The world’s largest crypto exchange by volume is adding Shiba Inu (SHIB) and three other altcoins to its list of verifiable crypto assets.
In a new blog post from the company, Binance says it is introducing zero-knowledge (zk) SNARKS, a verification method that keeps information secure, into its proof-of-reserves identification system.
Binance also says it is adding four altcoins, including SHIB, Polkadot (DOT) and Ethereum (ETH) challenger Solana (SOL), as well as fan token-focused crypto project Chiliz (CHZ).
“Continuing efforts to provide transparency into user funds, Binance is pleased to introduce zk-SNARKs, a zero-knowledge verification method that keeps sensitive information private and more secure, in its proof-of-reserve verification system. (BY).
In addition to the update, four new tokens were added to the system: SHIB, DOT, CHZ, and SOL, bringing the total number of verifiable assets to 13 popular tokens on Binance.”
According to Binance, investors can expect the firm to add more digital assets to its POR listing in the coming weeks, as well as additional zk-SNARKs to bolster security.
“Binance plans to add more tokens to the POR system in the coming weeks and will continue to make the verification feature more trustworthy, secure, and private. This is the first version of our zk-SNARK implementation and we look forward to receiving feedback from the community so we can continue to improve the system.”
Binance published its proof of reserves list last November as a means of demonstrating that it had a one-to-one ratio of reserves to investor assets.
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