$71 Billion in Cryptocurrencies – Binance’s Crazy Reserves

Changpeng Zhao said it: the forfeiture of its rival FTX this week has nothing to please him. But whether that’s true or not, Binance is coming out on top, at least in terms of communication. The platform has indeed published its portfolio addresses, and we learn that it has substantial reserves, up to 71 billion dollars.

https://cryptoast.fr/71-billion-dollars-reserves-cryptomoneys-binance/

Binance wallets are jam-packed

Binance CEO Changpeng Zhao yesterday appealed to other centralized exchanges. He wanted them to publish their addresses publicly, so that everyone can check their financial health – and prevent possible liquidity-related crises. In an official press release, he explained as follows:

We call on other centralized exchanges to follow us and publish publicly the addresses of their insurance portfolios.»

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No sooner said than done: Binance today published the addresses of its wallets. We learn that the company has a substantial background in cryptocurrencies, which it reveals in a non-exhaustive manner before publishing a full report. We find there :

  • Bitcoin- 475,000 BTC approximately, or 8.3 billion dollars at the current price
  • Ether – 4.8 million ETH approximately, or 6.2 billion dollars
  • From USDT – 17.6 billion about
  • From BUSD –21.7 billion about
  • From USDC – 601 million about
  • From BNB – 58 million approximately, or 17.1 billion dollars

In total, the assets stored on Binance’s hot and cold wallets therefore amount to to a colossal sum of more than 71 billion dollars – while the prices of cryptocurrencies have fallen sharply.

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Binance assures the community of its solidity

As already mentioned, the FTX affair highlights the impeccable communication of its rival Binance, who takes the opportunity to prove his seriousness to a particularly panicked crypto community this week. The platform, for example, announced that it was contributing to its emergency fund, which aims to protect users from crises of this type.

The publication of its portfolio addresses is therefore another key step, before a full report to come. Binance’s press release states as follows:

It’s a starting point while we work to build proof of funds (POF) into a Merkel tree that we will share with the community in the coming weeks.»

The method had already been mentioned by Changpeng Zhao, and it should allow verify all assets held by Binance. As a reminder, a similar technique is used by the Kraken exchange platform to prove the state of its reserves.

In the meantime, users and curious can explore the addresses of Binance to see the considerable reserves held by the platform. At a time when mistrust reigns with regard to centralized exchanges, this could help to appease – in part – the community.

👉 On the same subject – FTX allegedly embezzled its clients’ funds to save Alameda Research

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Source: Binance, press release – Image: Web Summit via Flickr (CC BY 2.0)

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