The leading cryptocurrency exchange and blockchain ecosystem have upgraded its proof–of–reserves (PoR) verification system with zk-SNARK, a zero-knowledge verification method aimed at keeping users’ sensitive information more private and secure.
Per the announcement, Binance is committed to investing in technology that will enhance its reserves verification function, making it extra reliable, secure, and private for users. To be more transparent, the top-ranked crypto marketplace by 24-hour trading volume added that it would make the code for its proof-of-reserve (PoR) system open-source.
Alongside this recent transparency-focused upgrade, the exchange added four new tokens to its PoR system on Friday. This then takes the total number of cryptocurrencies supported on Binance’s proof-of-reserves to thirteen.
“13 of the popular tokens are now supported, and you can verify your holdings in our custody,” Binance tweeted, revealing its plans to add even more tokens to its PoR system in the coming weeks.
Our team made some upgrades to the #Binance Proof of Reserves (PoR) verification system this week.
🧵 Here’s a thread to summarise the updates. pic.twitter.com/TGFg4Q5WMu
— Binance (@binance) February 10, 2023
Shiba Inu Added To Binance Proof of Reserves System
Notably, the second-largest decentralized meme token, Shiba Inu (SHIB) is among the four new tokens recently added to Binance’s proof-of-reserves verification system. This implies that SHIB holders can now verify their holdings on the custody platform.
In consequence, the exchange’s proof of reserves page now shows SHIB’s customers’ net balance and Binance net balance as well as the asset’s reserve ratio.
At the time of writing, Shiba Inu’s reserve ratio on Binance is 102.46%, the customers net balance is 82,421,361,189,554 while Binance net balance of SHIB is 84,446,642,490,216.94. Based on this data, users holding SHIB on the exchange can confirm that Binance has a 1:1 custody of their tokens.
Generally, Binance’s support for SHIB continues to grow. This development comes weeks after Binance added a feature that enabled users to purchase SHIB on the trading platform using Google Pay and Apple Pay.