Top crypto exchange by trading volume Binance has amassed nearly $19 billion in Bitcoin (BTC) and Ethereum (ETH) holdings on behalf of the crypto traders that use its platform.
Binance released a proof-of-reserves report on Tuesday indicating that the exchange now holds more than $63 billion worth of crypto across 24 different digital assets.
Binance says user funds are “always collateralized at a 1:1 ratio, plus additional reserves.”
Explains the exchange,
“Introduced in late 2022 as part of a wider effort to provide users with greater transparency, Binance’s proof-of-reserves system uses Merkle trees to add up on-chain data, so that users can rest easy knowing that their assets are held for them 1:1 in our custody.
In February 2023, we made a major update to our PoR system, implementing zk-SNARKs, zero-knowledge protocols that increase the privacy and security of user data during the verification process.”
Binance’s reserves include 556,020.95 BTC worth more than $12.07 billion and 4,473,172.88 ETH worth more than $6.88 billion. Bitcoin has a reserve ratio of 101.53% and Ethereum has a ratio of 101.61%.
The exchange also updated its proof-of-reserves system to verify the reserves of 11 other tokens in addition to the 13 it already verified.
BTC is worth $21,782 at time of writing and is down more than 2.1% in the past 24 hours. ETH is trading at $1,543 and is down 1.6% in the past day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily…
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