Binance Adds 11 Altcoins to Proof-of-Reserve System!

world’s largest cryptocurrency stock market Binance, FTXafter the sudden bankruptcy of bitcoin had announced a proof-of-reserve system to restore waning confidence in its stock markets.

Binance has announced the addition of 11 new altcoins to its proof-of-reserve system.

Here is Binance’s announcement:

“Binance’s proof-of-reserve system has been updated to allow verification of user assets for 11 new tokens: MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV and DOGE.

The total amount of funds that can now be verified through Binance’s PoR system now exceeds $63 billion.

At Binance, user funds are always collateralized at a ratio of 1:1 and there are additional reserves.

With Binance’s proof-of-reserve system introduced in late 2022 as part of a broader effort to provide users with greater transparency, users can rest easy knowing that their assets are held for them.”