Changpeng “CZ” Zhao, CEO of Binance, stated that his exchange would eventually start a Proof-of-Reserves audit mechanism to validate its digital financial assets in the wake of the liquidity problem and the takeover of cryptocurrency exchange FTX. In a tweet on November 8, Zhao promised to develop a Proof-of-Reserve system at Binance to give complete transparency through the Merkle Trees, a data model used more effectively and securely to encrypt blockchain data. All crypto exchanges should do merkle-tree proof-of-reserves. Banks run on fractional reserves. Crypto exchanges should not.@Binance will start to do proof-of-reserves soon. Full transparency. — CZ 🔶 Binance The post Binance Proof-of-Reserves Pledge Wins Support After FTX Crisis appeared first on Cryptoknowmics-Crypto News and Media Platform .
