VOT Research Desk
Binance’s founder and CEO, Changpeng Zhao (CZ), stated on Monday that Ethereum co-creator Vitalik Buterin is close to finishing work on a proof-of-reserves protocol, with Binance serving as its initial test case.
CZ made this statement during a Monday AMA (Ask Me Anything) on Twitter. He mentioned having just spoken with Buterin, who is working on creating a brand-new proof-of-reserve protocol.
Zhao further assured clients that Binance had no debt or loans because it only relied on outside market makers for liquidity. We owe no one any money… Market makers are present. We rely largely on outside market makers who supply liquidity. I am an investor and stakeholder in one market maker, and I watch out to make sure that liquidity provider doesn’t turn a profit.
Thus, it serves only to increase market liquidity. The CEO added that the industry recovery fund, which the exchange is putting together to support projects with strong business models, has been contacted by roughly five funds.
FTX, a cryptocurrency exchange that recently filed for Chapter 11 bankruptcy in the United States, has collapsed, and this is concurrent with
