Gate.io obtained a patent for the verification method using a Merkle Tree.
Gate.io first performed a Proof-of-Reserves audit in 2020.
In 2020, Gate.io became the first mainstream crypto exchange to submit to a Proof-of-Reserves audit. In the process, Gate.io obtained a patent for the verification method using a Merkle Tree. The company recently announced the results of its second Proof-of-Reserves audit, conducted in October 2022 by an independent third-party firm, Armanino LLP. In this article, we will explore what Proof-of-Reserves are, why they’re important, and give an overview of Gate.io’s Proof-of-Reserves.
What Are Proof-of-Reserves?
When users deposit various different cryptocurrencies with an exchange, the exchange takes custody of these assets and they are held in reserve. As such, Proof-of-Reserves can simply be explained as proof that an exchange holds the assets deposited by users in reserve. Some platforms have opted to provide Proof-of-Reserves simply by identifying

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