Coinspeaker Here’s Binance’s Current Bitcoin, Ethereum, Dogecoin Balance
Leading cryptocurrency exchange Binance has released its 22nd Proof-of-Reserve (PoR) report to promote transparency and uphold integrity. This document usually shows the exchange’s user’s assets in custody. According to Binance, it holds all user assets 1:1 in addition to extra reserves). It claims that it has zero debt in its capital structure, which is in addition to ensuring that there is an emergency fund (SAFU fund) for extreme cases.
Binance Asset’s Reserve Ratio Remains High
The 22nd PoR showed that users’ Bitcoin BTC $55 229 24h volatility: 1.9% Market cap: $1.09 T Vol. 24h: $26.48 B comes in around 605,000 BTC, corresponding to a 1.27% drop from the last time. Also, users’ Ethereum assets are 4.486 million ETH, down by 4.58%, equivalent to 225,000 ETH
On the other hand, users’ Tether (USDT) saw a 4.34% increase from the last time. The holding increased by 919 million USDT to 22.11 billion units of the United States dollar-pegged stablecoin. Its Solana SOL $128.1 24h volatility: -0.1% Market cap: $59.93 B Vol. 24h: $2.10 B reserve was 32 million SOL, and the Dogecoin DOGE $0.10 24h volatility: 2.6% Market cap: $14.22 B Vol. 24h: $521.56 M customer net balance was 13.12 billion DOGE. Noteworthy, the snapshot was taken on September 1, 2024.
In terms of their reserve ratio, Binance has a ratio of 106.84% for its BTC assets, 103.68% for its ETH assets, DOGE for 100.09%, 112.82% for USDT, and 102.67% for its Solana (SOL) assets. Besides these featured digital currencies, Binance has also maintained an average of 100% ratio across the board.
Binance launched the PoR system with BTC after the sudden collapse of Bahamian-headquartered crypto exchange FTX in 2022. In 2023, it launched a dedicated website for the process and began expanding to other crypto assets.
FTX’s Collapse Mandates PoR Publication
FTX experienced a massive liquidity crisis and could no longer process withdrawals because the demand from end users and investors became too significant to handle. Shortly after the company’s implosion, around 1 million creditors suffered losses worth billions of dollars. Users on other crypto platforms and exchanges became jittery and lost trust in their patronized exchanges.
Introducing a PoR system allowed these crypto firms and projects to allay these users’ fears. In two years, Binance has continuously upgraded the platform to ensure a smooth experience for users. It has also provided all the information they need to invest in crypto effectively. Other exchanges are closely following in Binance’s footsteps.
At the end of Q1 2024, OKX published its 17th PoR report, which showed that the exchange has a record BTC reserve of 102%, ETH 104%, USDT 106%, and USD 110%. The report also demonstrates that the exchange is overcollateralized and users’ assets are backed 1:1 on the platform.
In May, leading crypto exchange and Web3 innovator Gate.io published its PoR report showing a reserve-deposit ratio of 115.34% and a total reserve value of $6.49 billion at completion. The report covered about 209 digital assets, marking an increase of 20 since the previous report. Binance also constantly increases its asset size from time to time, a trend that has solidified its position as the top exchange in the market.
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Here’s Binance’s Current Bitcoin, Ethereum, Dogecoin Balance
