Tag: Binance

Binance publishes official Merkle Tree-based proof of reserves

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Two weeks after Binance initially pledged to develop a proof-of-reserve (PoR) mechanism in response to the FTX liquidity and bankruptcy fiasco, it published its official response. In an announcement on the Binance website, the exchange outlined how users can use the mechanism to verify its holdings. Currently, the only token available to verify through the Merkle Tree-based system is Bitcoin (BTC), though the announcement says additional coins will be added in the coming weeks. It also highlighted upcoming transparency updates, which include the involvement of third-party auditors to audit its PoR results…

Binance Launches Billion-Dollar Crypto Industry Recovery Fund to Restore Confidence After FTX Meltdown – Finance Bitcoin News

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Binance has committed $1 billion to a crypto industry recovery initiative to restore confidence following the collapse of crypto exchange FTX. Several other crypto companies have joined Binance’s efforts and committed capital for the recovery fund. Crypto Industry Recovery Initiative Launched Cryptocurrency exchange Binance unveiled Thursday some details of its Industry Recovery Initiative (IRI), which the crypto firm described as “a new co-investment opportunity for organizations eager to support the future of web3.” The announcement states: Initially, Binance will commit USD 1 billion to IRI-themed investment opportunities with an intent…

Low-Cap Altcoin Jumps After Surprise Announcement From Crypto Exchange Binance

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The price of a little known altcoin is surging after getting support from Binance, the world’s largest crypto exchange platform by volume. The trading platform’s mining pool service, Binance Pool, is adding Ravencoin (RVN) to its catalog of crypto assets as the Ethereum (ETH) merge in September spurred interest in the altcoin due to its proof-of-work (POW) consensus mechanism, which leaves room for mining. Crypto miners could no longer mine the leading smart contract platform after it switched to proof-of-stake (POS) mechanism, causing a spike in demand for proof-of-work tokens…

Binance says its Industry Recovery Initiative has 7 enrollees, 150 applicants

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Binance announced Nov. 24 that it is spearheading the creation of a so-called Industry Recovery Initiative (IRI) on BloombergTV. New details about the project to “to lead the charge when it comes to protecting consumers and rebuilding the industry” have been released on the exchange’s blog.  The company wrote: “As a leading player in crypto, we understand that we have a responsibility to lead the charge when it comes to protecting consumers and rebuilding the industry.” Binance has committed $1 billion to the fund at a public address, with an…

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Midterm Elections & Price Action: What To Expect? #investing #bitcoin #shorts

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Binance aims to allocate $1 billion for crypto recovery fund

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Binance intends to allocate $1 billion for a proposed industry recovery fund, while its CEO revealed intent in a new bid for assets of bankrupt cryptocurrency lending firm Voyager by its United States-based business. Speaking to BloombergTV on Nov. 24, Binance CEO Changpeng Zhao touched on a number of topics in what has been a tumultuous month for the cryptocurrency ecosystem. Chief among them was Binance’s proposed industry recovery fund, which is aimed at providing financial support to promising projects in financial distress. The exchange’s founder introduced the idea in…