The world’s largest cryptocurrency exchange – Binance – launched its Proof of Reserves (PoR) system to show users the exact amount of their crypto reserves.
The feature will initially only the stocks of Bitcoin show while other coins will follow in the future.
- Binance has taken some additional measures to reassure its customers’ confidence in the turbulent times following the FTX crash.
- In a recent announcement, the company announced the launch of a Proof of Reserves (PoR) system, showing that its on-chain reserve consists of 582,485.9302 BTC. The customer’s net balance (equity – debt) is 575,742.4228 BTC.
- The trading venue promised to make the PoR available to others cryptocurrencies release in two weeks. Binance will also employ external auditors to verify the results.
- CEO Changpeng Zhao said the crypto community is demanding more from exchanges right now and the company is “happy” to provide that clarity:
“As Binance’s user community is exponentially larger than the next largest exchange, this is a massive undertaking and will take a few weeks to develop the data for the majority of our assets under custody. We are working to get the next update out as soon as possible to meet community expectations,” he added.
- The platform boosted its SAFU insurance fund to $1 billion in the wake of the FTX meltdown. These assets could be distributed to clients in case of future emergencies.
- Binance has also launched an Industry Recovery Fund that could help other projects facing liquidity problems.
Source: Crypto News Deutsch