As per the recent tweet from WuBlockchain, the launch of this feature will start initially with BTC, then move to other tokens and networks being added in the next couple of weeks. In addition to this, Binance will also implement ZK-SNARKs for PoR later to improve privacy and robustness.

The top cryptocurrency exchange recently announced the Proof of Reserves (PoR) system, which will be the next step in ensuring user funds are transparent. Notably, following the FTX collapse, which resulted from the now-bankrupt cryptocurrency exchange moving user funds to mitigate its own risks, crypto exchanges developed a transparency solution known as “proof-of-reserves.” In the next two weeks, the next batch of PoR will be released, including new assets.

As a matter of fact, previously, Ethereum co-founder and CEO Vitalik Buterin also discussed the use of the ZK-SNark feature to upgrade Ethereum’s scalability.

(by Nishant Shukla)