CZ from Binance recently tweeted that he wanted to publish proof of reserves for the entire exchange.
09 Nov 2022, 02:42
CZ from Binance recently tweeted that he wanted to publish proof of reserves for the entire exchange.
One thing we appreciated was when the core team requested proof of reserves for BEP20 FIRO (wrapped FIRO) on @BNBCHAIN, it was provided. The backing of native FIRO for BEP20 FIRO can be found here:
and the corresponding contract address:
BEP20 Firo is issued by Binance and is backed 1:1 with native FIRO that is custodied with Binance. It is also referred to as wrapped Firo as they function in the same way as other wrapped coins such as wBTC (issued by BitGo).
Wrapped FIRO allow interoperability and act as a bridge between blockchains allowing users from FIRO's blockchain to participate in BNB Chain's DeFi ecosystem just like any other BEP20 token.