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Users can now verify their Bitcoin ownership on Binance through Merkle Trees

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The world’s largest cryptocurrency exchange – Binance – introduced its Proof of Reserve (PoR) system to show users the exact amount of their crypto reserves.

The feature will initially only show bitcoin holdings, with other coins to follow in the future.

  • Binance has taken some additional measures to reaffirm its customers’ confidence during the turbulent times following the FTX crash.
  • In a recent announcement, the company revealed the launch of a Proof of Reserve (PoR) system, which revealed that its on-chain reserves consisted of 582,485.9302 BTC. The customer’s net balance (Equity – Debt) is equal to 575,742.4228 BTC.
  • The trading platform promised to issue PvRs for other cryptocurrencies within two weeks. Binance will also appoint external auditors to verify the results.
  • CEO Changpeng Zhao said the crypto community is currently asking more from exchanges, and the company is “excited” to provide such clarity:

“Given that Binance’s user community is exponentially larger than that of the next largest exchange, this is a huge undertaking and it will take a few weeks to develop the data for most of our assets under custody. We will act quickly to meet community expectations. We are working to release the next update as soon as possible.”

  • The platform surpassed its SAFU insurance fund by $1 billion after the FTX meltdown. Those assets can be distributed to customers in case of future emergencies.
  • Binance has also launched an Industry Recovery Fund that could help other projects with liquidity problems.

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source: cryptopotato.com

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