In response to a need for more transparency of the exchanges, Binance shared the addresses of dozens wallets. To be reservations amounts to almost $70 billion.
After the surprise collapse of FTX and the exposure of its founder’s bad practices, there are many voices urging the crypto industry to be more transparent.
Kris Marszalek, the CEO of Crypto.com, has already indicated that he is a backup audit from the Singapore Stock Exchange. Binancepart of the origin of the FTX bubble explosion, plans to align.
475,000 Bitcoins in his wallet
On his blog, the first global exchange did a first step in that direction by communicating the addresses of a large number of her hot and cold wallets. Binance also specifies the number of major tokens it holds.
Thus, thanks to this data, it is possible to estimate the assets available to the crypto exchange. Among his portfolios, it holds in particular almost 475,000 bitcoins. This corresponds to approx $8 billion at the current price.
Binance also has many ETH (4.8 million), USDT (17.6 billion) and BUSD (21.7 billion), its own stablecoin. Thus, in total, the reserves of the company led by CZ are equal to almost $70 billion.
The international exchange also indicates that it has an emergency insurance fund, the SAFU Funds. Created in 2018 “to protect Binance users in extreme situations »it has now reached $1 billion.
The Merkle tree, a new standard of transparency
It represents “just another part of our commitment to our users to build the safest and fairest blockchain ecosystem in the world,” Binance writes.
Finally, the crypto exchange announces that it is a full audit report. This contains information related to all the tokens it contains.
And as part of its transparency policy, Binance is announcing that it is working on the creation of a POF (proof-of-reserves) Merkle tree.
Merkle trees, also known as hash trees, are an indispensable part of blockchain technology and provide secure and efficient data verification,” BitPanda defines them.
Binance will therefore share its Merkle tree with the community “in the coming weeks”. And he won’t be the only one in the crypto ecosystem to lend himself to the exercise. KuCoin and OKX announce, for example, that they are also committed to this approach.