Crypto exchange giant Coinbase is revealing the amount of Bitcoin (BTC) in its reserves in a bid to be more transparent following the collapse of rival FTX’s collapse.
In a series of tweets, Coinbase CEO Brian Armstrong said say the largest US-based crypto exchange platform 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 showing the company’s crypto portfolio including $39 billion worth of Bitcoin, $24 billion worth of leading smart contract platform Ethereum (ETH), and $31 billion worth of other digital assets as of Sept. 30 .
“If you see FUD [fear, uncertainty, and doubt] out there – remember our financials are public (we are a publicly traded company.) We have ~2 million BTC. ~$39.9 billion worth as of Sept. 30.”
Armstrong shares the amount of crypto assets held by Coinbase as crypto exchanges come under more scrutiny following the multi-billion dollar demise of FTX, one of the largest digital asset exchanges in the industry before it declared bankruptcy.
“We all need to work together to responsibly build this industry in the future. Be wary of false information.”
Previously, Armstrong expressed support for the idea of Ethereum co-creator Vitalik Buterin to verify the solvency of crypto exchanges using Merkle Tree and zk-SNARK (zero-knowledge concise, non-interactive argument from knowledge) , saying that on-chain accounting will be a critical 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 Out – Subscribe to receive crypto email alerts delivered straight to your inbox
Check price action
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl mix
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend buying or selling 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