The post Binance Shows $120B Coverage Across 34 Tokens appeared on BitcoinEthereumNews.com.

Binance’s 24th Proof of Reserves shows user assets across 34 tokens, ensuring full asset backing. Binance enhances privacy and security with zk-SNARKs for transparent Proof of Reserves verification. Binance has released its 24th Proof of Reserve (PoR) report, which emphasized transparency and user asset security. Taken on November 1, the most recent snapshot shows a reserve encompassing 34 various tokens with total values exceeding an amazing $120 billion. This significant reserve underlines Binance’s will to keep fully-backed assets for its consumers. Binance’s Asset Reserves and Privacy Tech Upgrades  Among the report’s key numbers is a notable rise in Binance’s user-held assets for key coins. Reflecting a 2.09% rise since last month, user BTC assets now stand at 608,587 BTC, and an extra 12,493 BTC has been added to the reserve. Comparably, user ETH assets climbed 274,000 ETH, a 6.20% increase from the last snapshot, reaching 4,699,518 ETH. Further adding to the final reserve amount were user-held USDT assets, which came out to be $20.85 billion. Especially, Binance has developed technically to support the PoR mechanism even more. The exchange included zk-SNARKs into their proof system in November using a cryptographic technique that increases reserve verification accuracy and privacy. This improvement lets users confirm that their assets add to the overall net user balance without revealing specific asset information. Binance wants to build a system customers can rely on for security by including zk-SNARKs, therefore preserving personal financial data confidentiality. Every development and enhancement to its PoR system shows Binance’s emphasis on establishing confidence with its customer base and raising a high benchmark for reserve management in the crypto sector. Through these improvements, Binance presents itself as a platform where users may feel safe about the support of their holdings. Previously, according to CNF, Binance presented a creative idea meant for…

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Filed under: News - @ November 8, 2024 11:24 am