Binance
Binance Proof-of-Reserve pledge gains support following FTX crisis
Published
2 years agoon
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adminThe call for an additional careful revealing of liquidity through the use of “Proof-of-Reserves” has been backed by several high-profile business figures.
Following the liquidity and acquisition of cryptocurrency exchange FTX, Binance business executive Changpeng “CZ” Zhao aforementioned his exchange can shortly begin a Proof-of-Reserves audit system to permit verification of its digital asset holdings.
In a Nov. 8 Twitter post, Zhao pledged to implement a Proof-of-Reserve mechanism at Binance to supply “full transparency” through the use of Merkle Trees — knowledge information structure accustomed to write blockchain data additionally expeditiously and firmly.
All crypto exchanges ought to do merkle-tree proof-of-reserves.
Banks run on half reserves.
Crypto exchanges mustn’t.@Binance can begin to try to to proof-of-reserves shortly. Full transparency.
— CZ Binance (@cz_binance) Nov. 8, 2022
A Proof-of-Reserve audit is commonly conducted by an independent third party to confirm the custodian’s assets are owned as claimed.
The Binance CEO’s intention to implement Proof-of-Reserves comes when Binance in agreement to shop for rival cryptocurrency exchange FTX on Nov. 8, who’s been reported to get on the brink of economic collapse despite CEO surface-to-air missile Bankman-Fried ab initio dismissing the claims.
Cointelegraph contacted Binance to verify if the exchange had begun implementing a Proof-of-Reserve system however failed to instantly receive a response.
Chainlink LINK tickers down $7.20 business executive Sergey Nazarov expressed his views during a Nov. eight tweet that a cryptographic-based Proof-of-Reserves mechanism might paint investors with a additional clear image of the economic condition state of affairs of a commerce venue or monetary firm, and “is changing into the new business commonplace.”
It is clear that cryptographically proving the economic condition of commerce venues and monetary establishments is changing into the new business commonplace. Proof of Reserves may be a nice example of a cryptographically secured monetary world that starts in crypto occurring to thought finance. https://t.co/eZw1pj5706
— Sergey Nazarov (@SergeyNazarov) Nov 8, 2022
Meanwhile, crypto exchange Kraken has already enforced its “advanced cryptographical accounting procedure” to permit users to verify their token balances since Feb. 2022.
Crypto exchange OKX additionally proclaimed its plans to roll out a Merkle tree-based Proof-of-Reserves audit system during a Nov. 8 Twitter post —- one thing they bear in mind to be an “important step” in establishing a “baseline trust” within the business.
The idea of additional Proof-of-Reserve audits received near-full backing from the Twitter community, with crypto business figures considered in on the move by Binance.
Host of The Daily Gwei podcast, Anthony Sassano, and founding father of ASCII text file crypto exchange ShapeShift, Erik Voorhees, each prompt Proof-of-Reserves area unit already integrated into localized finance (DeFi) and automatic by good contracts.
Transparent proof-of-reserves:
✅ western United States Defi
❌ Regulated and Compliant Centralized Exchanges https://t.co/T8QxZ4VOTE
— Erik Voorhees (@ErikVoorhees) Nov 7, 2022
The founder of crypto market intelligence platform Messari, Ryan Selkis, took things one step further, contesting that regulators ought to direct their attention to target the additional centralized players within the business.
The fact we tend to area unit debating DeFi protocol regulation before accountable disclosures like proof-of-reserves and liquidity from the mega-funds like a16z and Alameda shows simply however distant the ball we tend to area unit on policy straight away.
— Ryan Selkis (@twobitidiot) Nov 8, 2022
But not all in agreement. Antonio Juliano, founding father of crypto derivatives commerce platform dYdX argued that a Proof-of-Reserves wouldn’t disclose all necessary data required to verify associate exchange’s holdings.
The issue is that CEXs *can’t* do proof of reserves
So what if you show a notecase with $20B? however does one apprehend the add of user balances isn’t $30B?
