Binance publishes details of the cryptocurrencies it holds in its wallet
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Answer Binance publishes details of the cryptocurrencies it holds in its wallet
Binance, the world’s largest cryptocurrency exchange by transaction volume, has published details of the cryptocurrency in its hot wallet as it seeks to set an example.
Binance took to Twitter to announce the move, with the company sharing a snapshot of its holdings as of November 10.
Binance’s total number of bitcoin holdings is 475,000 bitcoins, worth about $8.42 billion based on bitcoin’s price at $17744.
Binance said it has a total of 4.8 million Ethereum, 17.6 billion USDT, 21.7 billion BUSD, 601 million USDC and 58 million BNB.
Put the funds together, the value of the Binance portfolio would be more than $72 billion, based on the prices of all assets at the time of publication of the Binance statement.
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The published numbers give confidence to the Binance community, which attests to the strong liquidity and solvency of the Binance trading platform.
With the fiasco surrounding rival trading company FTX, many trading platforms have been put on edge as clients demand proof of reserve.
Now that Binance has taken the lead, more cryptocurrency exchanges may follow suit, as this seems to be the only thing that can calm investors at this time.
The crypto system has had turbulent seasons this year, with the collapse of Terra (LUNA) initially forcing major crypto lenders such as Celsius Network and Voyager Digital to file for bankruptcy.
The trajectory in industry has been very large, it cuts across different countries and in different industrial sectors.
Billions of investor money are still locked up in bankruptcy proceedings now, and many are tired of events that are likely to lead to a recurrence of such events.
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For now, investors are likely to stick with a trading platform with a strong proven reserve until things get a little clearer.
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