Binance’s PoR system shows over $63B in reserves backing 24 assets – Btcminingvolt

admin

Binance’s PoR system shows over $63B in reserves backing 24 assets Monika Ghosh · 2 hours ago · 1 min read Binance held $3.55 billion worth of USDC — a reserve ration of 5,490.54% to the $64.7 million worth of assets users hold on the exchange.1 min read Updated: March 7, 2023 at 6:49 pm…

Binance’s PoR system shows over $63B in reserves backing 24 assets Monika Ghosh · 2 hours ago · 1 min read Binance held $3.55 billion worth of USDC — a reserve ration of 5,490.54% to the $64.7 million worth of assets users hold on the exchange.1 min read Updated: March 7, 2023 at 6:49 pm Cover art/illustration via CryptoSlate Ad Binance, one of the world’s largest crypto exchanges, updated its proof-of-reserves (PoR) system to include 11 new tokens.These include Mask Network (MASK), Dogecoin (DOGE), Curve DAO Token (CRV), 1inch (1iNCH), and more.According to the March 7 update, Binance’s PoR system now reflects the reserves held for the added new tokens in addition to the 13 previously added.

The total reserves for the 24 assets on Binance exceeded $63 billion as of March 1.USD Coin (USDC) had the highest reserve ratio at 54,90.54%.Binance held $3.55 billion worth of USDC, while users have a net balance of $64.7 million worth of assets.Binance USD (BUSD) had the second-highest reserve ratio at 128.81%, while BNB (BNB) followed at a close second at 123.85%.

Bitcoin (BTC) and Ethereum (ETH) of Binance customers are collateralized at just above 101% each.Binance holds 4.47 million ETH, and its BTC holdings stood at around 556,000 tokens.Binance claims to have all user funds collateralized with at least a 1:1 ratio in addition to more reserves.Binance’s attempt to gain user trust After the FTX fallout, the whole crypto community asked for more transparency from exchanges on how user assets are stored and protected.

So Binance became one of the first exchanges to publish PoR in late November 2022.Binance’s PoR system uses Merkle trees to add up on-chain data so users can verify that their assets are safe in the exchange’s custody.Last month, Binance updated the PoR system to incorporate zk-SNARKs, zero-knowledge protocols that increase the privacy and security of user data during the verification process.

The zk-SNARK verification process makes Binance’s proof of reserves more transparent, verifiable, and less prone to tampering, the exchange claims.The update was in line with Ethereum co-founder Vitalik Buterin’s suggestion on making centralized exchanges more safe and trustless.Binance also made its PoR system code open-source.CoinFLEX’s restructuring plan approval propels FLEX token higher Oluwapelumi Adejumo · 12 mins ago · 2 min read CoinFLEX’s FLEX token has outperformed other notable digital assets like Bitcoin and Ethereum in the last 24 hours, rising by more than 20%.2 min read Updated: March 7, 2023 at 4:35 pm Cover art/illustration via CryptoSlate Ad Embattled crypto exchange CoinFLEX said it received approval for a restructuring plan from the Seychelles courts on March 6.The exchange added that it was halting the trading of locked assets like LUSD and LETH until the Seychelles court published the court order.

CoinFLEX’s restructuring efforts In August 2022, CoinFLEX filed for restructuring after it struggled to recover an $84 million debt from crypto investor Roger Ver.The debt plunged it into a liquidity crunch that culminated in the suspension of users’ withdrawals.Since then, the exchange has made several efforts to make its customers whole.

One of its plans included the issuance of a Recovery Value USD (rvUSD) token that would help its liquidity issues.Besides that, the firm announced a significant change to its business model in October 2022.The firm issued most of its shares to customers and adopted a community-led model that gave users 65% equity in the company.However, the company’s association with the founders of the defunct Three Arrows Capital (3AC), Su Zhu and Kyle Davies, has raised more questions about its operations.FLEX value rises CoinFLEX’s FLEX token has risen by more than 3500% in the last sixty days, according to CryptoSlate’s data.The digital asset’s value has moved from around five cents to over $2 since it was revealed that it would be the utility token of the new bankruptcy claim exchange, OPNX — developed by CoinFLEX’s founders, Zhu, and Davies.

This means that FLEX has outperformed other notable digital assets like Bitcoin and Ethereum during the same period.For context, FLEX has risen by more than 20% in the last 24 hours to $2.01 at the time of writing.Meanwhile, despite the improved price performance, the FLEX token is currently only available on the struggling CoinFLEX exchange and two other decentralized exchanges, Uniswap and Tangoswap.Coinbase’s Base will likely feature transaction monitoring, AML measures Mike Dalton · 1 hour ago · 2 min read The much-anticipated layer-2 network could include regulatory compliance.2 min read Updated: March 6, 2023 at 11:52 pm Cover art/illustration via CryptoSlate Ad Coinbase CEO Brian Armstrong said on March 6 that his company’s layer-2 network, Base, will likely feature transaction monitoring and anti-money laundering measures.Base will feature compliance measures Armstrong said during an interview with Bloomberg: “Base has some centralized components today but it’s going to become more and more decentralized over time as it grows.

