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Proof of reserves

Proof Of Reserves: Why Binance Is Launching A Website Dedicated To Transparency

Christian Encila
by Christian Encila
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Binance announced on Friday that it is establishing a new proof of reserves (PoR) website to prove 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.

Related Reading: Bitcoin Is Not The Problem – FTX Is – R. Kiyosaki Says, Following Crypto Exchange’s Collapse

Binance CEO Changpeng Zhao. Image: CryptoSlate

Need For Transparency: It All Started After FTX Crisis

The failure of FTX has prompted other cryptocurrency companies to promise greater transparency in an effort to boost trust. An estimated 1 million creditors have suffered damages of billions of dollars as a result of the collapse.

Binance and a number of other competitors have pushed proof of reserves as a solution. CZ stated that they are glad to offer this latest tool for users to verify their funds.

This move comes a few weeks after the collapse of the FTX cryptocurrency exchange. In the case of FTX, the company faced a severe liquidity gap. The exchange led by Sam Bankman-Fried ceased processing withdrawals because it could no longer meet investor and end-user demand.

Proof Of Reserves: A Quick Glance

A third party undertakes a proof of reserves, which aims to verify that the claimed holdings are in fact present. It could reveal where a client’s assets are and where they have been.

However, while proof of reserves could demonstrate to clients that their funds are still in their accounts and have not been lent out, this does not tell the whole story.

The issue, according to financial specialists, is that consumers are frequently unaware of important hazards, as proof of reserves sometimes gives a hazy picture.

Binance said in a statement that users who wish to independently check their funds can copy the source code into a Python application and cross-reference it.

Related Reading: Bitcoin Miners Now Face Darkest Situation Since 2015 – Here’s Why

Crypto total market cap at $797 billion on the daily chart | Featured image from Bitcoin.com, Chart: TradingView.com
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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