The latest Proof of Reserves (PoR) report from Binance shows that the net balances of XRP clients amount to over 2.7 billion tokens (over $1.5 billion at current rates). The net balances of the exchange, in turn, amount to over 2.8 billion in assets, corresponding to a ratio of 104.26%.
The Proof of Reserves system is designed to ensure transparency and build trust among Binance users by demonstrating that the company is capable of covering the balances of all clients on a 1:1 basis.
In other words, this guarantees that client funds are fully backed, which is particularly important given the bankruptcy of some major cryptocurrency exchanges, including FTX, which commingled client assets with its own.
The net balances of the trading platform in Bitcoin and Ethereum also have positive ratios, amounting to 103.79% and 106.56%, respectively.
Among other cryptocurrency exchanges that have published similar reports in recent months are Crypto.com, Kraken, OKX, and others.
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