Binance 10th Proof-of-Reserves Report: BTC, ETH, USDT Balances Revealed
Binance, a major player in the world of cryptocurrency trading, has just unveiled its 10th proof-of-reserves report, shedding light on the assets and balances of its users across various cryptocurrencies.
But what does the report say? And what does it mean for the future of Binance and the cryptocurrency industry?
Bitcoin (BTC) and Ethereum (ETH) Balances
The figures show an interesting trend. Bitcoin (BTC) user assets landed at roughly 588k, while Ethereum (ETH) deposits took a slight dip, coming down by 4.3%, resting at 3.89 million. On the other hand, the Tether (USDT) user assets showcased a moderate climb, increasing by 1% from its prior mark, reaching a staggering 15.44 billion.
Keep in mind that the process of evaluation for this proof-of-reserves underwent a method termed ‘Self-Verification’. A unique identifier, known as the Merkle Root Hash, was tagged as 2a6e1eefd8b98ffc25a60f9a09a4052e166049548074bb1d75c929a72501ba1e.
A Massive Balancing Act
The crypto-assets on Binance exhibited a diversity of ratios between customer and Binance’s net balances:
- BTC and ETH were fairly similar in their ratio dynamics, with 105.09% and 105.11% respectively.
- Binance’s own BNB exhibited a ratio of 114.18%.
- The stablecoins, USDT, and BUSD reported ratios of 118.32% and 106.74% in that order.
- Other notable crypto assets such as LTC, XRP, SOL, and LINK presented ratios varying between 100.83% to 103.83%.
Consistency is Key
While the details for every cryptocurrency are expansive, the consistency in the ratios indicates a sturdy balance between what Binance holds and what its customers possess.
A Trustworthy Platform
An array of other cryptocurrencies like DOT, ENJ, DOGE, and MASK displayed different dynamics, but most of them hovered around a 100% to 106% range. This consistency speaks volumes about the stability and trustworthiness of Binance as a platform. It’s clear that Binance continues to hold its position firmly in the crypto universe.