Binance releases Merkle tree proof of BTC asset reserves

2022-11-25 20:31:28

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ChainCatcher news, Binance announced the launch of an asset reserve proof system, adopting a Merkle tree data structure, which will push the work of keeping user assets transparent into a new process. At the initial launch, the system will provide users with proof of BTC assets, and in the coming weeks, it will gradually support more assets and networks. According to the results of the first audit, the current BTC on-chain reserve is 582,485.9302 BTC, with a user net balance of 575,742.4228 BTC, resulting in a reserve ratio of 101%. The second batch of asset reserve proof results will be announced in the next two weeks, which will include more assets.

Binance founder and CEO Changpeng Zhao stated: "In light of recent events, we see that the community's demands for cryptocurrency trading platforms will far exceed those for current traditional financial institutions. This is why we are pleased to provide users with this latest verification feature to verify that their funds are safe." (Source link)

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Binance Proof of Reserves

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