Cryptocurrency exchange Binance reported that the total value of user assets exceeded $100 billion in the first week of March.
According to a March 18 blog post, Binance surpassed $100 billion for the first time since it began disclosing user holdings through its Proof of Reserves (PoR) system in November 2022.
The Binance team explained that prices of digital assets have been rising noticeably and sustainably in recent weeks, which has undoubtedly contributed significantly to increasing the value of user assets managed by Binance.
“With strong inflows and rising digital asset prices continuing through March, we soon surpassed the $100 threshold.”
Binance Team
Last month, the company conducted another audit of its holdings on the exchange. As of February 7, the trading platform manages 609,477 BTC and 4.3 million ETH. Binance customer accounts held 594,688 Bitcoin (BTC) and 4.1 million Ethereum (ETH). As a result, customer funds in Bitcoin and Ethereum were secured by 102.49% and 104.58%, respectively.
Proof of reserves is information about the custody of customer assets. Binance first announced this audit in November 2022. Cryptocurrency exchanges have demonstrated their willingness to process customer withdrawal requests by introducing the PoR concept following the FTX bankruptcy. In February 2023, Binance updated its PoR system to improve audit efficiency and transparency.