Shiba Inu Accounts For Over Half A Billion of Crypto.com’s Asset Reserves.
Crypto.com says Shiba Inu accounts for nearly 20% of its reserve.
While the Proof of Reserves audit preparation is underway, we are sharing our cold wallet addresses for some of the top assets on our platform.
This represents only a portion of our reserves: about 53,024 BTC, 391,564 ETH, and combined with other assets for a total of ~US$ 3.0b
— Kris | Crypto.com (@kris) November 11, 2022
Following the sudden collapse of FTX, the cryptocurrency industry is now feeling the need to become more transparent to build trust among traders. Leading cryptocurrency exchange Crypto.com took a bold step to reveal proof of its cryptocurrency asset reserves publicly. Crypto.com shared its wallet address with blockchain analysis company Nansen to enable the company to create a dashboard of approximately $3 billion in reserve. The exchange holds 53,024 BTC, and 391,564 ETH other than Shiba Inu.
Out of the $2.88 billion in Crypto.com reserve, the leading canine-themed token, Shiba Inu (SHIB) accounts for $558,152,612.17 ($558.61 million), representing nearly 20% of the exchange’s cryptocurrency reserve.
Shiba Inu is ranked as the second-largest asset in Crypto.com’s asset reserve. Interestingly, SHIB ranked ahead of other top cryptocurrencies like Ethereum (ETH), USD Coin (USDC), and other assets. Crypto.com ETH holdings are worth $485.9M.
A spokesperson of the crypto exchange explained why Shiba Inu accounts for nearly 20% of its reserve, saying:
“The reason our Proof of Reserves includes Shiba is that we hold customers’ balances 1:1. Thus, our Proof of Reserves is dictated by our customer holdings.”
Widespread Adoption of Shiba Inu
Shiba Inu has gained widespread adoption, with Ethereum whales showing strong interest in the crypto asset. As reported, a top whale moved over 150 billion units of Shiba Inu tokens to Crypto.com.
It is not surprising to see investors develop a massive interest in Shiba Inu. The team behind Shiba Inu has continued to reveal the project’s potential to investors.
SHIB, which originally started as a meme coin, has transitioned to a utility token, with a prospect for enormous growth. Hence, many Crypto.com traders are adopting the token in anticipation of the bull market.
Meanwhile, Crypto.com has continued to extend its Shiba Inu support. In August, the exchange announced it had added new trading pairs for the leading canine-themed cryptocurrency.