Binance Proof-of-Reserve pledge gains support following FTX crisis

Following the liquidity crisis and acquisition of cryptocurrency exchange FTX, Binance CEO Changpeng “CZ” Zhao said his exchange will soon start a Proof-of-Reserves audit system to allow verification of its digital asset holdings. In a Nov. 8 Twitter post, Zhao pledged to implement a Proof-of-Reserve mechanism at Binance to provide “full transparency” through the use of Merkle Trees — a data structure used to encode blockchain data more efficiently and securely. All crypto exchanges should do merkle-tree proof-of-reserves. Banks run on fractional reserves.Crypto exchanges should not.@Binance will start to do proof-of-reserves…

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Tron’s Justin Sun Unveils NFT Fund Aimed at Art Acquisition – Blockchain Bitcoin News

[ad_1] Hot on the heels of a recent winning auction bid for Beeple’s “Ocean Front” NFT, Justin Sun is making another splash in the NFT market following his decision to seed an investment fund that collects high-profile works of art. Fund Just One Leg of Sun’s Ambitions in The NFT Ecosystem Ongoing efforts to digitize art and collectibles have put the spotlight on the blockchain industry once more as dizzying NFT auction results draw high-profile artists and entertainers along with industry insiders competing for market share in the ever-expanding space.…

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