Patrick Hillman, chief strategy officer of Binance, said DeFi may make Binance obsolete, but in the meantime the exchange is setting up proof of reserves in the aftermath of FTX's collapse in order to show customers their assets are safe.
" for Web3 to help fund startups in the industry. The exchange said it will contribute up to $2 billion from its corporate reserves, which Hillman said are separate from its custody reserves, where users' funds are held.
He added that the exchange is “confident” in its reserves, and despite not disclosing how much money is held on its corporate account, the exchange is implementing itsHillman claimed that while Binance is “larger than New York Stock Exchange, London Stock Exchange [and] almost the Tokyo Stock Exchange combined,” it's “a little bit embarrassed” about how slow it has been to set up a proof-of-reserves system.“In the end the marketplace is going to mandate this. That’s it.
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