Binance Unveils Major Upgrade to its Proof-of-Reserves

Vignesh Karunanidhi
Binance Unveils Major Upgrade to its Proof-of-Reserves
Source: The Guardian

Binance has grown to become one of the world’s largest exchanges. With its growth and progress since its beginning, it has dethroned many older cryptocurrency organizations. During the falling bear market, CZ’s exchange was likewise one of the most stable.

However, when the cryptocurrency behemoth FTX collapsed, the trust vested in centralized exchanges began to deteriorate. Following that, Binance CEO Changpeng Zhao addressed the fact that all exchanges should release their proof-of-reserves. Initially, Binance released its proof-of-reserves with 11 tokens. They also recently upgraded their PoR with zk-SNARK, which CZ mentioned was a suggestion by Vitalik Buterin.

Also read: Mt. Gox Creditors Can Expect 137,890 Bitcoin Repayments This Month

Now, according to the details from a recent announcement, the exchange has unveiled a major upgrade to its PoR.

Binance adds 11 more tokens to its PoR, currently stands at 24

The global cryptocurrency exchange has announced that users can now view the asset holdings of 11 new tokens, which include MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE.

That makes it the current verifiable token number of 24, with over $63 billion in the overall amount of funds. Binance also mentioned that all user funds are collateralized at a 1:1 ratio with extra reserves. The snapshot of the reserves was taken at 00:00:00 UTC on March 1, 2023. The details of the balances can be viewed in the announcement.