Source: blockchain.news
Binance, the world’s largest cryptocurrency trading platform by transaction volume, has published the details of the funds in your hot wallet as it seeks to truly lead by example.
Taking to its official Twitter account to announce the move, the firm shared a snapshot of what it currently has as of November 10 at 12am UTC.
The total number of his Bitcoin (BTC) holdings came to 475,000, worth around $8.42 billion based on the current Bitcoin price pegged at $17,744.28 according to data from CoinMarketCap.
The exchange said it holds a total of 4.8 million ETH, 17.6 billion USDT, 21.7 billion BUSD, 601 million USDC, and 58 million BNB. If added together, the funds are worth over $72 billion judging by the prices of all assets at the time of writing.
The released figures send confidence to the Binance community with many attesting to the strong liquidity and solvency of the trading platform.
With all the fiasco surrounding rival trading company FTX, many exchanges have been pushed to the limit as clients demand Proof of Reserve. Now that Binance has taken the lead, more exchanges may also follow suit as this seems to be the only thing that can appease investors at the moment.
The crypto ecosystem has gone through tumultuous seasons this year with the collapse of Terra (LUNA) initially sending major crypto lenders like Celsius Network and Voyager Digital into bankruptcy. The route in the industry was very wide, it crossed several countries and sectors of the industry.
To date, billions of investor funds are still locked in bankruptcy proceedings and many are tired of events that are likely to cause a repeat of such an occurrence with FTX. For now, investors are likely to stick with a trading platform with proven solid reserves until the coast is truly clear.
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