Cryptocurrency exchange Binance reported the total value of user assets crossed the $100 billion mark in the first week of March.
According to a March 18 blog post, Binance surpassed the $100 billion milestone for the first time since it began disclosing user holdings through its proof-of-reserves (PoR) system in November 2022.
The Binance team explained that the prices of digital assets have been increasing noticeably and sustainably in recent weeks, a trend that has undoubtedly contributed significantly to increasing the value of user assets managed by Binance.
“As strong inflows and the rise of digital asset prices continued into March, we have surpassed the $100 threshold shortly thereafter.”
Binance team
Last month, the company conducted another audit of reserves held on the exchange. As of Feb. 7, the trading platform controlled 609,477 BTC and 4.3 million ETH. There were 594,688 Bitcoins (BTC) and 4.1 million Ethereum (ETH) in Binance client accounts. Thus, client funds in Bitcoin and Ethereum were secured by 102.49% and 104.58%, respectively.
Proof-of-reserves is information about the storage of client assets. Binance first announced such an audit in November 2022. The crypto exchange introduced the PoR concept following FTX’s bankruptcy to demonstrate its willingness to cover customer withdrawal requests. In February 2023, Binance updated the PoR system to improve audit efficiency and transparency.
