- Binance and Ethereum teams are reportedly working on a new proof-of-reserve protocol
- The new protocol should be finalized in a couple of weeks, according to Binance’s CEO
- In light of the FTX collapse, crypto exchanges are doing everything they can to assure customers their funds are safe
Binance CEO reportedly spoke with Ethereum’s Vitalik Buterin about a new proof-of-reserve protocol
During an ask me anything (AMA) session on Monday, which attracted more than 500,000 listeners, Binance CEO Changpeng “CZ” Zhao discussed a number of issues plaguing the crypto space in light of recent events. Once the discussion reached the collapse of FTX, which filed for bankruptcy last week, CZ said he has been in contact with none other than Ethereum co-founder Vitalik Buterin in search of a solution.
According to Zhao, Buterin is interested in developing a new proof-of-reserve protocol and using Binance as its testing ground. “He’s quite excited about it, and we are connecting our teams to do that,” said Zhao and added that the automatic reserve-checking system should be developed in a “couple of weeks.” Zhao remarked:
“This is the reason why we published all our cold wallet addresses so that people can see them directly.”
Binance is not alone in trying to assure its customers that their funds are safe. Last week, Crypto.com went ahead and disclosed its reserves via a Twitter post, as did Huobi, Coinbase, Gate.io, and Kraken. You can see the full list of exchanges that have submitted their respective proof of reserves here.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.