4u Created
Image default
Crypto

Binance Shares Hot and Cold Wallet Crypto Addresses and Details About the SAFU Fund – Bitcoin News


After disclosing the trading platform Binance would share proof-of-reserves, the exchange published a blog post called “Our Commitment To Transparency.” The Binance blog post shares addresses tied to the world’s largest exchange and it notes that as of Thursday, Binance holds 475,000 bitcoin, 4.8 million ether, and 17.6 billion tethers.

Binance Shares Crypto Addresses and Says a Full Audited Report Is Coming Soon

Just before the exchange bailed out on purchasing FTX, Binance CEO Changpeng Zhao (CZ) told the public that Binance would produce proof-of-reserves. “All crypto exchanges should do Merkle-tree proof-of-reserves,” CZ said. “Banks run on fractional reserves. Crypto exchanges should not. Binance will start to do proof-of-reserves soon. Full transparency,” CZ concluded on Twitter.

On Thursday, Binance published a blog post that follows CZ’s commentary about proof-of-reserves. The exchange has shared hot and cold wallet addresses tied to networks including BTC, ETH, BSC, BNB, and TRX. “This is a starting point while we work to create a Merkle tree [proof-of-reserves] that we will share with the community in the next few weeks,” Binance’s announcement explains.

Binance further insisted that it is “not a complete set of data,” and added, “this will be shared in the full audited report.” At the time of writing, Binance’s top crypto balances include:

The world’s top crypto exchange sharing its hot and cold wallet addresses follows a large slew of crypto executives discussing proof-of-reserve methods. In addition to sharing the addresses, Binance also detailed information concerning the firm’s SAFU fund.

“We have also recently topped up our industry leading SAFU fund, an emergency insurance fund that was established in 2018 to protect Binance users in extreme situations,” Binance wrote. “The fund now stands at $1B and is just another part of our commitment to our users to build the safest, most equitable blockchain ecosystem in the world.”

What do you think about Binance sharing the company’s crypto wallet addresses and details about the SAFU fund? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Iryna Budanova / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

Related posts

Nigerian Central Bank Incentive Scheme Failed to Halt Naira Depreciation – Bitcoin News

Security Service of Ukraine Shuts Down Crypto Mining Farm Near Front Line in Kharkiv – Mining Bitcoin News

Economists Warn of Severe Recession as Fed Continues Raising Interest Rates to Fight Inflation – Economics Bitcoin News