Binance announced on Friday that it is establishing a new proof of reserves (PoR) website to indicate that it holds client assets in full as a digital currency keeper.
Binance has Bitcoin reserves to start. Currently, the company’s BTC reserve ratio is 101%. This indicates that the cryptocurrency has sufficient supply to cover all user balances.
Users will be able to examine the website for greater openness regarding the company’s proof of reserves and the exchange’s reserve ratio in relation to client liabilities.
In the coming weeks, Binance, the world’s largest crypto exchange by trading volume, will introduce additional tokens and networks.
“Given recent events, it is logical that the community will need significantly more from cryptocurrency exchanges than is now required of traditional financial institutions,” TechCrunch cited Changpeng ‘CZ’ Zhao, founder and CEO of Binance, as saying in a statement.
Binance CEO Changpeng Zhao. Image: CryptoSlate
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