Coinbase Reveals 2,000,000 BTC Reserves Worth Over ,000,000,000

Coinbase Reveals 2,000,000 BTC Reserves Worth Over $33,000,000,000

Crypto exchange giant Coinbase reveals the amount of Bitcoin (BTC) in its reserves in a bid to be more transparent after its collapsed rival FTX fell.

In a series of tweets, Coinbase CEO Brian Armstrong said the largest US-based crypto exchange holds approximately 2 million BTC, which translates to $33.12 billion at Bitcoin’s current price of $16,561.

Armstrong cites Coinbase’s Q3 shareholder report which shows the company’s crypto portfolio, which includes $39 billion in Bitcoin, $24 billion in leading smart contract platform Ethereum (ETH) and $31 billion in dollars of other digital assets as of September 30.

“If you see FUD [fear, uncertainty, and doubt] there – remember, our finances are public (we are a public company.) We hold around 2 million BTC. ~$39.9 billion as of September 30.

Armstrong shares amount of crypto assets held by Coinbase as crypto exchanges come under increased scrutiny following the multi-billion dollar fall of FTX, one of the world’s largest digital asset exchanges sector before declaring bankruptcy.

“We all need to come together to build this industry responsibly in the future. Beware of false information.

Previously, Armstrong expressed his support for Ethereum co-creator Vitalik Buterin’s idea of ​​verifying the creditworthiness of crypto exchanges using the Merkle tree and zk-SNARK (non-interactive succinct knowledge argument zero-knowledge), claiming that on-chain accounting will be a crucial element. part of the crypto-economy.

According to Buterin, the combination of the Merkle tree and zk-SNARK technology would allow users of crypto exchanges to check their personal balances without revealing the data to other entities.

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