• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Monday, March 20, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Binance’s PoR system shows over $63B in reserves backing 24 assets

March 7, 2023
in Trading
Reading Time: 2 mins read
A A
ShareShareShareShareShare

Related articles

Bitcoin surges 10% hitting 9-month high

March 18, 2023

Crypto market largely unaffected by ECB decision to hike rate by 50bps

March 16, 2023

Ad

Bitget

Binance, one of the world’s largest crypto exchanges, updated its proof-of-reserves (PoR) system to include 11 new tokens. These include Mask Network (MASK), Dogecoin (DOGE), Curve DAO Token (CRV), 1inch (1iNCH), and more.

According to the March 7 update, Binance’s PoR system now reflects the reserves held for the added new tokens in addition to the 13 previously added. The total reserves for the 24 assets on Binance exceeded $63 billion as of March 1.

USD Coin (USDC) had the highest reserve ratio at 54,90.54%. Binance held $3.55 billion worth of USDC, while users have a net balance of $64.7 million worth of assets.

Binance USD (BUSD) had the second-highest reserve ratio at 128.81%, while BNB (BNB) followed at a close second at 123.85%.

Bitcoin (BTC) and Ethereum (ETH) of Binance customers are collateralized at just above 101% each. Binance holds 4.47 million ETH, and its BTC holdings stood at around 556,000 tokens.

Binance claims to have all user funds collateralized with at least a 1:1 ratio in addition to more reserves.

Binance’s attempt to gain user trust

After the FTX fallout, the whole crypto community asked for more transparency from exchanges on how user assets are stored and protected. So Binance became one of the first exchanges to publish PoR in late November 2022.

Binance’s PoR system uses Merkle trees to add up on-chain data so users can verify that their assets are safe in the exchange’s custody.

Last month, Binance updated the PoR system to incorporate zk-SNARKs, zero-knowledge protocols that increase the privacy and security of user data during the verification process. The zk-SNARK verification process makes Binance’s proof of reserves more transparent, verifiable, and less prone to tampering, the exchange claims. 

The update was in line with Ethereum co-founder Vitalik Buterin’s suggestion on making centralized exchanges more safe and trustless. Binance also made its PoR system code open-source.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Judges Consider Grayscale’s Arguments In Bitcoin ETF Hearing Against SEC

Next Post

Algorand Wallets Hacked Again | Blockchain News

Related Posts

Bitcoin surges 10% hitting 9-month high

March 18, 2023

The recent surge of Bitcoin above a resistance level that dates back to August 2022 has strengthened the possibility of...

Crypto market largely unaffected by ECB decision to hike rate by 50bps

March 16, 2023

The crypto market is largely unaffected by the European Central Bank’s latest 50 basis point rate hike, with the flagship...

Credit Suisse Panic: Key Takeaways for Crypto

March 16, 2023

Credit Suisse potentially revealed major vulnerabilities in the financial system, with implications for crypto.  It also revealed a different culprit...

Singularity pumps 31% in 24H trading after GPT4 launch

March 15, 2023

The launch of ChatGPT-4 has resulted in a significant spike in the price of SingularityNET’s AGIX. The blockchain-based platform, which...

Bitcoin briefly breaches $26.4k only to tumble as prices fall again

March 14, 2023

The price of Bitcoin briefly surpassed $26,400 on March 14 around 1 p.m. UTC — representing an approximately seven-month high. The...

Load More
Next Post

Algorand Wallets Hacked Again | Blockchain News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Risks and Rewards: A deep dive into Hong Kong’s crypto licensing regime – The Financial Express

March 4, 2023

As Big Tech Companies Announce Layoffs, Metacade Plans Job Board for Web3 Careers

March 9, 2023

Experts warn of a fake Ethereum Denver site tied to a red-flagged phishing wallet

February 21, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • NFT Collection OSRS Punks Price, Stats, and Review
  • Taiwan orders financial watchdog to take over crypto regulations
  • Polkadot surges 10% in a week amid increase in developer activity

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$28,006.00-0.27%
  • ethereumEthereum(ETH)$1,770.65-2.78%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.010.41%
  • binancecoinBNB(BNB)$340.770.34%
  • usd-coinUSD Coin(USDC)$1.010.17%
  • rippleXRP(XRP)$0.378668-4.08%
  • cardanoCardano(ADA)$0.337824-3.52%
  • matic-networkPolygon(MATIC)$1.14-5.57%
  • staked-etherLido Staked Ether(STETH)$1,765.68-2.83%
  • dogecoinDogecoin(DOGE)$0.072508-4.97%
  • solanaSolana(SOL)$22.651.49%
  • binance-usdBinance USD(BUSD)$1.010.53%
  • polkadotPolkadot(DOT)$6.24-5.02%
  • shiba-inuShiba Inu(SHIB)$0.000011-5.18%
  • tronTRON(TRX)$0.066079-1.80%
  • litecoinLitecoin(LTC)$80.87-5.42%
  • avalanche-2Avalanche(AVAX)$17.03-5.03%
  • daiDai(DAI)$1.000.17%
  • uniswapUniswap(UNI)$6.32-4.29%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,996.00-0.39%
  • chainlinkChainlink(LINK)$7.20-0.32%
  • ToncoinToncoin(TON)$2.38-0.73%
  • cosmosCosmos Hub(ATOM)$11.86-8.24%
  • leo-tokenLEO Token(LEO)$3.370.11%
  • moneroMonero(XMR)$153.40-1.30%
  • ethereum-classicEthereum Classic(ETC)$19.85-7.60%
  • okbOKB(OKB)$45.83-5.79%
  • bitcoin-cashBitcoin Cash(BCH)$131.83-3.15%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • filecoinFilecoin(FIL)$5.87-4.89%
  • stellarStellar(XLM)$0.087350-1.38%
  • AptosAptos(APT)$12.38-7.61%
  • true-usdTrueUSD(TUSD)$1.010.46%
  • lido-daoLido DAO(LDO)$2.34-8.92%
  • quant-networkQuant(QNT)$130.61-2.11%
  • hedera-hashgraphHedera(HBAR)$0.062643-4.55%
  • crypto-com-chainCronos(CRO)$0.0734411.44%
  • nearNEAR Protocol(NEAR)$2.02-7.30%
  • vechainVeChain(VET)$0.023631-2.99%
  • blockstackStacks(STX)$1.16-7.17%
  • internet-computerInternet Computer(ICP)$5.18-6.66%
  • apecoinApeCoin(APE)$4.13-5.70%
  • algorandAlgorand(ALGO)$0.211976-5.53%
  • the-graphThe Graph(GRT)$0.148939-9.67%
  • fantomFantom(FTM)$0.469673-8.87%
  • eosEOS(EOS)$1.180.88%
  • the-sandboxThe Sandbox(SAND)$0.66-4.95%
  • elrond-erd-2MultiversX(EGLD)$46.384.32%
  • immutable-xImmutableX(IMX)$1.32-10.73%