Binance Amasses $18,960,943,364 in Bitcoin and Ethereum Holdings on Behalf of Crypto Traders
Top crypto exchange by trading volume Binance has amassed nearly $19 billion in Bitcoin (BTC) and Ethereum (ETH) holdings on behalf of the crypto traders that use its platform.
Binance released a proof-of-reserves report on Tuesday indicating that the exchange now holds more than $63 billion worth of crypto across 24 different digital assets.
Binance says user funds are “always collateralized at a 1:1 ratio, plus additional reserves.”
Explains the exchange,
“Introduced in late 2022 as part of a wider effort to provide users with greater transparency, Binances proof-of-reserves system uses Merkle trees to add up on-chain data, so that users can rest easy knowing that their assets are held for them 1:1 in our custody.
In February 2023, we made a major update to our PoR system, implementing zk-SNARKs, zero-knowledge protocols that increase the privacy and security of user data during the verification process.”
Binance’s reserves include 556,020.95 BTC worth more than $12.07 billion and 4,473,172.88 ETH worth more than $6.88 billion. Bitcoin has a reserve ratio of 101.53% and Ethereum has a ratio of 101.61%.
The exchange also updated its proof-of-reserves system to verify the reserves of 11 other tokens in addition to the 13 it already verified.
BTC is worth $21,782 at time of writing and is down more than 2.1% in the past 24 hours. ETH is trading at $1,543 and is down 1.6% in the past day.
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This article was originally reported on The Daily Hodl.