FTX Crash: Binance Publishes Proof-of-Reserve For Bitcoin Holdings, Promises Additional Assets Coming Soon
- Binance has revealed how much Bitcoin it has in reserve, including customers holding
- The company revealed over one million Bitcoin both in company and customer reserve
- The news comes amid the crash of FTX, which liquidated thousands of bitcoin and other crypto holders
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The world’s largest crypto exchange platform, Binance published its bitcoin pro0f-of-reserves (POR) system on Friday, November 25, 2022, using The Merkle approach.
As of November 25, 2022, Binance showed it has onchain reserves of 582,485 bitcoin, while its customer net balance is about 575,742 bitcoin.
Source: Getty Images
Binance shows robust reserves
The company’s proof-of-reserve ratio stands at 101%.
According to Bitcoin.com, the company published the POR regarding the bitcoin cache the company holds. The company said that the POR feature initially started with the company’s holdings, but other platforms are also being added in the coming weeks.
The news comes amid the crash of FTX and the crypto industry insisting that centralised digital currency trading platforms show proof of their reserves.
The news of Binance showing its Bitcoin reserves has thrilled crypto enthusiasts, with many replying to Binance, founder CZ, that he has done exceptionally well.
On November 22, 2022, the Binance snapshot showed onchain reserves of 582,48 and customer balances show 575,742 bitcoin.
The blog post stated that the company has a section allowing customers to verify their BTC assets.
Company asks customers to verify their BTC
To verify their BTC balances and transactions, customers can log into Binance and click the audit button in the wallet section.
The company said it will disclose further reserves and the listed launch date for the next batch of POR in the next two weeks.
Additional assets involving third-party auditors to audit POR results and implement ZK-SNARKs for POR, which improves privacy and robustness and the total net dollar balance for each user is non-negative.
The world's biggest cryptocurrency exchange, Binance, appoints Ibukun Awosika to Global Advisory Board
Recall that Legit.ng reported the world’s biggest cryptocurrency, Binance, has appointed former First Bank Director Ibukun Awosika to its board advisory board to help it manage some of the most urgent regulatory problems in the industry.
A statement by Binance said the exchange had been prodding countries to take the initiative and adopt an economic future in which crypto and blockchain will play an important role.
The platform said that licenses and regulations will elicit discussion and negotiation and that more nations want to establish a promising future.
Source: Legit.ng
