Binance expands asset coverage in Proof-of-Reserves

The cryptocurrency exchange Binance increased the number of Proof-of-Reserves assets presented in the service to 24.

Our Proof-of-Reserves just got an update.

We have now increased the number of tokens we cover by 11, to a total of 24.

Find out more about our Proof-of-Reserves and this recent update with the blog below.https://t.co/4kKWhkNK3q

— Binance (@binance) March 7, 2023

The company added eleven tokens to the list, including MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV and DOGE.

According to the expanded listing in the March 1, 2023 snapshot, the company reported reserves of $63 billion.

According to the data presented, user deposits in Bitcoin are backed by assets on the exchange’s balance at 101.53% — 556,020 BTC. The minimums for LTC and DOGE are 100.36% and 100.51%, respectively.

The amount of USDC in the company’s possession is 5490% higher than client balances: ~USD 64.7 million versus ~USD 3.55 million.

The exchange launched the Proof-of-Reserves service in November 2022 after the collapse of FTX. Initially, the company provided information about the coverage of user deposits in Bitcoin.

The Binance team used Merkle Tree to verify on-chain data. Subsequently, developers implemented into the system the ZK-SNARK tool to enhance security and privacy.

Earlier in February, Binance CEO Changpeng Zhao, responding to the “FUD-accusations” from Forbes, urged not to lump the exchange into the same category as FTX.

The company leadership also expressed a similar position, outlining some asset-management principles in response to the publication.