Binance continues to regain its image as a leading cryptocurrency exchange. The company has released its 14th Proof of Reserve report, which covers the cryptocurrency reserves of exchange and a comprehensive snapshot of user assets as of January 1.
The report confirms the growth of assets in users' portfolios amid a significant increase in the value of various digital currencies.
According to Binance, users' Bitcoin (BTC) balances totaled 575,000 BTC, which is 2.65% higher than December's figures. The significant increase in assets of 14,850 BTC speaks to clients confidence in Binance amid the platform's commitment to openness and transparency in its operations.
Ethereum (ETH) user assets also increased, growing by 4 million tokens, or 2.9% of last month's figures. According to the exchange's management, users' confidence in Binance's reliability strengthens the company's reputation as the preferred platform for traders and investors in cryptocurrency assets.
The cryptocurrency reserves report shows an increase in stablecoin assets. Assets in Tether (USDT) showed significant growth, reaching $16.8 billion. The positive momentum of 4.45% confirms the attractiveness of the platform for storing and trading stablecoins, as well as the increasing number of clients who have decided to entrust Binance with the storage of their crypto assets.
The cryptocurrency exchange has excess reserves of 4-5%, and for assets such as USDT and BUSD, it has reserves of 23.20% and 67.91%.
Binance intends to continue publishing its cryptocurrency reserves, demonstrating its transparency and dedication to building trust among crypto investors. The exchange provides users with its financial data in a clear and transparent manner, thus strengthening its reputation as a safe and reliable cryptocurrency platform.
Binance's management points out that not only the company's clients but also other interested investors can monitor the company's financial performance and cryptocurrency reserves. In addition, data on client assets can be used to make informed trading decisions.
Binance's January Proof of Reserves report not only confirms the company's commitment to openness and transparency but is also a valuable resource for traders looking to respond to changes in the cryptocurrency ecosystem in a timely manner.
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