{"id":615503,"date":"2023-03-08T07:49:18","date_gmt":"2023-03-08T13:49:18","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/08\/binances-por-system-shows-over-63b-in-reserves-backing-24-assets\/"},"modified":"2023-03-08T07:49:18","modified_gmt":"2023-03-08T13:49:18","slug":"binances-por-system-shows-over-63b-in-reserves-backing-24-assets","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/08\/binances-por-system-shows-over-63b-in-reserves-backing-24-assets\/","title":{"rendered":"Binance\u2019s PoR system shows over $63B in reserves backing 24 assets"},"content":{"rendered":"
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\"Binance\u2019s Binance\u2019s PoR system shows over $63B in reserves backing 24 assets<\/span> Monika Ghosh \u00b7<\/span> 19 hours ago<\/span> \u00b7 1 min read<\/span> <\/span> <\/span> <\/span> <\/span><\/p>\n

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Binance held $3.55 billion worth of USDC \u2014 a reserve ration of 5,490.54% to the $64.7 million worth of assets users hold on the exchange.<\/p>\n

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1 min read<\/span><\/p>\n

Updated:<\/span> March 7, 2023 at 6:49 pm<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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\"Binance\u2019s<\/p>\n

Cover art\/illustration via CryptoSlate<\/p>\n<\/div>\n<\/div>\n

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Ad<\/h2>\n<\/header>\n

\"Bitget\"<\/a><\/section>\n

Binance, one of the world\u2019s largest crypto exchanges, updated its proof-of-reserves (PoR) system to include 11 new tokens. These include Mask Network (MASK<\/a>), Dogecoin (DOGE<\/a>), Curve DAO Token (CRV<\/a>), 1inch (1iNCH<\/a>), and more.<\/p>\n

According to the March 7 update<\/a>, Binance\u2019s PoR system now reflects the reserves held for the added new tokens in addition to the 13 previously added. The total reserves for the 24 assets on Binance exceeded $63 billion as of March 1.<\/p>\n

USD Coin (USDC) had the highest reserve ratio at 54,90.54%. Binance held $3.55 billion worth of USDC, while users have a net balance of $64.7 million worth of assets.<\/p>\n

Binance USD (BUSD<\/a>) had the second-highest reserve ratio at 128.81%, while BNB (BNB) followed at a close second at 123.85%.<\/p>\n

Bitcoin (BTC) and Ethereum (ETH) of Binance customers are collateralized at just above 101% each. Binance holds 4.47 million ETH, and its BTC holdings stood at around 556,000 tokens.<\/p>\n

Binance claims to have all user funds collateralized with at least a 1:1 ratio in addition to more reserves.<\/p>\n

Binance\u2019s attempt to gain user trust<\/h2>\n

After the FTX fallout, the whole crypto community asked for more transparency from exchanges on how user assets are stored and protected. So Binance became one of the first exchanges to publish PoR in late November 2022.<\/p>\n

Binance\u2019s PoR system uses Merkle trees to add up on-chain data so users can verify that their assets are safe in the exchange\u2019s custody. <\/span><\/p>\n

Last month, Binance updated<\/a> the PoR system to incorporate zk-SNARKs, zero-knowledge protocols that increase the privacy and security of user data during the verification process. The zk-SNARK verification process makes Binance\u2019s proof of reserves more transparent, verifiable, and less prone to tampering, the exchange claims.\u00a0<\/span><\/p>\n

The update was in line with Ethereum co-founder Vitalik Buterin\u2019s suggestion on making centralized exchanges more safe and trustless. Binance also made its PoR system code open-source.<\/p>\n<\/div>\n<\/div>\n

Read More<\/a>
\n Monika Ghosh<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance\u2019s PoR system shows over $63B in reserves backing 24 assets Monika Ghosh \u00b7 19 hours ago \u00b7 1 min read Binance held $3.55 billion worth of USDC \u2014 a reserve ration of 5,490.54% to the $64.7 million worth of assets users hold on the exchange. 1 min readUpdated: March 7, 2023 at 6:49 pm<\/p>\n","protected":false},"author":1,"featured_media":615504,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[81412,1775],"tags":[],"class_list":{"0":"post-615503","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-binances","8":"category-system"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/615503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=615503"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/615503\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/615504"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=615503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=615503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=615503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}