio from 23.58% to approximately 25.93% since last month.
USDT also reflects a positive trend, with users holding 1.33 billion USDT against Gate’s reserves of 1.58 billion USDT, leading to an excess ratio of 18.74%. Furthermore, the platform’s native token GT shows a robust reserve ratio of 150.98%, while other notable assets like DOGE and XRP hover above the 100% reserve threshold, achieving ratios of 108.12% and 116.66% respectively.
These figures illustrate Gate’s stable financial standing, particularly as the broader cryptocurrency market experiences volatility, suggesting significant liquidity and bolstered user confidence stemming from increased reserves.
Expansion into Australia
In conjunction with this financial disclosure, Gate Group also announced its official registration with the Australian Transaction Reports and Analysis Centre as a licensed digital currency exchange provider on November 3. The launch of Gate Australia signifies a strategic move into the Australian market, featuring localized services tailored to the needs of Australian users.
The platform is set to integrate advanced security measures, including SSL encryption, offline Bitcoin wallet technology, two-factor authentication, and rapid deposit and withdrawal options. Dr. Han, the founder and CEO of Gate Group, commended Australia’s regulatory environment for digital asset services, recognizing its supportive framework and emphasizing the company’s commitment to compliance, transparency, and user protection.
With registrations already established across various jurisdictions such as Malta, the Bahamas, Hong Kong, Japan, Australia, and Dubai, Gate Group’s expansion reflects its strategic growth trajectory and dedication to offering secure service to users globally.
