Binance Enhances Security with 11 Proof-of-Reserves Tokens
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Binance has increased the number of assets accepted through its Proof of Reserve (PoR) system from 15 to 24 by adding 11 new cryptocurrencies.
Dogecoin, Curve DAO Token, and 1 inch are among the added tokens. The cryptocurrency exchange announced that as of its latest update, the total value of all cryptocurrencies in the PoR system exceeds $63 billion.
ZK-SNARKs are now available on Binance for PoR
A significant improvement in the exchange’s PoR system, which included the integration of ZK-SNARKs, was announced in February 2023.
This is a knowledge-free technology. It allows Binance to verify that it owns the assets it claims to own without revealing detailed facts about those assets. Throughout the verification process, the use of ZK-SNARKs improves user data privacy and security.
How does Binance’s PoR work?
Binance claims to maintain a 1:1 reserve ratio for all client funds, in addition to holding other reserves. According to a cryptocurrency exchange, this gives users peace of mind that their funds are protected.
Reserve ratios for all supported cryptocurrencies are announced via the PoR system. USDC has the highest reserve ratio at 5490.54% as of the latest data update, with Binance holding $3.55 billion in USDC and users holding a net balance of $64.7 million. With a reserve ratio of 128.81%, Binance USD (BUSD) is in second place, and Binance coin, BNB, is in third place, behind only Bitcoin and Ethereum.
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