Binance releases Merkle Tree based Proof-of-Reserves (PoR)

Almost two weeks after the market-leading crypto exchange Binance - in response to the debacle surrounding the FTX trading platform - announced the introduction of a Proof-of-Reserve (PoR) mechanism, the new feature is now officially launched.

Accordingly, Binance is now explaining on the company's website how crypto investors can use the mechanism to verify their assets. Initially, however, the new feature based on the so-called Merkle Trees will only be available for Bitcoin, but other cryptocurrencies are to be added in the coming weeks.

Furthermore, in this context, Binance announces that independent tests will soon be carried out by external service providers in order to check the results of the PoR and to test the integration of zk-SNARKs in the new mechanism.

Shortly after the original PoR announcement, Binance disclosed the exact details of its own wallet addresses and on-chain activity in the interests of increased transparency.

Binance CEO Changpeng “CZ” Zhao has also chimed in on the latest update, largely drawing praise from the crypto community for his transparency efforts.

This is a great initiative. Perhaps a stand-alone page for Proof of Reserves where users can see all the exchange holdings (updated daily) could be on the roadmap for the future.

— Chief (@satn) November 25, 2022

After the collapse, Binance was one of the first exchanges to float the idea of Proof of Funds. Bybit also disclosed its own wallets on November 16th. This was later followed by other trading platforms such as Bitfinex , OKX, KuCoin and Crypto.com .

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