TL;DR
- Binance has published its latest Proof of Reserves (PoR), showing over $120 billion in assets across 34 cryptocurrencies.
- Bitcoin and Ethereum holdings grew by 2.09% and 6.20%, respectively.
- The platform continues to improve its PoR with advanced technologies such as zk-SNARKs and provides a complete representation of assets, liabilities, and collateral.
Binance has published its latest Proof of Reserves (PoR), showing over $120 billion in assets distributed across 34 different cryptocurrencies.
The report, dated November 1, reveals growth in Bitcoin and Ethereum holdings, two of the most representative assets in the industry. According to the data, Bitcoin reserves increased by 2.09%, reaching a total of 608,587 BTC, while Ethereum reserves grew by 6.20%, reaching 4,699,518 ETH. Binance is committed to transparency, allowing users and the market in general to verify that the funds are fully backed.
Transparency has been a fundamental pillar for the exchange since the introduction of its PoR system two years ago, in response to the trust crisis that affected the industry. With this system, Binance guarantees that its users’ funds are backed 1:1, and has continuously worked to improve this technology. In 2023, the platform implemented zk-SNARKs, an advanced zero-knowledge proof technology that allows validating funds without revealing individual balances, which enhances users’ privacy and security.
How Does Binance Differ from Other Platforms?
Additionally, Binance has incorporated a more detailed system that not only shows users’ assets but also their liabilities and collateral. This provides a more complete representation of the platform’s financial situation, setting it apart from other exchanges that do not include these data in their reports. With these improvements, the company has established a transparency standard aimed at reinforcing trust in the crypto market.
The company has also made its open-source strategy public, allowing other industry players to adopt and improve the principles of PoR. The exchange is a strong promoter of education and collaboration within the crypto community, seeking to contribute to the stability and resilience of the ecosystem