Binance Announces Proof of Reserves on Blockchain

True to its previous commitment, cryptocurrency exchange Binance has shared a tool for users to check the exchange's reserve assets via blockchain.

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On the evening of November 25, cryptocurrency exchange Binance posted a tool to check reserve assets, called Proof of Reserves.

However, unlike the previous wallet announcement, Binance's new Proof of Reserves feature allows users to check their funds through the blockchain, proving that Binance does in fact own the cryptocurrency they have deposited. floor.

 

At the time of announcement, Binance will support checking the balance of Bitcoin as of 07:00 AM on 11/23/2022 (Vietnam time). Accordingly, the exchange is holding more than 575,000 BTC on behalf of users, while the number of Bitcoins that Binance owns is more than 582,000 BTC. Users can connect wallets and check if their BTC is properly in the Binance wallet or not.

The platform will then expand to ETH, USDT, USDC, BUSD and BNB in ​​the near future. The exchange also considers inviting audit parties to provide additional data and applies zero-knowledge proof technology to ensure the authenticity of information but does not reveal personal information of users.

Binance last week committed to building a balance checking mechanism over the blockchain following the collapse of the FTX exchange. FTX is said to have taken users' deposits to lend, causing many crypto investors to lose faith in the exchange and massively withdraw their money afterwards.

Binance also announced the establishment of a market relief fund worth 1 billion USD, which is expected to disburse funds for projects deemed by the exchange to have potential and need support.

FoxCryptoNews summary

Nov 25, 2022

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