Binance Reacts to Silvergate Bank Collapse by Selling USDC for BTC and ETH, According to PoR Report

Proof of Reserves (PoR) has gained immense popularity among crypto exchanges as a means to enhance transparency and regain the trust of the public. Following the unfortunate collapse of the FTX crypto exchange, PoR has emerged as a powerful tool for exchanges to attest their holdings and share this information with the public. The collapse of FTX shook the crypto world, leading to increased scrutiny and demands for greater transparency from users and regulators alike. With PoR, exchanges can now provide verifiable proof of their reserves, reassuring users that their assets are secure. This innovative approach has been widely embraced by the crypto community, as it ensures greater accountability and fosters a more secure and trustworthy ecosystem.