I think we have responsibilities in terms of transaction monitoring … things like that that we have to look at in the early days.” Armstrong suggested that centralized actors will likely become responsible for avoiding money laundering and maintaining transaction monitoring programs over time.It is unclear whether Armstrong intended this statement to apply to centralized actors operating on Base or to centralized actors in general.Though Base will be open to all developers, Coinbase’s initial announcement suggested that Base will be a “home for Coinbase’s on-chain products.” Presumably, any existing products that Coinbase integrates with Base will maintain their original KYC/AML measures.That earlier announcement also suggested that Base will become “progressively decentralized” but, in doing so, did not suggest a lack of regulatory compliance.

What Is Coinbase’s Base? Coinbase initially announced Base on Feb.23.At that time, the company said it plans to build the platform in collaboration with Optimism, an existing layer-2 project for Ethereum.Coinbase will join Optimism as a core developer and use the OP Stack.The company additionally noted at that time that Base will work with Ethereum itself, other layer-2 networks, and compatible layer-1 blockchains such as Solana.

Base is currently in testnet, available to developers but not yet applicable to actual use cases.Coinbase has not announced a mainnet launch date.Armstrong noted today that Base is intended to increase scalability and usability on Ethereum and related networks, driving transaction fees down to one cent or less.

Base does not have its own token, contrary to earlier speculation.Bankruptcy Alameda seeks to ‘maximize recoveries’ in suing Grayscale over devalued BTC trust; alleges ‘exorbitant’ management fees Alameda seeks to ‘maximize recoveries’ in suing Grayscale over devalued BTC trust; alleges ‘exorbitant’ management fees Mike Dalton · 2 hours ago · 2 min read The company aims to deliver $250 million to customers through its legal case.

2 min read Updated: March 6, 2023 at 10:16 pm Cover art/illustration via CryptoSlate Ad FTX said that its affiliate Alameda Research has sued Grayscale, as indicated in a press release published by the former company on March 6.Alameda challenges fees, locked redemptions In its press release, FTX alleged that Grayscale gained more than $1.3 billion from “exorbitant” management fees over two years.It also complained that Grayscale has prevented shareholders from redeeming shares of its Bitcoin and Ethereum trusts.FTX said that shares of those funds are now trading at a roughly 50% discount.This means that each fund is worth about half of the Bitcoin or Ethereum that backs it.

The company said that if Grayscale reduced its fees, the shares owned by FTX debtors would be worth at least $550 million.

This would represent a 90% increase in value.FTX CEO John J.Ray III said that the goal of the lawsuit is to “maximize recoveries” and ultimately return funds to customers and creditors following its November bankruptcy.The case against Grayscale could deliver more than $250 million to creditors.In its separate court filing, Alameda said that Grayscale held a total of $19 billion of assets in the relevant trusts — seemingly representing the total size of those funds, not the amount deposited by Alameda Research.Alameda aims to unlock $9 billion in value.Other companies have sued Grayscale Other companies have sued Grayscale for related reasons.

Competing asset management firm Fir Tree Capital Management filed a similar suit on Dec.6, 2022.

That suit similarly aimed to have Grayscale reverse the discount and permit redemptions.Another company, Osprey Funds, sued Grayscale on Jan.30.That lawsuit concerned Grayscale’s failure to convert its Bitcoin trust to an exchange-traded fund (ETF).Valkyrie Investments, meanwhile, proposed a rescue plan for Grayscale’s Bitcoin Trust in December.It said that it could sponsor the fund and offer redemptions.It also expressed plans to launch an opportunistic fund as a complement to Grayscale’s offering.

On Feb.15, Grayscale Bitcoin Trust (GBTC)’s discount fell to a year-to-date low of -47.35%.Since then, the discount has risen to -44.56% — slightly closer to the baseline.Top posts aluminum plating20 mins ago Compass Mining Alerts Bitcoin Miners Of Changes In Bitmain’s ASIC Design Compass Mining, a bitcoin mining firm, published a blog post stating that Bitmain, the company behind the application-specific integrated circuit…altcoin2 hours ago Yuga Labs’ TwelveFold auction had this effect on Apecoin [APE] The 24-hour TwelveFold auction raised 735 BTC, or about 16.45 million at press time market price Technical indicators sounded a…association2 hours ago Russian Crypto Industry Association Asks Putin To Help With Regulations The organization representing Russia’s crypto and blockchain sector has urged Vladimir Putin to spur regulatory efforts.

