Binance's 14th Proof of Reserves Report Reveals Surging User Assets and Growth

Binance has released its fourteenth Proof of Reserves (PoR) report. This snapshot, dated January 1, provides insights into user assets and highlights robust growth.

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Increase in User Assets

Binance's PoR report shows a substantial surge in user assets, indicating a positive trend. Bitcoin (BTC) holdings for users have experienced a 2.65% growth, reaching 575,000 BTC, reflecting an addition of 14,850 BTC. Ethereum (ETH) holdings have climbed by 2.9%, totaling 4 million ETH. Tether (USDT) assets have seen a notable 4.45% increase, standing at an impressive 16.8 billion USDT.

Client funds in Bitcoin and Ethereum are reportedly secured by 103.79% and 106.56%, respectively. This reassures users about the robust backing of their assets on the Binance platform.

he report, published on January 8, further discloses that users collectively hold nearly 32 million BNB (Binance Coin). Additionally, client assets in USDT stablecoins are backed at 123.20%, reaching a total of 16.85 billion.

The latest PoR report also sheds light on XRP customer net balances, amounting to over 2.7 billion tokens, valued at over $1.5 billion at current rates. In contrast, the exchange's net balances exceed 2.8 billion assets, resulting in a solid 104.26% ratio.

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Proof of Reserves as a Pillar of Trust

Proof of Reserves serves as a crucial aspect of maintaining transparency and trust in the cryptocurrency industry. Binance founder Changpeng Zhao announced an audit in November 2022, introducing the concept of Proof of Reserves after the FTX bankruptcy incident. 

This audit aims to showcase Binance's readiness to cover any withdrawal requests, reinforcing its commitment to security and accountability.