|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Binance Unveils Massive Reserve Surge Amid Market Gloom
Binance, the behemoth of the cryptocurrency realm, has disclosed a significant increase in its reserves across the top five digital assets by market capitalization, defying the recent market downturn.
The Binance Proof-of-Reserves (PoR) audit reveals an overcollateralization of at least 104% for Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, and Solana (SOL).
"Our Proof of Reserves specifically pertains to assets held in custody for users," Binance explains. "We provide evidence that Binance has funds to cover all user assets 1:1, along with additional reserves."
Binance PoR Audit Details:
- Bitcoin balances surged by 2.28%, adding 12,970 BTC. The platform holds over 581,758 BTC, worth approximately $36 billion.
- Tether holdings witnessed a remarkable 8% increase, the largest among the top five cryptocurrencies. USDT assets grew by over $1.6 billion month-on-month, reaching approximately $22.8 billion at press time.
- BNB and Solana reserves rose by 3.7% and 2.7% respectively, as users added to their existing holdings. BNB reserves stand at 40 million, while SOL reserves amount to 31 million.
- Ethereum (ETH), the second-largest cryptocurrency by market cap, was the only top five token to see a decline in user balances. Binance's PoR reported a 1.9% drop in ETH reserves, amounting to a reduction of approximately 87,796 Ether. Current net customer Ethereum holdings total 4.3 million ETH coins.
This PoR audit marks the first since Richard Teng replaced Changpeng Zhao as Binance CEO. Teng highlights the company's "greater maturity" in its operations, following a challenging period involving a four-month sentence for Zhao in a legal battle with the U.S. Department of Justice.
Binance's financial resilience amidst market volatility underscores the exchange's commitment to maintaining a robust reserve system, ensuring the safety and availability of user assets. The PoR audit adds transparency and accountability to Binance's operations, reinforcing its position as a trusted and reliable platform in the cryptocurrency ecosystem.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Altcoins Set to Explode: Crypto Analysts Predict Record Highs in 2024
- May 17, 2024 at 03:19 pm
- Altcoins Poised for Explosive Growth: Crypto Analysts Predict ATHs in 2024 As the cryptocurrency market exhibits optimistic indications of a sustained
-
- Embrace Meme Coins: Diversify Your Crypto Holdings with Bonk and Raboo
- May 17, 2024 at 03:19 pm
- Embrace the Meme Coin Revolution: Diversify Your Crypto Portfolio with Bonk and Raboo In the ever-evolving crypto landscape, where volatility reigns s
-
- Three Cryptocurrencies Poised for Takeoff: Toncoin, Render, and Algotech
- May 17, 2024 at 03:17 pm
- Toncoin, Render, and Algotech: The Crypto Trifecta Set to Soar In the ever-evolving crypto market, where fortunes are made and lost with lightning spe
-
- AI Cryptos Lead Surge in Crypto Market: Render, Bittensor, and Raboo Dominate
- May 17, 2024 at 03:14 pm
- The Rise of AI Cryptos: Render, Bittensor, and Raboo Lead the Charge The cryptocurrency market is experiencing a resurgence in 2024, with a particular
-
- Furrever Token Aims to Rival Success of Crypto Giants, Channeling Cuteness and Engagement
- May 17, 2024 at 03:14 pm
- Furrever Token: Poised to Emerge as a Crypto Giant, Rivaling the Success of XRP, Cardano, and Polygon In the ever-evolving digital asset landscape, a
-
- Shiba Inu and Dogwifhat Soar as Meme Coin Adoption Expands
- May 17, 2024 at 03:05 pm
- Shiba Inu and Dogwifhat Surge Amidst Wider Meme Coin Adoption Integration with Global Payment Service Shiba Inu (SHIB), the second-largest meme coin b
-
- USD Index Key to Bitcoin's Potential 127% Surge, Says Analyst
- May 17, 2024 at 03:04 pm
- US Dollar Index Holds Key to Bitcoin Price Surge, Analyst Predicts 127% Rally Acclaimed financial analyst Jamie Coutts from Real Vision has asserted t
-
- CoinGeek AMA Highlights Blockchain Innovations Ahead of London Conference
- May 17, 2024 at 03:03 pm
- CoinGeek Weekly Livestream AMA Explores Blockchain Advancements as London Blockchain Conference Nears In anticipation of the London Blockchain Confere
-
- Chainlink Poised for Surge as Technical Analysis Reveals Bullish Momentum
- May 17, 2024 at 03:02 pm
- Chainlink Poised for a Surge, Technical Analysis Reveals Strong Bullish Momentum NEW DELHI, India (CoinChapter.com) - Chainlink (LINK), the leading pr