The association fears the…altcoin3 hours ago Here’s where Optimism and OP are ahead of Bedrock’s release OP’s price registered an uptick and was one of the top gainers over the last 24 hours On-chain metrics and…

Uncategorized4 hours ago New milestone for Tron [TRX], but will that really be enough TRX completed 5 billion transactions and also outperformed others in terms of stablecoin market cap However, TVL declined and market…bomb threats4 hours ago North Macedonia Says Bomb Threats Come From Russia, Crypto Used To Hide Origin The government of North Macedonia believes that an ongoing wave of false bomb threats against public targets in the country…Banking7 hours ago Failing bank Silvergate and FDIC are discussing recovery plans Failing bank Silvergate and FDIC are discussing recovery plans Mike Dalton · 3 hours ago · 2 min read Silvergate…Bankruptcy8 hours ago Voyager can sell assets to Binance.US, judge rules Voyager can sell assets to Binance.US, judge rules Mike Dalton · 2 hours ago · 2 min read Proceeds from…

ABC News8 hours ago Report: Perth Mint Faces $9 Billion Recall From China Over ‘Doped’ Gold Scandal Perth Mint, Australia’s official bullion mint, currently faces a $9 billion recall from China for allegedly selling “doped” bullion and…Payments9 hours ago Elon Musk has ambitions of making Twitter the world’s biggest financial institution Elon Musk has ambitions of making Twitter the world’s biggest financial institution Mike Dalton · 1 hour ago · 2…Regulation9 hours ago New legal opinion paper looks into the legality of staking services New legal opinion paper looks into the legality of staking services Dorian Batycka · 49 mins ago · 2 min…Mining10 hours ago Missouri passes crypto mining protection law Missouri passes crypto mining protection law Zeynep Geylan · 6 hours ago · 2 min read The “Digital Asset Mining…

100 million ounces10 hours ago Silver Proponent Predicts Medium-To-Long-Term Prices Of $125 Per Ounce Thanks To Auto Industry Silver prices have been hovering just below the $21 per troy ounce mark over the last 24 hours, after jumping…Uncategorized11 hours ago Startup offerings testing widget Choosing Startups to Invest In With the increasing popularity of equity crowdfunding, there are now thousands of startup investment opportunities…

Exchanges12 hours ago Binance’s PoR system shows over $63B in reserves backing 24 assets Binance’s PoR system shows over $63B in reserves backing 24 assets Monika Ghosh · 2 hours ago · 1 min…Latest News13 hours ago Top 5 SQL Reporting & Dashboard Tools You Should Know In 2023 The top SQL reporting and dashboard tools in 2023 allow you to browse and organize your data visually.Intro: SQL…Base14 hours ago Coinbase exec claims Layer-2 Network could include AML measures Base’s upcoming launch is expected to come with AML features Base is an Ethereum layer-2 network that offers users a…Coinflex14 hours ago CoinFLEX’s restructuring plan approval propels FLEX token higher CoinFLEX’s restructuring plan approval propels FLEX token higher Oluwapelumi Adejumo · 12 mins ago · 2 min read CoinFLEX’s FLEX…Trending – altcoin1 week ago BNB GameFi space declines despite increased popularity – Exploring why – Cryptocurrency1 week ago Uncovering Voyager Digital’s $121 Million Crypto Sell-off – Crypto news1 week ago SEC Cracks Down on Robinhood Crypto! Could Your Favorite Coins Be Delisted? – 2 1 week ago Bitcoin-Based NFTs Cross 200,000 Ordinal Inscriptions, Yuga Labs Launches Twelvefold Collection – 10th down1 week ago Solana Faces Renewed Criticism After 10th Downtime And Bumpy Restart, But Developers Remain Optimistic – Alameda Research1 week ago Former FTX Director Pleads Guilty To Charges Of Fraud, Money Laundering, And US Campaign Finance Violations – Binance1 week ago Coinbase To Suspend Trading Of BUSD Amid Regulatory Crackdown – Abra1 week ago Report Claims Visa And Mastercard Plan To Pause New Partnerships, Visa’s Head Of Crypto Insists ‘Story Is Inaccurate’ []https://news.btcminingvolt.io/news/bnb-gamefi-space-declines-despite-increased-popularity-exploring-why/ []https://news.btcminingvolt.io/news/uncovering-voyager-digitals-121-million-crypto-sell-off/ []https://news.btcminingvolt.io/news/sec-cracks-down-on-robinhood-crypto-could-your-favorite-coins-be-delisted/ []https://news.btcminingvolt.io/uncategorized/bitcoin-based-nfts-cross-2 -ordinal-inscriptions-yuga-labs-launches-twelvefold-collection/ []https://news.btcminingvolt.io/uncategorized/solana-faces-renewed-criticism-after-10th-downtime-and-bumpy-restart-but-developers-remain-optimistic/ []https://news.btcminingvolt.io/uncategorized/former-ftx-director-pleads-guilty-to-charges-of-fraud-money-laundering-and-us-campaign-finance-violations/ []https://news.btcminingvolt.io/uncategorized/coinbase-to-suspend-trading-of-busd-amid-regulatory-crackdown/ []https://news.btcminingvolt.io/uncategorized/report-claims-visa-and-mastercard-plan-to-pause-new-partnerships-visas-head-of-crypto-insists-story-is-inaccurate/.

Leave a Reply

Next Post

Sellers, look out for these signs on Monero's [XMR] price charts - AMBCrypto

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion - Monero [XMR] registered conflicting trends across different timeframes - The recent break in structure on the lower timeframe meant the market might have shown its hand Monero [XMR] recorded a bearish trajectory on…
Sellers, look out for these signs on Monero’s [XMR] price charts – AMBCrypto

Subscribe US Now