On Nov. 25, the largest cryptocurrency exchange in terms of daily trade volume, Binance, published its bitcoin proof-of-reserves (POR) system using The Merkle approach. At the time of writing, the snapshot provided by Binance shows the firm’s onchain reserves equate to 582,485 bitcoin, while the company’s customer net balance is roughly 575,742 bitcoin.
Binance’s Bitcoin Proof-of-Reserves Ratio Is Currently 101%
Binance has published the company’s proof-of-reserves system in regard to the bitcoin (BTC) cache the company holds. The POR feature is initially starting with Binance’s bitcoin holdings, but other “networks [are] being added in the next couple of weeks.” The news follows the recent FTX collapse and the crypto community insisting that centralized digital currency trading platforms prove their reserves. In addition to the crypto community, exchange executives like Kraken’s Jesse Powell also chimed in on the POR conversation.
Two days ago, Bitcoin.com News reporte
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