Crypto exchange giant Coinbase is revealing the amount of Bitcoin (BTC) in its reserves in an effort to be more transparent following the fall of collapsed rival FTX.
In a series of tweets, Coinbase CEO Brian Armstrong says the largest US-based crypto exchange platform has about 2 million BTC, which is equivalent to $33.12 billion at Bitcoin’s current price of $16,561.
Armstrong cites Coinbase’s Q3 shareholder report showing the company’s crypto portfolio, which includes $39 billion in Bitcoin, $24 billion in leading smart contract platform Ethereum (ETH) and $31 billion in other digital assets as of September 30.
“If you see FUD [fear, uncertainty, and doubt] out there – remember our finances are public (we are a public company.) We have ~2 million BTC. ~$39.9 billion worth as of September 30.”
Armstrong shares the amount of crypto assets in Coinbase’s holdings as crypto exchanges face increased scrutiny following the multibillion-dollar collapse of FTX, one of the industry’s largest digital asset exchanges before it declared bankruptcy.
“We must all come together to responsibly build this industry moving forward. Be wary of false information.”
Earlier, Armstrong expressed support for Ethereum co-creator Vitalik Buterin’s idea to verify the soundness of crypto exchanges using the Merkle tree and zk-SNARK (zero-knowledge succinct non-interactive argument of knowledge), saying that on-chain accounting will be a decisive factor. part of the crypto economy.
According to Buterin, the combination of Merkle tree and zk-SNARK technology will allow users of crypto exchange platforms to verify their personal balances without disclosing the data to other entities.
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