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

TL;DR

Binance’s latest reserve test report shows full customer asset support. The effort aims to increase transparency following the collapse of FTX. It’s PoR time again

Binance recently released its latest Proof of Reserve (PoR) report. The main goal of the effort is to demonstrate that the exchange has enough crypto assets to handle all customer withdrawals, with reserves available in case of an emergency.

“When we say Proof of Reserves, we specifically mean those assets that we hold in custody for users. This means that we are showing evidence and proof that Binance has funds that cover all of our users’ assets 1:1, as well as some reserves “, the report says.

The latest data reveals that the company has more than 61.2 trillion Shiba Inu tokens (SHIB), resulting in a share of 102.63%. Calculated at current rates, the storage equates to more than a billion dollars. It’s worth noting that the number represents a slight decrease compared to the 61.45 trillion tokens reported in September.

Binance Ripple (XRP) holdings are equally impressive. At the moment, the company has more than 2.9 billion tokens (equivalent to 1.56 billion dollars). This means an increase of almost 6% compared to the figure seen last month.

The exchange’s PoR report includes 29 different cryptocurrencies, with Bitcoin and Ethereum joining the club. Binance holds a staggering 636,229 BTC, worth over $40 billion and 4.4 million ETH ($10.9 billion).

The birth of effort

Binance adopted the PoR practice in November 2022, shortly after the FTX merger, which undermined the legitimacy of the entire cryptocurrency industry. These periodic reports aim to build trust and transparency among users by verifying that the company has sufficient assets to cover customer deposits.

We recall that the previously prominent FTX collapsed almost two years ago due to a severe liquidity crisis and allegations of mismanagement. He was accused of misusing client funds to support his commercial sister company, Alameda Research.

This was followed by a huge rush of withdrawals, which FTX could not cope with due to a shortfall in assets. It then filed for Chapter 11 bankruptcy protection, while its former CEO, Sam Bankman-Fried (SBF), was sentenced to 25 years in prison after being found guilty of several counts of fraud and conspiracy

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!