blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

5 Crypto Exchanges That Have Tackled “Proof of Reserves” or PoR Crypto Jargon

Max Clark by Max Clark
January 10, 2023 - 9:04 am
in ethereum news, altcoins news
0
Proof of Reserves
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The FTX fiasco raised concerns over unregulated cryptocurrency platforms and a lack of trust in their operations. FTX was a classic example of using deposited customer funds to mitigate own business losses at the expense of the customer’s trust. This sparked grave concerns over trusting unregulated centralized entities. The spiraling of events post the FTX saga created immense havoc and fear in the crypto community until Binance published its Proof of Reserves report to instill confidence in the industry. The FTX’s implosion might have been a catalyst but it triggered massive interest from the community to peek into exchanges’ current reserves and operational activity. 

Exchanges started employing Merkle-Tree-based Proof of Reserves to determine the absolute backing of their crypto assets by a third-party crypto auditor. Merkle Tree is a cryptographic tool known for encrypting blockchain transaction data. Users will be able to comprehend the crypto exchanges’ state of finances and also verify personal holdings on the public blockchain. The trend emerged, and the rest is history. We have all witnessed our Twitter feeds filled with PoR reports. 

Here are five cryptocurrency exchanges that have implemented Proof of reserves or have publicly disclosed information about their holdings:

  • Binance: The billion-dollar crypto exchange, Binance published its Proof of Reserves Report with over $70 billion worth of crypto assets in its cold storage. The exchange advocated a reserve ratio of 101% and provided a snapshot of its balances on November 22nd, 2022. The exchange previously published a screenshot of its hot & cold wallet addresses on November 10th, 2022.
  • OKX: Cryptocurrency exchanges OKX released its Proof of Reserves report for public scrutiny on November 23rd, 2022. The report ensures that OKX has 102% of the BTC & ETH coins in case of withdrawals and 101% of the USD Tether coins in case of withdrawals. The exchange has also released an option to view the audit in the OKX application’s dashboard. 
  • Bitfinex: As one of the oldest crypto exchanges, Bitfinex released its PoR report on the same day, taking a similar approach as Binance. The report findings indicate that the exchange has over $5.06 billion in assets stored in 135 hot and cold wallet addresses. 
  • Kraken: The digital asset exchange launched a cryptographic PoR audit demonstrating that it has over $19 billion in customer assets in Bitcoin and Ether. It also affirmed that over $3.5 billion worth of Ether is secured in the on-chain staking service by Kraken. Customers will also be able to verify their bitcoin and ether balances on the exchange from their Kraken accounts. 
  • ByBit: ByBit released its Proof of Reserves Report authenticating the exchange holds all the user assets in a 1:1 ratio. The Proof of Reserves verification was available to funding and trading account users. Assets can be verified across many blockchains, including Ethereum, TRON, Avalanche, Arbitrum, Polygon, Optimism, and BNB Chain. 

Users must always research and perform their due diligence while choosing a crypto exchange. They must also look for additional signs of financial stability, such as an operational track record, credibility, and transparency in the exchange operations. One method to verify the exchange’s credibility and security is by reviewing its PoR(Proof-of-Reserves) report. 

Moreover, one must know that Proof of Reserves can be exploited or manipulated. Therefore it is essential to keep track of the exchange’s operation and verify the financial health of the crypto exchange time and again. 

Tags: CryptoExchange
ShareTweet
Max Clark

Max Clark

Max Clark is a content writer specialising in the cryptocurrency space. He is very enthusiastic about altcoins, NFTs, and the Metaverse. Max is convinced that the network is capable of replacing the existing global monetary system and granting financial independence to billions of people all over the world. Max loves to go on adventures, play sports, and read books when he has free time outside of work. He has also worked in the financial industry before, so he knows how the world's banking system works and how to deal with clients in the tech and finance industries.

Recommended For You

Binance Launches Tax Reporting Tool to Aid Crypto Users on Upcoming Tax Season

by Samuel Edyme
February 6, 2023 - 2:11 pm
0
Binance

While the reporting of tax can be quite stressful, Binance has come to the aid of crypto users by launching a tax reporting tool called ‘Binance Tax.’ 

Read more

Hodlnaut Sees New Potential Buyers

by Kester Odero
February 6, 2023 - 10:30 am
0
Hodlnaut

Holdanut could be selling amid post FTX crisis. Potential buyers have presented an affidavit to judicial managers on the acquisition deal.

Read more

OKX Occupies 2nd Spot in Transparency, Says Coinglass

by Umair Younas
February 6, 2023 - 10:00 am
0
OKX

Coinglass discloses that the second spot has witnessed OKX for a short time. Nonetheless, Bitfinex remained successful in outperforming its rival.

Read more

South Korea’s Financial Services Commission Issues Guidance on Security Tokens

by Mushu Butt
February 6, 2023 - 9:36 am
0
FSC

South Korean regulator has issued guidelines about which types of digital assets would be classified and regulated as securities in the country.

Read more

BNB Chain Defies Bear Market Trend as On-Chain Activity Soars in Q4: Reveals Messari Data

by Shayan Chowdhury
February 6, 2023 - 8:46 am
0
bnb chain

The on-chain activity in Binance's native blockchain BNB witnessed a promising surge in user activity in Q4 despite the crypto market's downtrend. 

Read more
Next Post
Parlc

Parcl Protocol Introduces Earliest Protocol for Real Estate Investment

PARTNERS LIST

PRESS RELEASE

The Future of DAOs Takes Center Stage in Tel Aviv

by chainwire
February 6, 2023 - 8:00 am
0

Tel Aviv, Israel, 6th February, 2023, ChainwireThe DAOVOZ collective is excited to announce the inaugural DAOVOZ Tel Aviv event on...

Game Space Powers Web3 Gaming With the Launch of Player One Tournament, Aligns Partnership with Splinterlands, Gods Unchained and Big Time

by Max Clark
February 3, 2023 - 12:00 pm
0

For Player One Tournament, Game Space will continue to cooperate with more public chains, various gaming guilds, Web3 Infra, Web3...

Metacade presale investment rockets past $5 million as GameFi investors hurry to buy remaining MCADE tokens

by chainwire
February 2, 2023 - 3:38 pm
0

London, United Kingdom, 2nd February, 2023, ChainwireThe Metacade presale is selling out fast with stage 3 coming to a close...

Snowfall Protocol

Joe Biden Reveals Game-Changing Crypto “Roadmap” after $2 Trillion Bitcoin (BTC) and Ethereum (ETH) Crash! Snowfall Protocol (SNW) Still the Top Pick for 2023

by Josh Fernandez
February 2, 2023 - 9:23 am
0

A perennial problem that has dogged the crypto world – and one that Snowfall Protocol (SNW) aims to address –...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.