Binance Adds Support For 11 New Tokens In Its Proof of Reserves To Enhance Security
Binance News: The world’s largest crypto exchange by market share, Binance, has recently updated its Proof-of-Reserves (PoR) system to add 11 new cryptocurrencies. These include the likes of 1inch (1iNCH), Mask Network (MASK), Dogecoin (DOGE), and Curve DAO Token (CRV), among others. Following these new additions, Binance reported that its PoR system currently has more than $63 billion spread across 24 different assets.
New Tokens Added To Binance’s PoR
According to the latest update, USD Coin (USDC) had the highest reserve ratio at 5490.54%. This is due to the fact that Binance retains $3.55 billion worth of USDC, while users have a net balance of $64.7 million worth of assets. Binance USD (BUSD), which has been at the forefront of controversy, has the second-highest reserve ratio at 128.81%, whereas BNB — the exchange’s native token — followed at a close third at 123.85%.
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It’s important to note that customers’ Bitcoin (BTC) and Ethereum (ETH) holdings on Binance are each collateralized at little about 101% of their respective balances. To date, Binance has 4.47 million ETH in its possession, while its BTC reserves amount to approximately 556,000 coins. The Changpeng Zhao-led exchange asserts that all customer funds are collateralized with a 1:1 ratio, in addition to extra reserves.
Binance Moves To ZK-Snarks For PoR
Binance had stated that their Proof of Reserves (PoR) uses Merkle Trees so that users can easily know that their assets are held 1:1 in their custody. However, in February of 2023, the leading cryptocurrency exchange announced a significant improvement to its PoR system by incorporating ZK-SNARKs. Binance stated that this would enhance the privacy and security of user data while the verification process is being carried out.
In light of this particular Binance news, the price of BNB is currently exchanging hands at $288 which represents a gain of 0.01% over the past 24 hours, in contrast to a drop of 4.73% over the last seven days.
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