TL;DR
Binance’s latest Proof-of-Reserve (PoR) report verifies that it maintains a 1:1 coverage for all users’ assets, with significant holdings in SHIB, BTC, and XRP.
The PoR system, introduced post-FTX crash, aims to enhance transparency and trust by confirming the existence and proper accounting of users’ funds.
The world’s largest cryptocurrency exchange released its latest Proof-of-Reserve (PoR) report, displaying evidence that it covers all users’ assets 1:1.
Data shows that Binance currently owns a whopping 67.67 trillion Shiba Inu (SHIB) tokens. Calculated by ongoing rates, the stash equals almost $2 billion.
The company’s Bitcoin net balances stand at 594,134 BTC (worth approximately $40 billion), while its Ripple (XRP) holdings exceed 3 billion tokens ($1.9 billion).
Binance, similar to many other cryptocurrency exchanges such as OKX, Kraken, and Crypto.com, introduced a PoR system following the crash of FTX in late 2022. The move aims to rebuild trust within the community, enhance transparency, and prove that funds held on behalf of users actually exist and are properly accounted for.
“What this means in actual terms is that Binance holds all user assets 1:1 (as well as some reserves), we have zero debt in our capital structure and we have made sure that we have an emergency fund (SAFU fund) for extreme cases,” Binance’s announcement reads.
Initially, the company’s Proof-of-Reserve verification was focused on Bitcoin (BTC) and a few other cryptocurrencies. Later, it was upgraded with the addition of Shiba Inu (SHIB) and many more altcoins. The latest report included 31 tokens.
The post Here’s How Much Shiba Inu (SHIB) and Ripple (XRP) Binance Currently Holds appeared first on CryptoPotato.
