• Binance recently expanded its Proof-of-Reserves (PoR) report to include 11 more tokens.
• The PoR report now allows users to verify the amount of funds on the exchange across 24 different cryptocurrencies, with over $63 billion in reserves.
• Binance incorporated zk-SNARKs into its proof-of-reserves verification earlier this year to provide transparency and security for user funds.
Binance Expands Proof of Reserves Report
Binance has recently expanded its Proof-of-Reserve (PoR) report to include 11 more tokens, bringing the overall amount of funds verifiable via the exchange’s PoR system to over $63 billion. This allows users to verify the amount of funds on the exchange across 24 different cryptocurrencies.
zk-SNARKs Verification System
In a bid to address skepticism about centralized players, Binance incorporated zk-SNARKs into its proof-of-reserves verification earlier this year. This zero-knowledge verification method keeps sensitive information private and more secure while affirming that funds held on the platform are backed 1:1.
Other Crypto Platforms with Proof of Reserves Audits
Aside from Binance, other crypto platforms that have completed their Proof of Reserves audits include Kraken, Crypto.com, Bitmex, Coinfloor, Gate.io, HBTC, and most recently WazirX, among others.
FTX Collapse Stirs Up Concerns
The unprecedented collapse of FTX once the third largest cryptocurrency exchange stirred up a lot of concerns within the crypto industry over the reliability of centralized players which prompted crypto executives to start sharing proof of reserves.
Binance’s PoR Report Audited by Mazars
In December 2020, Binance shared its PoR report audited by Mazars which claimed that Binance’s bitcoin reserves have a 101% collateralization ratio but some crypto experts were quick to find some holes in it leading to withdrawal surge as rumors about alleged problems at the platform drove users away.