Here is how much Ripple (XRP) and Shiba Inu (SHIB) Binance currently holds

TL;DR

Binance’s latest Proof of Reserves (PoR) report shows that it holds trillions of Shiba Inu (SHIB) tokens and billions of Ripple (XRP) coins. Introduced in November 2022, the PoR system confirms 1:1 exchange coverage of all user assets and now includes 31 cryptocurrencies, with recent additions including Dogecoin (DOGE) and The Graph (GRT). SHIB and XRP holdings

The world’s largest cryptocurrency exchange, Binance, is among the many Proof of Reserves (PoR) reports they publish to show proof that they cover all users’ assets 1:1. In other words, it shows that the company has enough crypto assets to handle all customer withdrawals, with reserves available in case of emergency.

“When a user deposits a Bitcoin, Binance’s reserves increase by at least one Bitcoin to ensure that customers’ funds are fully backed. What this means in real terms is that Binance holds all users’ assets 1:1 (as well as some reserves), we have zero debt in our capital structure and we have ensured that we have an emergency fund (SAFU fund) for extreme cases,” the company said.

He adopted the practice in November 2022, shortly after the FTX merger, which sent shockwaves throughout the crypto industry.

The latest PoR report shows that the company owns a whopping 62.8 trillion Shiba Inu (SHIB) tokens, resulting in a share of 102.57%. This represents a slight decrease compared to the 62.95 trillion coins held at the time of the previous announcement in early July.

The company’s Ripple (XRP) holdings are also substantial. It currently has around 2.95 billion tokens, up 2.8% compared to July figures. Calculated at current rates, the storage equates to more than $1.5 billion.

What about BTC and ETH balances?

Bitcoin balances have a ratio of 106.56% and stand at over 645,000 BTC (approximately $36.8 billion), while Ethereum holdings are 4.85 million (approximately $12.2 billion).

The PoR system reveals Binance users’ fund holdings in 31 different digital assets, a significant increase from the 9 cryptocurrencies initially supported in 2022. Some of those added last year are Dogecoin (DOGE), The Graph (GRT), Enjin Coin (ENJ). ), Chromia (CHR), Hashflow (HFT) and more.

It’s worth noting that Binance’s reserve test report does not include corporate holdings, which are kept in a separate ledger.

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