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Chainlink Labs offers Proof of Reserve service for embattled exchanges

Published 11/10/2022, 05:19 PM
Updated 11/10/2022, 07:00 PM
Chainlink Labs offers Proof of Reserve service for embattled exchanges

Chainlink Labs offered its Proof of Reserve product as a solution to future trust issues in the crypto exchange market on Nov. 10. In a tweet thread, Chainlink Labs asked “Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?”

In answer to this question, it offered its Proof of Reserve (PoR) product, which it said is useful for “for verifying centralized exchange asset reserves, off-chain bank account balances, cross-chain collateral, real-world asset reserves, and much more.”

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