Transparency is becoming the best policy in crypto, and Binance is obliging. Two weeks after pledging to develop a proof-of-reserve mechanism in response to the FTX liquidity and bankruptcy fiasco, the exchange published its official response.
It also highlighted upcoming transparency updates, which include the involvement of third-party auditors to audit its PoR results and the implementation of ZK-SNARKs in its PoR methods, among others.of its wallet addresses and on-chain activity.
Binance CEO Changpeng “CZ” Zhao tweeted about the latest update. Naturally, the Twitter community responded and many with positive comments toward the transparency efforts. This is a great initiative. Perhaps a stand-alone page for Proof of Reserves where users can see all the exchange holdings could be on the roadmap for the future.
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