BNB
by BSCN
November 22, 2022
Binance hits a new all-time high in bitcoin holdings as the exchange prepares proof-of-reserves.
Binance now holds nearly 600,000 bitcoin, becoming the cryptocurrency exchange with the largest reserve holding of the coin.
As the largest cryptocurrency exchange in the world prepares to submit its proof-of-reserves to the public, Binance is acquiring more bitcoin and moving funds around. The latest development sees the exchange surpass Coinbase as the top reserve holder of bitcoin.
According to CryptoQuant, Binance’s 588,130 bitcoin represent just under 3% of the total total supply of 21 million. Another source, CoinGlass, shows Binance at 578,000, still above Coinbase Pro. With a current price of around $16,000, Binance’s holdings are around $10 billion.
Binance has increased its bitcoin supply considerably in the last few weeks. As many other exchanges have seen outflows in the last few weeks, Binance has ponied up and added a significant amount of bitcoin in comparison to its rivals.
Binance has accumulated nearly as much bitcoin in the last 30 days as Coinbase has lost, according to figures from CoinGlass. The new accumulation of bitcoin puts Binance past its all-time high in holdings.
In light of the recent FTX collapse, Binance CEO Changpeng Zhao, has called for more transparency from all crypto actors. As Binance prepares to present proof-of-reserves to the public as a gesture of transparency, the company is noticeably moving funds around from cold wallets to hard wallets.
In the times following the FTX crash, the crypto community must remain skeptical of all exchange activity. Could these be loans? Should Binance show proof-of-liabilities as well?
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Latest News
October 22, 2024
Do Betting Odds Know Best?
October 22, 2024
Michael Saylor's Legacy: Donating His Bitcoin Wealth to Humanity, Inspired by Satoshi Nakamoto
October 22, 2024
MakerDAO May Return as Core Brand After Sky Rebrand Faces Backlash
October 22, 2024
Bitcoin Spot ETFs Records $2.67B in Inflows in Just One Week
October 22, 2024
Chainlink and ANZ Collaborate on Private Transactions for Tokenized Real-World Assets
October 21, 2024
Transak Data Breach Exposes 92K Users: Employee Phishing Attack, Ransomware Group Claims Responsibility
October 21, 2024
Ripple Co-Founder Chris Larsen Donates $10 Million to Kamala Harris' Presidential Campaign Amid Divided Crypto Industry Support
October 21, 2024
Pump.fun Unveils New "Pump Advance" Trading Terminal, Teases Native Token Release