Dogecoin (DOGE) Added to Verifiable Assets on Binance: Details

7 March 2023

in DOGE

Reading Time: 2 mins read

Tomiwabold Olajide

Binance adds Dogecoin (DOGE) to proof of reserves for added transparency

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Dogecoin (DOGE) has now been added to the list of verifiable assets on Binance. According to an announcement on its official blog post, Binance’s proof-of-reserves system has been updated to allow verification of user assets for Dogecoin and 10 new crypto assets: MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT and SSV.

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According to it, with the addition of the 11 crypto assets, the overall amount of funds now verifiable via Binance’s proof-of-reserves (PoR) system now exceeds $63 billion. The total of verifiable assets on Binance is now 24.

It further ensures that user funds are always collateralized at a 1:1 ratio on the crypto exchange, plus additional reserves.

Binance’s proof-of-reserves system was unveiled in late 2022 as part of a larger initiative to give customers more transparency and employ Merkle trees to add up on-chain data.

Last month, Binance implemented zk-SNARKs, zero-knowledge algorithms that improve the privacy and security of user data throughout the verification process, as part of a significant update to its PoR system.

Dogecoin “proof of assets”

In the early part of 2022, before the high-profile collapses of Terra Luna and the FTX exchange, the Dogecoin community made a push for Binance to create “proof of assets” for Dogecoin.

“Proof of Assets” is a wallet that contains an equal number of real Dogecoins, matching the BSC-Doge supply.

After some pressure from the community, Binance added a link to a Dogecoin wallet containing proof of assets for its BSC-Doge in June 2022.

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