Adds 11 new tokens to Proof of Reserves

Binance News: The world’s largest crypto exchange by market share, Binance, recently updated its Proof-of-Reserves (PoR) system to add 11 new cryptocurrencies. These include 1inch (1iNCH), Mask Network (MASK), Dogecoin (DOGE), and Curve DAO Token (CRV), among others. Following these new additions, Binance reported that the PoR system currently has more than $63 billion across 24 different assets.

Added new tokens to Binance’s PvR

According to the latest update, USD Coin (USDC) had the highest reserve ratio at 5490.54%. This is due to the fact that Binance keeps $3.55 billion in USDC while users have a net balance of $64.7 million in assets. Binance USD (BUSD), which has been at the forefront of controversy, has the second highest reserve ratio at 128.81%, while BNB – the exchange’s native token – followed in a close third at 123.85%.

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It is important to note that customers’ Bitcoin (BTC) and Ethereum (ETH) holdings on Binance are each covered for approximately 101% of their respective balances. To date, Binance holds 4.47 million ETH while its BTC reserves are approximately 556,000 coins. The Changpeng Zhao-led exchange claims that all client funds are backed at a 1:1 ratio, in addition to additional reserves.

Binance moves to ZK-Snarks for HbR

Binance had stated that their Proof of Reserves (PoR) uses Merkle Trees so that users can easily know that their assets are held in custody 1:1. However, in February 2023, the leading cryptocurrency exchange announced a significant upgrade to its HbR system by including ZK-SNARKs. Binance stated that this would improve the privacy and security of user data while the verification process is in progress.

In light of this particular Binance news, the price of BNB is currently trading hands at $288, representing a gain of 0.01% in the past 24 hours, as opposed to a 4.73% decline in the past seven days .

Also Read: US SEC Continues Crypto Crack Down; Charges BKCoin for Running “Ponzi-Like Scheme”

Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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