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SirWin
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SirWin

Binance adds 11 tokens to its proof-of-reserves

binance-adds-11-tokens-to-its-proof-of-reserves
Edited by
News
Binance adds 11 tokens to its proof-of-reserves

Binance has increased the number of assets accepted by its proof-of-reserves (PoR) system from 15 to 24 by adding 11 new digital currencies. 

Dogecoin, Curve DAO Token, and 1inch are among the added tokens. The crypto trading platform has announced that, as of the most recent update, the total value of all cryptocurrencies in the PoR system exceeds $63 billion.

ZK-SNARKs are now available on Binance for PoR

The announcement of the significant improvement to the exchange’s PoR system, which included the incorporation of ZK-SNARKs, was made in February 2023.

This is a zero-knowledge-proof technology. It allows Binance to verify that it possesses the assets it claims to have without disclosing detailed facts about those assets. Throughout the verification process, using ZK-SNARKs improves the privacy and security of user data.

How Binance’s PoR works

Binance claims to maintain a reserve ratio of 1:1 for all customer funds, in addition to retaining other reserves. According to one crypto exchange, this gives users peace of mind that their funds are protected.

Reserve ratios for all supported cryptocurrencies are made public via the PoR system. USDC has the highest reserve ratio at 5490.54% as of the last data refresh, with Binance holding $3.55 billion worth of USDC and users holding a net balance of $64.7 million. With a reserve ratio of 128.81%, Binance USD (BUSD) placed second, and Binance’s native token, BNB, ranked third, behind only bitcoin and ethereum.