The exchange holds both assets at overcollateralized ratios to ensure the security of users’ funds.
Binance currently holds up to 78.5 trillion Shiba Inu (SHIB) tokens and 2.7 billion XRP, according to an updated report on its Proof-of-Reserves (PoR) system. The exchange’s PoR system was recently extended to include 11 more tokens, bringing total verifiable assets to 24.
The 11 new tokens added to Binance Proof-of-Reserves (PoR) system are “MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE.”
Following the inclusion of 11 new tokens on the recently-updated PoR report, the total estimated value of all assets verifiable on the platform’s Proof-of-Reserves system is now more than $63 billion.
Shiba Inu
Per data from the report, Binance’s 78.5 trillion on-chain SHIB balance ($846 million) represents 102.36% of all customer net holdings, currently at 76.7 trillion SHIB. This overcollateralized position is strategically adopted to bolster the security of users’ funds and assure that customer deposits are held at a 1:1 ratio.
XRP
Moreover, the exchange’s 2.7 billion XRP balance ($1.02 billion) represents 105.25% of the aggregate customer holdings, which currently amounts to 2.58 billion XRP. Binance’s XRP holdings account for 5.2% of the asset’s circulating supply as of press time.
Doge
Meanwhile, the recent update introduced the inclusion of Dogecoin (DOGE) to Binance’s PoR system, eliciting excitement among DOGE proponents. For quite some time, the community had advocated for the inclusion of the canine-inspired asset to the roster of verifiable assets, citing its remarkable adoption rate. Data suggests that the exchange’s DOGE holdings represent a 100.51% ratio to users’ balances. Exchange holds 12.2M doge compared to the customer balance of 12.1M coins.
Recall that Binance integrated zk-SNARK into its Proof-of-Reserves system last month to enhance transparency regarding the amount of customers’ balances held in their reserves.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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