Exchanges must show their credentials – case FTX Will it mark the beginning of a new era in cryptocurrency ? At the level of others platforms in any case the reactions are multiplied to try it to calm down users on the reliability or sustainability of the companies in question. And the next solution can be called Backup proofan updated concept from the CEO of Binance in a recent statement. Secure users and investors at all costs with maximum tRANSPARENCY is the new buzzword for centralized crypto players. We explain to you.
Avoid at all costs a general crisis of confidence in the ecosystem
Misleading statements of Sam Bankman-Fried not only will it have harmed the unfortunate users of its crypto platform, they will also have started trust the general public. Therefore, the main players in this sector are looking to limit INJURY and as soon as possible.
Changpeng Zhao (CZ), the CEO of Binance, has already taken the lead in proposing that exchanges be able to try that they have in SPARE the equivalent of funds deposited by users. This concept, called Backup evidence Where proof of funds, may be a solution. Immediately, some platforms like OKX Where Kucoin have also announced that they want to use this tool.
This is howOKX posted the following message:
“For OKX, transparency, risk management and consumer protection are the first. We are recruiting Armanino for an audit and will post a Merkle tree as auditable proof of funds as soon as possible. Here are already 23 BTC addresses (…) and 13 Ethereum addresses (…) as part of our reserves for all users to check. »
Back up evidence as a guarantee for users?
And in continuation of the message thread, OKX it actually joins the addresses of several wallets maintained by the platform. This level i tRANSPARENCY is unheard of for one intercession and responds to users’ fears. As a reminder, a Merkle tree is a term used in the industry to refer to a data structure – accessible to all – the pooling of a large amount of anonymized information that makes it possible compare customer balances with the general exchange balance.
CEO of Kucoin, Johnny Liualso made a similar statement, speaking of a backup evidence to be provided within a month. He also mentioned a company ofaudit known in the financial community to perform audits. Next, he wanted to release a message of encouragement to the community:
“I would like to express my sympathy to all those affected by the current situation at FTX. We hope that everything will be resolved soon and the industry will be back on track. »
The willingness of key players in the ecosystem to communicate over these different tools allowing try Theirs solvency shows to what extent the crisis e trust It’s true. The road will be long to rebuild a healthy relationship with customers and this is why OKX, Kucoin and even the kraken have already approved these new tools. It still takes the bad news to stop coming out one after another to see a cleaning.
If CZ inspires CEOs of other exchanges, you can trust him! Register quickly on the Binance platformThe absolute standard in the sector (trade connections).