Cake DeFi has joined a growing list of exchanges publishing Merkle tree-based proof of reserves, to foster transparency within the crypto industry.
Singapore-based decentralized finance services firm, Cake DeFi, has announced the release of its Proof of Reserves using the cryptographically-audited Merkle tree method.
Developed by Ralph Merkle in 1979, the Merkle tree method is a way of proving that a certain piece of data is included in a set of data, without revealing the entire set of data. Under the proof of reserves method, a Merkle tree is used to prove that a cryptocurrency exchange has the reserves it claims to have, without revealing the exact amounts of each cryptocurrency that it holds, in order to protect the privacy of the platform and its users.
Security and transparency aren't just duties, they're a necessity, and we live them every day. As part of our ongoing effort to build the most trusted and transparent one-stop
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