Back

LBank to Publish an Auditable Merkle Tree and Proof of Reserves

author avatar

Written by
Advertorial

16 November 2022 14:00 UTC
Trusted
This content is a press release provided by a partner. BeInCrypto verifies all partners before publication, but the views and claims expressed do not represent our editorial team and are the sole responsibility of the provider. Disclosure

The global crypto exchange, LBank, has recently announced that it will share its Merkle-tree proof-of-reserves, in view of recent concerns about the opaque nature of certain industry issues.

LBank gave a public statement on November 9 stating that the exchange hopes to facilitate industry transparency and built a strong foundation of trust between exchanges and investors. 

LBank stated in an announcement and Twitter post to their users that “We believe that it is crucial for tier-one cryptocurrency exchanges to publicly share their auditable Merkle tree proof of reserves or POF…… This is an important step in building fundamental trust in the industry, and at the same time, it is also an important means to ensure the transparency of user assets.” 

Sponsored
Sponsored

LBank believes that taking this step will be crucial in helping investors regain trust in the market and hopes that more exchanges will take similar steps to help with this effort.

Merkle trees are used to help users easily verify specific transactions. It can reassure investors that the crypto holding is using public blockchain information.

Crypto exchanges can provide accurate proof of held balances and strengthen the trust of users. Since recent events, many have taken to this path to avoid unnecessary speculation.

LBank believes that these measures will give users the transparency they need to get through these turbulent times. “We can’t simply ask people to take our word for things, this change is a great thing that will give investors what they need and deserve.”

LBank values our relationship with our users more than anything. We hope this will tie us closer to our users and communities” an LBank representative stated.  

About LBank

LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge, growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.

Start trading now | Telegram | Twitter | Facebook | LinkedIn | Instagram | YouTube

Disclaimer

This article contains a press release provided by an external source and may not necessarily reflect the views or opinions of BeInCrypto. In compliance with the Trust Project guidelines, BeInCrypto remains committed to transparent and unbiased reporting. Readers are advised to verify information independently and consult with a professional before making decisions based on this press release content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.