Binance launches a system of confirmation of bitcoin reserves – Bits Media

With the help of its new Proof-OF-RESERVE system, the largest crypto-rope of the world intends to regularly prove to its users, that nothing threatens their assets.

Binance announced the launch of its reserve confirmation system, which should become, As stated in Company, The next step to greater transparency and strengthen the trust in the ecosystem of the trading platform. First, the Por system will work with bitcoins - other cryptocurrencies and crypto -rope tokens will add in the next few weeks.

“Our system of confirmation of reserves will affect only those assets, which are stored for users. It means, What we intend to prove to our customers, that Binance has funds, which cover all their assets 1:1, And there is still a reserve ", - says in the ad.

The cryptocurrency officer published data on the remnants in the accounts and its own reserves of bitcoins as of 22 November. The exchange has 582 485 BTC in reserves, And the clean balance of users - 575 742 BTC. It means, that the reservation coefficient is the order 101%.

Reported, that users will be able to independently check the personal assets on the platform using the Binance Merkle Tree tool, which combines large amounts of data into one hash. In addition, The exchange plans to attract third -party auditors to check the new system and introduce technology evidence with zero disclosure.

Earlier, the cryptocurrency officer announced plans to launch a special assistance fund for cryptocurrency companies, Crisis of liquidity faced two weeks ago due.