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Huobi Becomes Latest Crypto Exchange to Disclose Proof-of-Reserves – Exchanges Bitcoin News

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Seychelles-based cryptocurrency exchange Huobi recently became the newest digital asset exchange platform, revealing the number and value of digital assets held in reserves. Huobi said disclosing the assets held in the reserve will help increase user confidence in the exchange and improve transparency.

Huobi’s “Comprehensive Overview”

Seychelles-based cryptocurrency exchange Huobi became the latest digital asset exchange to try to assuage user fears when it announced a so-called “proof of reserves” on Nov. 12.At the time of its opening, the crypto exchange had around 32,000 Bitcoin274,000 ethereumand 820 million USDT stablecoins, and 9.7 billion TRX token.

In addition to disclosing the US dollar value of digital assets held ($3.5 billion), Huobi also shared a snapshot of the list of addresses where funds are stored. It came just two days after FTX was accused of misusing cryptocurrency client funds. filing for bankruptcy.

and statementHuobi, which was acquired by About Capital Buyout Fund in October, suggested such disclosures could help reassure concerned users. , Binance, Crypto.com, Deribit, Kucoin, Okx and all other crypto exchanges, Respectively Proof of Reserve (POR) with Merkle Tree and full audit. As noted in the report, a user can track his token holdings and trading once the crypto exchange displays his POR.

On the other hand, cryptocurrency exchanges say they will further increase user trust by displaying PORs on a daily basis in the future.

“We are committed to conducting another Merkle Tree Proof of Reserve audit with a third party within the next 30 days to further increase user confidence and accelerate our efforts to improve transparency,” it said. The crypto exchange said in a statement.

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Terrence Jimwala

Terence Zimwara is a Zimbabwean award-winning journalist, author and author. He has written extensively on the economic problems of several African countries and how digital currencies can provide an escape route for Africans.

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