The world’s largest crypto exchange Binance is switching to a semi-automated system in order to make the management structure of the tokens it issues more transparent and reliable.
In a report by Bloomberg, Binance has previously admitted to having made an “incredible mistake”. reserve management system details of the change to be made. Binance has recently issued the so-called B-Token. of 41 tokens With client assets in “Binance-8” wallet held together had appeared.
In a statement made by a Binance spokesperson, Binance B-Token to process reserves that support so-called assets “semiautomatic” It is stated that a process will take place.
According to the statement, thanks to this system, both the operation of the process and the amount of assets can always be followed transparently and reserves can be kept. 36 separate secure wallets will be stored in a distributed fashion. The statement made by the spokesperson included the following statements:
For the past few weeks, we’ve been moving collateralized assets to private wallets, one for each network, to make 1:1 support clearly visible. This is an important step of regulation that will add security and transparency to the whole process.
Stating that the collateral reserved for the said assets has always been withdrawable and secure, the spokesperson said that with this new intervention, the assets on-chain tracking stressed that it can be done without any problems and completely.
Within the B-Token Bitcoin (BTC), Ethereum (ETH) and Binance USD (BUSD) 97 different cryptocurrencies You can find the details of Binance’s proof of collateral here.