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Binance CEO CZ begins working on Vitalik Buterin's ‘safe CEX’ ideas

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cointelegraph.com

The collapse of numerous major crypto ecosystems in 2022 revealed the urgent need for revamping the way crypto exchanges operate.

Ethereum (ETH) co-founder Vitalik Buterin believed in exploring beyond “fiat” methods to ensure the stability of crypto exchanges, including technologies such as Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (ZK-SNARKs).

Following a discussion with angel investor Balaji Srinivasan and crypto exchanges such as Coinbase, Kraken and Binance, Buterin recommended options for the creation of cryptographic proofs of on-chain funds that can cover investor liabilities when required, a.k.a, safe centralized exchanges (CEX).

Having a safe CEX: proof of solvency and beyondhttps://t.co/AKEweYZfj2Big thanks to @balajis and staff from @coinbase @binance @krakenfx for discussion!The best case scenario, in this instance, would be a system that does not allow crypto exchanges to withdraw a depositor’s funds without consent.Vitalik's new ideas.

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