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Binance, the world’s largest cryptocurrency exchange, announced its proof-of-reserve system to restore declining trust in crypto exchanges following the sudden bankruptcy of FTX.
Binance, which publishes reserve reports at regular intervals, has released its 44th reserve report.
According to Binance’s official website, the reserve ratio (the ratio of Binance’s holdings to user assets) for major cryptocurrencies is excessively collateralized.
Apart from Bitcoin, the report includes $USDT, Ethereum, $BNB, Solana, $USDC, $USD1, TRUMP, ENA, Arbitrum (ARB), POL, FORM, PENDLE, Aptos (APT), RLUSD, CRV, CHZ, S, Optimisim (OP), WIF, GRT, BOME, TUSD, ENJ, 1INCH, CHR, SSV, MASK, BUSD and HFT were included.
According to the report, the stock exchange’s reserve ratios remained above 100% for all major assets.
“$BTC rate: 100.08%
$ETH rate: 100.00%
$USDT rate: 103.49%
$BNB rate: 100.83%
SOL rate: 100.00%
$USDC rate: 108.67%
$USD1 rate: 103.03%
XRP rate: 101.06%”
According to the latest report, users’ Bitcoin holdings increased by 1.22% compared to the previous report, reaching approximately 640,296 $BTC, while their $USDT holdings decreased by 1.51% to 33.7 billion $USDT.
Lastly, looking at users’ Ethereum holdings, a 1.4% decrease was observed, falling to approximately 4.08 million $ETH.
*This is not investment advice.