Bitget Adopts Chainlink Proof of Reserves to Verify BGBTC Backing

Bitget adopted Chainlink’s Proof of Reserves (PoR) solution to provide real-time transparency for its Bitcoin-pegged asset, BGBTC. This integration ensures that users and institutions can independently verify that every BGBTC token is fully backed by Bitcoin reserves without relying solely on Bitget’s internal disclosures.

The Proof of Reserves solution uses Chainlink’s decentralized oracle network to automatically check the collateral balances that support tokenized assets. For BGBTC, this means that reserve data is continuously brought on-chain, enabling independent verification at any time.

Why Proof of Reserves matters for BGBTC

Bitget currently has over 120 million users and $8+ billion in total assets, making it one of the largest players in the exchange sector. By adopting Proof of Reserves, the platform addresses a long-standing concern in the crypto industry: whether wrapped or pegged tokens are properly collateralized.

Wrapped assets like BGBTC are widely used in DeFi applications, including yield farming strategies and lending products. However, without verifiable proof that the reserves exist, users must trust centralized disclosures. Chainlink’s system removes that dependence by automating the verification process.

Key benefits of Proof of Reserves for BGBTC include:

• Near real-time monitoring of collateralization levels.
• Independent auditing through Chainlink’s decentralized oracle network.
• Greater transparency for both retail and institutional investors.
• Support for DeFi integration, particularly BitVault Finance’s yield strategies and lending vaults.

Bitget CEO Gracy Chen commented on the adoption of Chainlink’s solution, saying:

“Transparency is crucial in the digital asset industry. By adopting Chainlink's Proof of Reserve solution, we provide stronger trust assurances for retail users and institutional partners, ensuring that BGBTC always has verifiable asset support.”

The announcement comes as exchanges face increasing regulatory and community pressure to prove the legitimacy of their reserves. Independent verification mechanisms like Proof of Reserves are becoming an industry standard as users demand more accountability.

BitVault Finance and DeFi applications

The adoption of Proof of Reserves also benefits BitVault Finance, a DeFi platform that uses BGBTC in its yield-generating strategies and lending vaults. For retail and institutional users, this means they can verify at any point that the collateral backing BGBTC is intact.

Such assurance is essential for DeFi protocols that rely on wrapped assets. If collateral were missing or underfunded, it could lead to liquidity issues, insolvency, or contagion risks across protocols. Continuous monitoring helps reduce those risks.

Related developments at Bitget

The Proof of Reserves announcement follows a series of product launches at Bitget, showing the exchange’s push toward expanding services while addressing trust and transparency concerns.

• Crypto cards in Latin America: On August 6, Bitget Wallet launched its zero-fee crypto cards in Brazil through a partnership with Mastercard and Immersve. The rollout is part of a broader plan to expand into Argentina, Mexico, Colombia, Chile, Peru, and Guatemala.
• AI trading tool – GetAgent: On August 19, Bitget made its AI trading assistant GetAgent available to all users. The tool combines over 50 trading utilities, including market insights and sentiment analysis, with both free and paid plans for different types of traders.

Chainlink’s expanding role in financial infrastructure

For Chainlink, the integration with Bitget adds another high-profile partner to its Proof of Reserves network. The oracle provider has already secured a 67.77% share of the price oracle market and powers more than 2,000 decentralized applications across 60+ blockchains.

In recent weeks, Chainlink has also:

• Partnered with Intercontinental Exchange (ICE) to bring FX and precious metals data on-chain.
• Launched the Chainlink Reserve, an on-chain reserve funded by LINK token revenue from enterprise and on-chain usage fees.

Conclusion

With the adoption of Chainlink’s Proof of Reserves, Bitget has strengthened the transparency and reliability of BGBTC. The move ensures that users and institutions can confirm collateral levels in near real-time, supporting safer integration of BGBTC into DeFi products like BitVault Finance.

At the same time, Bitget continues to broaden its service offerings, from Latin American crypto payments to AI-driven trading tools, while Chainlink cements its position as a key infrastructure provider for verifiable, on-chain financial data.

Resources:

1. Bitget’s announcement: https://www.bitget.com/blog/articles/bitget-chainlink-proof-of-reserve-bgbtc-2025#c

2. Chainlink Strategic LINK Reserve Announcement: https://blog.chain.link/chainlink-reserve-strategic-link-reserve/

3. Chainlink and ICWE collaboration announcement: https://www.prnewswire.com/news-releases/chainlink-and-ice-collaborate-to-bring-high-quality-forex-and-precious-metals-data-onchain-302526234.html