ChainCatcher news, according to Cointelegraph, the Singapore fintech platform Cake DeFi has used Merkle trees to publish proof of reserves. This feature allows the public to access the Merkle tree proof of reserves on its website, enabling users to verify their assets as well as the company's liabilities. Cake DeFi will also allow users to see how yields are generated and provide real-time on-chain data regarding customer funds. (Source link)

ChainCatcher news, Binance announced the launch of an asset reserve proof system, adopting a Merkle tree data structure, which will push the work of keeping user assets transparent into a new process. At the initial launch, the system will provide users with proof of BTC assets, and in the coming weeks, it will gradually support more assets and networks. According to the results of the first audit, the current BTC on-chain reserve is 582,485.9302 BTC, with a user net balance of 575,742.4228 BTC, resulting in a reserve ratio of 101%. The second batch of asset reserve proof results will be announced in the next two weeks, which will include more assets.Binance founder and CEO Changpeng Zhao stated: "In light of recent events, we see that the community's demands for cryptocurrency trading platforms will far exceed those for current traditional financial institutions. This is why we are pleased to provide users with this latest verification feature to verify that their funds are safe." (Source link)

ChainCatcher news, the encrypted exchange Deepcoin will announce the merkle tree proof of reserves (POF) within a few weeks and will regularly provide third-party audit reports issued by global authoritative institutions to ensure over 100% reserve coverage. At that time, a self-query function will be available to all users.

ChainCatcher message, in response to CZ's suggestion that cryptocurrency exchanges should conduct Merkle tree proof of reserves, Tron founder and Huobi Global Global Advisory Committee member Justin Sun tweeted: "Historically, both Poloniex and Huobi Global have done this. Huobi actually just did it again about a month ago. But we are happy to respond to CZ's proposal to do it a third time. Merkle tree proof of reserves is 100% important for transparency in our industry and exchanges." (source link)