Blockchain
Gate.io Proof-of-Reserves Attestation Shows User Asset Reserves Exceed 100%
The global cryptocurrency exchange Gate.io has proven that it holds 108% of total user BTC assets in its reserves, according to the independent third-party firm Armanino LLP, which released the findings in a report following the completion of a proof-of-reserves assessment. In addition, the report found that 104% of users’ ETH assets are also accounted for, meaning Gate.io’s BTC and ETH reserves exceed the total amount of user assets.
A unique approach to proof-of-reserves
Crypto exchanges initiate proof-of-reserves attestations to show that users’ asset balances are genuinely held and exist on the exchange. Although proof-of-reserves has been around for years, Gate.io was the first to conduct them with a high degree of transparency and in a user-verifiable and cryptographic manner.
Gate.io has patented a method that allows users to securely and privately verify their inclusion in the attestation through a cryptographic Merkle Tree, one of the core components of Bitcoin. Armanino LLP, a leading global accounting, consulting, and technology firm, compiles and publishes Gate.io’s asset balance data in the Merkle Tree.
Gate.io takes these extra steps to provide greater security and transparency to its more than 12 million global users. With this method, users can worry less about their assets becoming unavailable in the event of increased withdrawal activity or insolvency.
Why involve a third party?
A trusted independent entity is needed to provide confidence and credibility when conducting a proof-of-reserves attestation. In this case, Gate.io enlisted Armanino LLP, one of the top 25 largest independent accounting firms in the United States. Armanino LLP is a member of the American Institute of Certified Public Accountants and the Center for Audit Quality and is licensed by the California Board of Accountancy.
Putting security above all
CEO and Founder of Gate.io, Dr. Lin Han, said, “Security is our number one priority, specifically the security of users’ cryptocurrency. We remain committed to putting the safety of users first, and one way we accomplish this is through our proof-of-reserves model.”
The Gate.io cryptocurrency exchange, which provides trading and blockchain-related services to millions worldwide, operates with a “security first” philosophy. By following up with another proof-of-reserves attestation, Gate.io is showing that it continues to operate safely and transparently, upholding its philosophy.
Established in 2013, Gate.io has nearly a decade of safe and secure operations and an outstanding selection of digital assets, currently at 1500+ cryptocurrencies and 2800+ trading pairs. It offers a wide range of trading products, such as spot, P2P, margin, leverage, copy trading, and much more.
SOURCE Gate.io
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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