Crypto exchange giant Coinbase is revealing the amount of Bitcoin (BTC) in its reserves in a bid to be more transparent following the downfall of collapsed rival FTX.
In a series of tweets, Coinbase CEO Brian Armstrong says the largest US-based crypto exchange platform holds about 2 million BTC, which translates to $33.12 billion at Bitcoin’s current price of $16,561.
Armstrong cites Coinbase’s Q3 shareholder’s report which shows the company’s crypto portfolio, which includes $39 billion in Bitcoin, $24 billion worth of leading smart contract platform Ethereum (ETH) and $31 billion in other digital assets as of September 30th.
“If you see FUD [fear, uncertainty, and doubt] out there – remember, our financials are public (we’re a public company.) We hold ~2 million BTC. ~$39.9 billion worth as of 9/30.”
Armstrong shares the amount of crypto assets in Coinbase’s holding as crypto exchanges face increased scrutiny following the multibillion-dollar downfall of FTX, one of the industry’s largest digital asset exchanges before declaring bankruptcy.
“We all need to come together to build this industry in a responsible way going forward. Be wary of false information.”
Previously, Armstrong voiced support for Ethereum co-creator Vitalik Buterin’s idea of verifying the solvency of crypto exchanges using Merkle tree and zk-SNARK (zero-knowledge succinct non-interactive argument of knowledge), saying that on-chain accounting will be a crucial part of the crypto economy.
According to Buterin, the combination of Merkle tree and zk-SNARK technology would allow users of crypto exchange platforms to verify their personal balances without revealing the data to other entities.
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Source: https://dailyhodl.com/2022/11/24/coinbase-reveals-reserves-of-2000000-btc-worth-over-33000000000/