To be more transparent in the wake of the demise of rival FTX, the largest cryptocurrency exchange, Coinbase, is disclosing the quantity of Bitcoin (BTC) in its reserves.
In a series of tweets, Coinbase CEO Brian Armstrong claims that the largest cryptocurrency exchange platform in the US currently holds about 2 million BTC or $33.12 billion at the current price of Bitcoin of $16,561.
If you see FUD out there – remember, our financials are public (we’re a public company) https://t.co/ayzN0zaqgT
— Brian Armstrong (@brian_armstrong) November 22, 2022
The cryptocurrency portfolio of the company, as of September 30th, included $39 billion in Bitcoin, $24 billion in the market capitalization of Ethereum (ETH), the industry-leading platform for smart contracts, and $31 billion in other digital assets, according to Armstrong’s citation of Coinbase’s Q3 shareholder’s report.
“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 discloses the total value of Coinbase’s crypto holdings as interest in crypto exchanges grows in the wake of the multibillion-dollar collapse of FTX, which was once one of the biggest digital asset exchanges in the world before filing for bankruptcy.
“We all need to come together to build this industry in a responsible way going forward. Be wary of false information.”
Armstrong has previously expressed support for Ethereum co-creator Vitalik Buterin’s proposal to use the Merkle tree and zk-SNARK (zero-knowledge succinct non-interactive argument of knowledge) to examine the solvency of cryptocurrency exchanges, claiming that on-chain accounting will be a key component of the crypto economy.
Buterin asserts that the Merkle tree and zk-SNARK technologies combined would enable users of cryptocurrency exchange platforms to confirm their balances without disclosing their personal information to third parties.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
