Crypto exchange giant Coinbase is revealing the amount of Bitcoin (BTC) in its reserves in a bid to be more transparent following the downfall of collapsed rival FTX.
In a series of tweets, Coinbase CEO Brian Armstrong says the largest US-based crypto exchange platform holds about 2 million BTC, which translates to $33.12 billion at Bitcoin’s current price of $16,561.
Armstrong cites Coinbase’s Q3 shareholder’s report which shows the company’s crypto portfolio, which includes $39 billion in Bitcoin, $24 billion worth of leading smart contract platform Ethereum (ETH) and $31 billion in other digital assets as of September 30th.
“If you see FUD [fear, uncertainty, and doubt] out there – remember, our financials are public (we’re a public company.) We hold ~2 million BTC. ~$39.9 billion worth as of 9/30.”
Armstrong shares the amount of crypto assets in Coinbase’s holding as crypto exchanges face increased scrutiny following the multibillion-dollar downfall of FTX, one of the industry’s largest digital asset exchanges before declaring bankruptcy.
“We all need to come together to build this industry in a responsible way going forward. Be wary of false information.”
Previously, Armstrong voiced support for Ethereum co-creator Vitalik Buterin’s idea of verifying the solvency of crypto exchanges using Merkle tree and zk-SNARK (zero-knowledge succinct non-interactive argument of knowledge), saying that on-chain accounting will be a crucial part of the crypto economy.
According to Buterin, the combination of Merkle tree and zk-SNARK technology would allow users of crypto exchange platforms to verify their personal balances without revealing the data to other entities.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/RealmDrifter/Chuenmanuse