How do you know if the entity has outstanding loans? How do you know contracts they’ve entered into? https://t.co/lbL6YGD5Ze
— Antonio | dYdX (@AntonioMJuliano) Nov 8, 2022
The post Binance Proof-of-Reserve pledge gains support following FTX crisis first appeared on BTC Wires.
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Altcoins
Binance Launchpool Rolls Out Staking and Trading Support for New Layer-1 Blockchain Project
Published
1 month agoon
April 14, 2024By
adminTop global crypto exchange Binance is planning on launching trading support for another new layer-1 altcoin project via its Launchpool platform.
Binance Launchpool, which lets users stake coins to farm new assets, says its 52nd project will be Omni Network (OMNI), a network that aims to integrate Ethereum’s (ETH) rollup ecosystem into a single, unified network.
Explains the project,
“Omni is an Ethereum-native interoperability protocol that establishes low-latency communications between all Ethereum rollups. Omni offers a secure, performant, and globally compatible architecture that presents Ethereum as a single, unified operating system to both users and developers.”
Between April 13th and 17th, Binance users can stake BNB, the crypto exchange platform’s native asset, as well as the stablecoin First Digital USD (FDUSD) into separate pools to farm OMNI tokens.
The exchange then plans to list the asset on April 17th. Binance will attach a seed tag to OMNI, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens.
Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
Last week, Binance Launchpool kicked off support for Saga (SAGA), a layer-1 project that aims to enable developers to launch interoperable, application-specific chains called “Chainlets.”
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Altcoins
Kraken Crypto Exchange Plans To Delist Monero in Two European Countries in Two Months
Published
1 month agoon
April 11, 2024By
adminOne of the biggest centralized crypto exchange platforms in the world is planning on delisting a popular privacy-focused altcoin in two European nations in the coming months.
In a new article, crypto exchange Kraken says it’s going to be delisting Monero (XMR), a blockchain focused on anonymity that launched in 2014, from Ireland and Belgium starting in June.
According to Kraken, after June 10th, all remaining XMR on the crypto exchange will be automatically converted into Bitcoin (BTC), the top crypto asset by market cap.
“We will be delisting Monero (XMR) from the Kraken platform, for clients in Ireland and Belgium, on June 10, 2024. As of May 10, 2024 trading and deposits will be halted for XMR.
All margin positions will need to be closed by May 10, 2024 or these positions will be auto-closed. We will halt withdrawals of XMR on Kraken on June 10, 2024. At this time, any remaining XMR balances will be auto-converted into BTC.”
In February, XMR itself was delisted from Binance, the world’s largest crypto exchange platform by volume, and subsequently crashed 32%.
At the time, Binance went on a delisting spree, expelling digital assets such as decentralized governance network Aragon (ANT), artificial intelligence-focused blockchain Vaiot (VAI) and enterprise blockchain platform Multichain (MULTI), as well as XMR.
Being delisted earlier this year caused XMR to plunge to $108.80. However, the 57th-ranked digital asset has since recovered and is now trading for $134 at time of writing, a 1.3% gain during the last 24 hours.
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Altcoins
Binance Launchpool Rolls Out Support for New Layer-1 Crypto Project Focused on Developers
Published
1 month agoon
April 6, 2024By
adminTop global crypto exchange Binance is rolling out support for a new layer-1 crypto project via its Launchpool platform.
Binance Launchpool, which lets users stake coins to farm new assets, says its 51st project will be Saga (SAGA), a web3 platform designed for developers.
Saga aims to enable developers to launch interoperable, application-specific chains called “Chainlets.”
Explains the project’s website,
“We are building this by rearchitecting developer and end-user interactions with blockchains. Using shared security, innovations in validator orchestration, and an automated deployment pipeline, Saga makes launching a dedicated blockchain, or Chainlet, as easy as deploying a smart contract.”
Between April 5th and April 9th, Binance users can stake BNB as well as the stablecoin First Digital USD (FDUSD) into separate pools to farm SAGA tokens. The exchange then plans to list the asset on April 9th.
Launchpool will offer 45,000,000 SAGA as token rewards, 4.5% of the asset’s max supply.
Binance will attach a seed tag to SAGA, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
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