binance CEO Changpeng Zhaopopularly known as “CZ”, prompts banks to provide proof of reserve in light of the recent news of Silicon Valley Bank SIVB And signature bank SBNY Collapse.

What happened: CZ considered whether banks should use “Merkle trees” to achieve proof-of-reserve, emphasizing that this would create more transparency. He posited that even if it wasn’t 100% accurate, it would still be beneficial to know the approximate amount of reserves held.

It’s worth noting that after the collapse of FTX, Binance emerged as the first major crypto exchange to introduce proof of reserve as customers sought refuge from centralized exchanges.

See more: Top Indian Apps Giving Bitcoin, NFT Rewards

Merkle trees are a type of data structure commonly used to verify and prove the integrity of data sets.

The Federal Reserve, the US Treasury Department and the FDIC announced Sunday that all Silicon Valley Bank and Signature Bank depositors will be able to access their funds Monday. In response to this news, the entire crypto market turned green.

Price promotion: At the time of writing, Bitcoin BTC/USD was trading at $22,323, up 8.0%, and ether ETH/USD at $1,595, up 7.78% in the last 24 hours, according to Benzinga Pro.

Continue reading: Bitcoin jumps to $22,000, Ethereum, Dogecoin rally as Team Biden cushions SVB blow: Analyst sees Apex Crypto at $25,000 if it breaks this level

photo by Web Summit on Flickr