Binance Releases Proof-of-Reserves (PoR) System for Holdings of Bitcoin

Binance released its official statement two weeks after first pledging to create a proof-of-reserves (PoR) system as a consequence of the FTX liquidity and insolvency disaster. Binance Launches of Proof-of-Reserves System For Bitcoin Holdings The exchange explained how users could utilize the system to check its holdings in a statement on the Binance website. The Merkle Tree-based system can now only validate Bitcoin, while the statement states that other coins will be added in the upcoming weeks. Changpeng “CZ” Zhao, CEO of Binance, tweeted about the most recent development. Inevitably, Twittersphere gave its opinion, and many of its members praised The post Binance Releases Proof-of-Reserves (PoR) System for Holdings of Bitcoin appeared first on Cryptoknowmics-Crypto News and Media Platform .