Crypto Exchange Binance Expands Asset Representation in Proof-of-Reserves to Include 24 Assets

Binance has expanded its Proof-of-Reserves service to include 24 different assets. These assets include MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV and DOGE.

According to a snapshot taken on March 1, 2023, the exchange reported that their reserves totaled $63 billion. The coverage of user deposits in Bitcoin was reported to be 101.53%, with a minimum coverage of 100.36% and 100.51% for Litecoin and Dogecoin, respectively.

The amount of USDC stablecoin in the exchange’s possession is 5,490% higher than the amount of customer balances, amounting to approximately $64.7 million compared to $3.55 million.

The Proof-of-Reserves service was first launched in November last year following the collapse of FTX. To ensure security and privacy, the Binance team implemented Merkle Tree technology and ZK-SNARKS into the system.